ShareThisCash Deposits!
Over the last couple of months I’ve had several clients cause a delay with their settlement because they were making cash deposits into their checking or savings account without a verifiable paper trail for the source of the funds. Most banks or lenders will require that you provide them with two months of your bank statements from your checking and savings accounts. If they see a deposit that was made to your account that did not come from your pay check you will need to explain the source of those funds. If you lend a friend $500.00 and your friend gives you the $500.00 back in cash and you deposit the money into your bank account, you will not be able to use that money towards your downpayment or closing costs. If your parents were to give you money as a gift towards your home purchase you can not deposit the money into your account without following guidelines on how to receive gift funds. If you have any questions or concerns about cash deposits or how to receive gift funds contact me for more information. Cash deposits will stop you from getting your home!
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