Can unsecured line of credit be used as part of downpayment?

liambll wrote: ↑ Sorry if this was asked previously.
I just know that secured line of credit like HELOC can be used for downpayment. Do lenders allow unsecured line of credit for downpayment as well, assuming debt ratio is fine? Is there an official regulation on what can be used for downpayment?

For example, let's say the property purchase price is 999,999, and I have:
- 90K cash/savings
- 90K HELOC
Can I use 20K from my unsecured line of credit so that I have 20% downpayment?

Thanks.

UrbanPoet wrote: ↑ thats 2 %.

realtorhome wrote: ↑ Lender will calculate your debt ratio as if you use up all your credit lines (secured and unsecured). Unsecured LOC is expensive. Ask the lender if you close the unsecured line, if that amount can be allocated to increase the mortgage.

liambll wrote: ↑ Thanks.
After running GDS, TDS calculation on a spreadsheet, it seems debt ratio is fine, but downpayment amount is what limits the maximum purchase price.

We have an unsecured LOC at prime+0.25%, so we want to make use of that for downpayment if possible.