All large deposits into a borrower's bank account now need to be verified, meaning the borrower must provide documentation showing where the money came from. The definition of a "large deposit" is different for every lender.
If the source of the money is cash, as opposed to a payroll check, a transfer from another account, or some other source that can be verified, then the lender will not allow that money to be counted towards the borrower's assets. That can be a huge problem if the borrower needs the money for closing.
What can you do to prevent a delayed closing? Contact a lender as early in the home-buying process as possible, so the lender can offer some guidance regarding what to do with the cash. The easiest way around the cash problem is to deposit the money in the bank two months before applying for a mortgage. If the money is already in a bank account and is included in the opening balance that's shown on a two-month old bank statement, then the source of the money does not have to be verified.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!
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