Money for Down Payment
I am saving for the down payment on my first home. I wanted to see if lenders accept cash for down? I plan to receive a gift of $10k but I don't want to deposit the money as it will alert IRS. by gordonjcp705 from Arlington, Kentucky. Sep 17th 2018
Ray Antonelli (Focused)
#68 ranked lender in Ohio - 66 contributions
If it's a gift it's not taxed anyway. You will need to document the gift in one of your bank accts. And the gifter will need to document the withdrawal slip and your deposit slip into your account. They must also sign a letter that it's truly a gift and does not have to be repaid.
Ray Antonelli (Focused)
#68 ranked lender in Ohio - 66 contributions
BTW lenders will not accept cash. In fact you must wire the funds from your bank acct to the title co as of last April.
Ray Antonelli (Focused)
#68 ranked lender in Ohio - 66 contributions
The only way to eliminate this requirement is to get the gift early so that it sits in your account for more than 90 days. Most lenders ask for a max of 3 months bank statements.
Brian Paris (bparis)
#633 ranked lender in California - 51 contributions
Lenders do not accept cash. The money would need to be seasoned for 60 days. There are some exceptions and down payment assistance loan that may bridge your gap. Give me a call to discuss further.Thanks,Brian
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