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I'm wondering is I can use a grant for down payment money?

Talked to and they said it would have to be classified as a gift, but then said they'd have to verify where the funds came from. When I said it's for my education and state funded they said it may not go through? Is there anyone who could accept grant for down paymt? Not loan $$ - I do not have to pay it back
By 911rich7846382 from PA Aug 28th 2014
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Lenders require 2 months bank statements to verify the money used for down payment is your money.. If they see the deposit listed on the statement you provide, then you have to prove the money is not a loan.. Most grants have strings attached.. meaning they can be subject to repayment if you don't follow the terms of endowment.. I've seen grants subject to a minimum GPA or if the student drops out, then they have to repay the grant.. Since this is an education grant, it's unlikely the lender will consider it for down payment, however, if the funds have been in your account for more than 90 days, then the deposit will not be seen and you wont have to prove it's source. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Aug 28th 2014

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