Home Buying in Chicago>Question Details

Guzman_87, Home Buyer in Chicago, IL

cant prove a cash deposit and its 3 weeks before close!!!

Asked by Guzman_87, Chicago, IL Tue Sep 10, 2013

its a 500 deposit for a side job (construction) my husband did. now way to prove it. there were a couple other deposits but I can prove those. will our loan get denied, or can they just exclude that money from loan????

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Answers

15
Get a notarized affidavit from the person you did the work with. If that is not possible, then you write a notarized statement of your own as to the source. The money must be deposited in the bank. It depends on the underwriting dept on whether they will accept either one or both documents. This is a quick and fast possible fix.
2 votes Thank Flag Link Sat Sep 14, 2013
you cant print your bank statement? Talk to your lender.
1 vote Thank Flag Link Tue Sep 10, 2013
If the funds are not needed for closing the deposit can most likely be excluded from your current amount on deposit. However if the funds are needed the $500 would have to make up a very small amount of the gross monthly income. Should you have any additional questions feel free to contact me.

Kelvin Waits
VP of Mortgage Lending
Guaranteed Rate
(630) 925-7854
0 votes Thank Flag Link Fri Sep 13, 2013
Have your lender help you with this. They should be able to advise you what to do.
0 votes Thank Flag Link Fri Sep 13, 2013
Follow the requirements and direction of your lender. All deposits need to be verified.
0 votes Thank Flag Link Thu Sep 12, 2013
what does your mortgage person tell you.
0 votes Thank Flag Link Wed Sep 11, 2013
Do you have a receipt? If not , you may be out of luck.
0 votes Thank Flag Link Wed Sep 11, 2013
Talk to your loan officer / mortgage broker ASAP. In addition, every transaction has at least 2 sides. Get the person who paid the $500 you deposited to write a letter explaining why the money was paid. Describe the work, location, dates and when the money was paid. That information should correspond with the date of deposit. Confirm with your loan officer and you should be fine.
0 votes Thank Flag Link Wed Sep 11, 2013
Write a letter. And if it was for a job, have the other person also write one saying he did the work.
0 votes Thank Flag Link Wed Sep 11, 2013
If you don't need the funds for the closing then the lender should be able to exclude the deposit. If the funds are necessary to meet the requirements of the loan then you may have an issue.
If the lender can't back out the deposit then start by providing a letter of explanation detailing the source of the deposit -- good luck
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Wed Sep 11, 2013
I think you must write a letter to the Admin or the Manager !!
0 votes Thank Flag Link Wed Sep 11, 2013
Write a letter of explanation. They usually have some understanding, and it is not a huge amount. Can you get a copy of the check if it was a check?
0 votes Thank Flag Link Tue Sep 10, 2013
Do you have to prove this deposit to get approved for your loan. Why is this deposit so important.
I need more information before I can help you. Contact me at 847-987-2198
0 votes Thank Flag Link Tue Sep 10, 2013
Every lender is different. Some will & some won't allow you to exclude it. Your lender may ask for a signed letter explaining where the $500.00 came from and proof of the other deposits. Should you have any other questions feel free to reach me at 708-566-0661 or priscilla@prestige-mortgage.com.

-Priscilla Land
0 votes Thank Flag Link Tue Sep 10, 2013
Only a few lenders will allow you to exclude unfortunately. But is your husbands gross income less than $5000/month? Technically the rule is anything more than 10% of the gross income has to be verified. If you'd like you can contact me at 312-608-1555 to discuss further.
Thanks,
JP
0 votes Thank Flag Link Tue Sep 10, 2013
he makes 5600 a month gross.
Flag Tue Sep 10, 2013
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