Can I use a personal loan to cover the down payment for my first house?

You can but that would not be recommended as any new loans that hit your credit will affect your credit score and mortgage loan approval. There is a high likelihood that your mortgage commitment can be withdrawn if you do this. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

I love this question and it really hits home for me on a personal basis. The answer is "yes" you can absolutely use a personal loan to supplement the down payment for for closing costs. However, please do not borrow without discussing your plan with your lender first. Debt ratios are critical in buying a home and you don't want to add debt if your ratios are tight as that could potentially ruin the loan application. On the other hand, there are many ways to get additional cash and your lender can help you with ideas. You can borrow from your parents, or siblings or take a cash advance at work. None of these will affect your credit report and are good options. On a personal note, my wife and I (girlfriend at the time) actually used credit cards to finance the downpayment for our first house. We took a $6000 cash advance on our cards to buy a home valued at $60,000 and I admit it was one of the boldest and best moves I've ever made in my life. I leveraged that property into the family home we have owned for the last 30 years. I say go big! Just ask your lender first....