Can You Use Cash to Buy a House?
Buying a home and you have cash that you want to use toward
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.