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

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.   I hope you enjoy this episode! I do Mortgages for a living, if I can ever help you buy or refinance a home let me know! · Apply for a mortgage now at https://timhart.floify.com/apply-now · TEXT “APPLY” to 239-437-4278 · Call me or text me 239-910-5668 · Talk to my team were here to help! 239-437-4278 · Check out my website www.TimHartJr.com Connect with me on Social Media YouTube - http://bit.ly/2Ourk8c Instagram - https://www.instagram.com/timhart453/?hl=en Facebook - https://www.facebook.com/TimHartJr LinkedIn - https://www.linkedin.com/in/timhartjr/