is there a 60 day waiting period for adding money into a savings account to make a down payment on a conventional loan ?

There is no rule that prohibits you from depositing money into your bank account, but borrowers are usually cautioned about doing so. In today's underwriting world, all deposits that show up on your bank statement must be sourced. Sourcing is identifying where the money came from and why. Some deposits are easy. Payroll direct deposits and tax refunds are usually identified on the statement. Most other deposits required additional documentation. It is the where and what for that can kill a deal. Depositing CASH is ALWAYS a bad idea. It is impossible to truly identify where the cash came from. Let's say you hold a big garage sale and deposit the $1,400 cash you made into the account. How do you prove that the cash actually came from a garage sale? How does the underwriter know that the money did not come from another party to the transaction, like the seller or one of the agents? There are documented cases where this kind of transferring of money occurred because, presumably, the buyer did not have enough money to close the escrow. Because of this concern, all cash deposits are suspect and disallowed. Getting back to your question, NO, there is no rule that prohibits the depositing of money into an account, but make sure you can clearly document where the money is coming from and why you are receiving it, and make sure you get the funds in a check, and not cash. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

If the money can be sourced from a valid source then there is no waiting period. If you are speaking of physical cash then yes that would need 2 bank statements showing that balance in there, but you can't show the bank statement showing the deposit as then they will want it sourced. So sometimes it can take up to 3 months. Feel free to contact me if you want more clarification or ways to make it work. 888-320-7888 - Ken@MortgagesforAmerica.org - www.MortgagesforAmerica.org

It only has to be seasoned if you can't legitimately prove with documentation where it came from.

If the monies from the deposit are undocumentable then yes. If you can document were the money came from and it is an acceptable source you should be able to use the money right away to qualify. Feel free to call me with any questions 440-953-0447 #15.Thank YouMike

No... Any acceptable source of down payment money can be put in at any time. Contact your loan officer to find out what is and what isn't an acceptable source of down payment money.

Lots of info already, the bottom line is that it depends on where the money is coming from; whether that is an acceptable source and if it can be documented.

Yes and No.. Lenders are required to source all deposits over $500. If the deposits are coming for an acceptable source such as employment, bonuses, etc.. then it doesn't matter when it gets deposited into your account.. but, if you all of a sudden deposit $3000 cash into your account, and you do not have an acceptable explanation as to where the funds came from, then the lender would disallow the deposit, and in some cases, disallow the account all together.. If the statements show the money in there, but they don't see the deposit, then that's ok.. this is called "Seasoning".. so If the funds hit your account today, and your statements are sent to you on the 20th of every month, then this months statement would show the deposit, the lender would need the most recent 2 monthly bank statements (FHA requires 2 months, conventional requires 1, but certain lenders will still ask for 2 months.. ), so this deposit would have to be sourced.. if the funds were deposited 3 months ago, then it's very likely the most recent 2 monthly bank statements would not show the deposit, it would just show the balance with the funds already in the account.. this would be acceptable.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

JBuck145, I agree with Ken's statement. If the funds were Gift Funds that can be verified with documentation of the withdraw/check and deposit to your account you should be good. Some lenders will require the first 5% of the down payment being your own money, however I can do a 95% LTV with all gift funds.

As the rest of the group has advise...yes if you can't document it