Can You Use Cash to Buy a House?

Buying a home and you have cash that you want to use toward the transaction?

Cash under your bed; cash in your sock drawer; cash from a family member; cash from a friend; cash from your spouse; cash being handed to you from a friend; cash being handed to you from a stranger; cash from your employer; cash you took out of your bank account which you hid under your bed; cash that you have saved since you were a kid; cash from gambling; cash that fell out of the sky and hit you on the head...STOP. Cash cannot be used towards the funds needed to buy a new home.

Why? Because you can’t prove where the money came from.

Think about it: when you deposit cash into your bank account, and we see the deposit from the bank statement which you provide to us, how can you truly prove where you received the money from? You can’t. So, do not deposit cash. Go through every single bank statement and provide us with an explanation for all deposits which are not from your paychecks from work.

This quick tip is brought to you by your friends at Liberty Home Mortgage, the homebuying experts who specialize in doing loans for people with less than perfect credit and little money to work with. Call us today at 1-440-838-5291, or apply here online.