Today's topic is cash and miscellaneous deposits to your bank account. When processing a loan, it is an issue.
And you say how can that be a problem? When an underwriter looks at a bank statement and sees deposits that are not payroll they have to find out where it came from. They worry that it is unreported income which is a problem on loans with income limits such as THDA, or they worry that there is an unreported obligation, so you can save yourself a lot of aggravation if you have cash and can't document it by not putting it in your account. If you are going to need it to make your down payment, we need to address it. Call me for insight.
Should you have any questions or need help with any of this, please feel free to contact me at my office at 615-777-4663, my cell phone at 615-481-5626 or via email at George.margrave@migonline.com .
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