Can I use cash deposits?
Cash deposits can rarely be used for any loan application purpose. This includes cash received from friends, family or the sale of items you had, or cash you have kept at home and plan to deposit back into your account. You can however take the cash you have on hand and pay bills by money […]
Can I take a cash advance on my credit card?
No. Cash advances may not be introduced into any of your accounts as an acceptable source of down payment. You can use the cash advances to pay other budget items but not your current rent or mortgage. You cannot deposit the cash advance into the account that is holding your funds for down payment, regardless […]
Can I deposit checks from sources other than my payroll check into my account?
No. Checks coming from friends, family or other sources that are not your own earned money or already saved funds cannot be used. For example, if your best friend writes you a check to reimburse you for dinner the other night, you cannot count this money in your account that holds your down payment. Checks […]
What about transfers into my account from another account?
If the transfers are from another account that you own, we can use it by documenting 60 days of history including deposits on the transfer account. A joint account held with someone else can be acceptable as well, with a letter from the joint holder that use of the funds is acceptable to them. If […]
What do I do if I have already received money in my account?
We will need to see a copy of the check you deposited, and will need a letter of explanation about the source of the money. Occasionally, that letter would have to be written by the person/entity that provided the check. You can usually get a copy of this check off your online banking system. If […]
What other things does the lender look for on account statements?
Lenders are frequently reviewing checking account statements for a pattern of overdrafts that would indicate that you are not managing your money well. Frequent overdrafts and/or NSF charges can be a red flag to the lender and could affect your loan approval. Additionally, if you have an ongoing balance and are using your overdraft line […]