Reply
Established Contributor
Posts: 754
Registered: ‎04-26-2012
0

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
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

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!
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

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?

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Contributor
Posts: 754
Registered: ‎04-26-2012
0

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
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: Cash for down payment

yep

 

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.