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Cash deposit before Mortgage Application

Established Member

Cash deposit before Mortgage Application

Hi, I’m going to apply for a mortgage at the end of this month. I’ve been trying to do the AZEO method but I bought some concert tickets for me and some friends with my card and they paid me cash. I want to deposit the cash they gave me in my account and pay the card off with that money since that is the only balance that is owed. Is that a good idea or should I just pay from my savings or send a money order. Statement closes on the 2nd of the month.
Message 1 of 6
5 REPLIES
Regular Contributor

Re: Cash deposit before Mortgage Application

That won't be problem as long as you show with  paper trail. 

Message 2 of 6
Established Contributor

Re: Cash deposit before Mortgage Application

if cash deposit is < $500 it may not even come into question.

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 3 of 6
Established Member

Re: Cash deposit before Mortgage Application

It’s almost 1600 I bought 10 tickets. 

Message 4 of 6
Established Contributor

Re: Cash deposit before Mortgage Application

Do you have the receipt for purchase of all 10 tickets?

 

If so, you can use that  along with your letter of explanation and copy of deposit slip for funds being reimbursed to you.

 

Or, you can use this cash to pay bills and other living expenses in lieu of depositing and having to provide the paper trail altogether.

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 5 of 6
Frequent Contributor

Re: Cash deposit before Mortgage Application


@NC_Mtg_Loaner wrote:

Do you have the receipt for purchase of all 10 tickets?

 

If so, you can use that  along with your letter of explanation and copy of deposit slip for funds being reimbursed to you.

 

Or, you can use this cash to pay bills and other living expenses in lieu of depositing and having to provide the paper trail altogether.

 

 


+1 on the use cash for living expenses and that way it never becomes an issue.

You could possibly even pay the cc with a money order. not sure if there is enough time,

or if then that would come into the situation tho.



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Message 6 of 6