cancel
Showing results for 
Search instead for 
Did you mean: 

Cash for down payment

Established Contributor

Cash for down payment

I have saved up some money (appx 3k) that is cash put in a safety deposit box. I am told I need to prove where this money came from for my down payment and I can't because it has been saved over a a few years.
Also, what is "seasoned" money? I understand it needs to sit in an account for 2 months but how do I prove where this money came from?
CS 728- 01/13 from 554-12/11
Goal: 800
Message 1 of 5
4 REPLIES
Valued Contributor

Re: Cash for down payment

You need to share more of your situation.

 

Are you renting now? How do you pay your rent?

 

How are your utilites paid (electric, water, gas, garbage, cable, phone, internet, etc etc)?

 

How are your CC's paid? What are there balances?

 

If you have a car payment, how is it paid?

 

Do you live at home?

 

How much is your monthly income?

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 5
Super Contributor

Re: Cash for down payment


Lasardo wrote:
I have saved up some money (appx 3k) that is cash put in a safety deposit box. I am told I need to prove where this money came from for my down payment and I can't because it has been saved over a a few years.
Also, what is "seasoned" money? I understand it needs to sit in an account for 2 months but how do I prove where this money came from?



lenders want your money sourced OR seasoned....

 

Sourced: Prove where it came from. Sold a 2nd vehicle, sold your roping horse, ect

Seasoned: Been in the bank for 2 months.... as in, the deposit isn't on the last 2 months bank statements.

 

 

Do you have time to deposit the funds and let it 'season' for 2 months?

 

 

Retired Lender
Message 3 of 5
Established Contributor

Re: Cash for down payment

I would have time to have it season so that's ok right?
CS 728- 01/13 from 554-12/11
Goal: 800
Message 4 of 5
Super Contributor

Re: Cash for down payment

yep

 

 

 

Retired Lender
Message 5 of 5