wildviper

Apparently I was stupid enough to mess up the Southwest Companion pass thingy for me by getting 50K mile credited last year instead of this year.
From there, it was suggested that I spend 50K this year to get it. That is not exactly possible for me.

But, then I got to thinking...I am in process of buying a home this year(if I can find one!).

Is there any way I can put my down payment on a CC and earn miles? Cash advance won't work since most don't give you credit. Plus it costs a lot!

Ideas??

MSYnola

I'm pretty sure this is illegal - the down payment can't be a loan.

wildviper

Well I have the cash...I can just pre-pay my bill from CC if needed.

This is looking like it is not possible as I have been searching for a while for an answer.

Boondr

I am sure it is "possible" but fees etc would be excessive. And you would want to keep your plan away from the prying eyes of the mortgage company and the effort would be enormous. Getting all the various CC load-able prepaids and ATM withdrawals etc. don't know if it would be 50k worth though.

illinidad

Banks used to offer miles/points as a bonus for closing a loan. No idea if any still do, but maybe you could see if your lender would do that?

Stoughton

Use CC to buy VR to load BB to cut a check to the bank for your down payment

Will take a cpl months or a cpl BB's but it's a simple way to generate the checks

knopfler

Not illegal, but most banks won't allow it as they want you to have some skin in the game. However, if you can get that money into your checking/savings account and let it season for two statements, then you can use it for the down payment. The VR to BB was the first thing that came to mind for me, like the poster above mentioned. Another possibility other than down payment is if there is anything wrong with the house, instead of having the seller fix it, get an estimate on it and have the seller throw in that amount in cash at closing and then get it fixed on your dime. I'm not sure if you could do more than the amount of the closing cost or not, but closing costs should at least be a few thousand $$$. Also keep in mind that even if you can't get all of your down payment on the BB, you should be able to use the BB for your monthly mortgage payments (and for your current mortgage/rent payments if you have any).

SeriouslyLost

Translation?

kryton2005

Got this in an email today, Hope this helps you out.

CorkyPuttPutt

Whenever I've bought a house I've had the mortgagor look through all kinds of bank statements and whatever and look at the transactions fairly carefully. There's nothing illegal here but it might lead you to a long conversation with the lender.

redtop43

Translation: Vanilla Reload cards to fund an American Express Bluebird account, money then transferred to your bank account to fund the down payment.

However, such schemes generally require having a credit card that will accumulate a bonus multiplier at the merchant you purchase them from, i.e. 2x on drugstores and buy them at CVS. Or a debit card that earns points, and you load the account at Walmart.

There is no way to simply give your credit card to a bank/seller/etc. and say "Run $25,000 on it." Even if the question of whether the down payment is borrowed weren't an issue, you won't find someone willing to absorb the merchant fee on a transaction like this.

RooseveltL

As others stated. Show money in checking acct or savings for at least two statement cycles.
If you pay down payment cc with card make sure you pay off amount before your monthly statement closing.
Make photocopies of everything. Payment for closing, your payment of credit card and cc statement showing debit and credit for identical amount.

Bank biggest concern is tracking money flow and no debt increases.

Stoughton

Having mortgaged numerous times, not once were my transactions looked at, and that includes during the era of ordering coins from the mint.

What I suggested will have no effect on their ability to finance.

StartinSanDiego

I think Wells Fargo also offers mileage earning mortgages.

SeriouslyLost

Ah. 'ta muchly.