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Established Contributor
Lasardo
Posts: 746
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
JM-AM
Posts: 3,303
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
DallasLoanGuy
Posts: 6,187
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
Lasardo
Posts: 746
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
DallasLoanGuy
Posts: 6,187
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

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