Ep #97 Why Can’t I Use Cash for my Down Payment?

by Tim Hart | Sep 30, 2020 12:48:00 PM

Many times people will come to us to buy a house and they plan on using the cash they have on hand. Maybe they keep the cash in a safe, under the mattress, safe deposit box or even buried in the back yard. Wherever they keep that cash it can’t be used for a down payment. We would need that money in the bank for at least 60 days to make the funds sourced and seasoned.

A lender is going to ask you about the cash deposit and if you can’t prove that it came from a source like bill of sale then they will not allow you to use it for your down payment.

If you do have cash that you plan on using for a down payment, then please remember to get that money into the bank as soon as you can.

Check out the video to learn more.

 

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Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.

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