“YES, You have to Source Large CASH Deposits”
Anyone in the mortgage business will cringe when we are told “we deposited $25,000 in cash last week”. Of course I need to ask where this money came from, “it was a gift from my parents”. You can’t be doing stuff like this as it creates all kinds of problems, including Big Brother is watching.
Sure, we know that cash deposits are done all the time, there are all kinds of Federal laws and agencies that take notice when large deposits happen. Sure we know that this was done with all go intension, but I can’t do a pre-qualification at this time, as we need money to purchase, but these cash dollars can’t be sourced.
Fortunately, waiting a couple of months isn’t an issue, as they do not have a property in mind. A couple of months from now, they will be handed the pre-qualification.
Would you have done anything differently?
Image courtesy of Vichie/freedigitalphtos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
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