Cash is legal tender in our country. You should be able to use it to purchase, or facilitate a purchase for any product or service.
…right?
Believe it or not, having cash in the mortgage industry is a bad thing.
If you have cash saved up for a down payment on a home – and you were planning on using it for a down payment – it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
…The guidelines on cash are designed to prevent the seller from just giving you the down payment.
So, if you have a down payment – you will have to show where it came from… …checking = good, …savings = good, …gift from relative (fha/va/usda) = good, …retirement account = good, …cash = NO GOOD.
The best solution for this?… Put the cash in the bank. …Leave it there for 60 days. …After 60 days sitting in the account – it doesn’t matter where it came from.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
To see if you qualify for a mortgage right now – [ez_btn color=”red” url=”http://r20.rs6.net/tn.jsp?e=001ZsPIwUJX5myadWTNmLM40p3105ZmijvDiFaRrGk2pLk2d7djclcxFOoYDH4jnPL3eJxE31ln2mNnnAw0ngR6ZVSqyK469UA-NXaqmgNx4nv60si8YmjXb7hVgXOoXYQ1Vue1Rk486lymQk0v4CSfkA==”]CLICK HERE[/ez_btn] and fill out this simple application.
To sign up for my weekly mortgage quick tips – [ez_btn color=”red” url=”http://loansdonequickly.com/email-quick-tips-sign-up/”]CLICK HERE[/ez_btn].
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……