If you are using money for your down payment or closing costs, your lender has to be able to verify it.
That is why cash deposits can get tricky.
1 – Cash does not always create a clear paper trail.
2 – The lender may need proof of where the money came from.
3 – If it came from a sale, transfer, or gift, documentation may be required.
4 – If it cannot be sourced, it may need time in the account before it can be used.
5 – The 60 day rule: Cash needed 60 days in the account before it could be used for the home.
6 – But your timing can depend on loan type and your full file.
The safest move is to ask your mortgage broker before making any large deposit or money move while you are under contract or getting ready to buy.
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— Richard Sarey, your go-to independent mortgage broker in Frisco Texas
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