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I am applying for a USDA loan.

I have 9 large cash deposits from $380 to $1,216. I can't source one deposit for $500 and another for $600 deposited in the same day. Also, even though my mother in law will not live with us, she is now and she deposits her SS check from her account cash into ours. #1 will the unsourced deposits kill my mortgage?#2 will having my mother in law withdraw her money and deposit cash into our account to pay her day to day expenses kill my mortgage? by arod297925 from La Mirada, California. Mar 15th 2016 Reply


Christina Hayes (CreditRepairExpert)
#8 ranked lender in Tennessee - 68 contributions

Hello, and congrats on wanting to apply for a mortgage. As long as you can source that it is her income and that income is not needed for the application of the loan you should be okay. Also you may want to go ahead and separate financials accordingly. In regards to the one cash deposit you cannot source, that will be up to the underwriter who reviews the file. USDA is a bit more picky since they are guaranteeing the loan. The underwriter will look at if you regularly deposit cash and if so why, and where is the cash coming from? If it is only one cash deposit you cannot source, your loan officer will most likely ask you to write a letter of explanation, if needed. Best of Luck. Christina Hayes 888-507-1112

Mar 15th 2016
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

I would ask the lender what they will accept for a LOE for the deposits.

Mar 16th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

More info needed, but in general.. having undocumented cash deposits can be a problem.. typically, deposits over $500 must be documented.. if you cannot document the deposits, then you will need to write a letter of explanation addressing them.. It's up to the underwriter to allow or disallow them.. Some lenders have an overlay that state if there is undocumented cash deposits over $500 in any given account, they can disallow the entire account. but typically, the lender can just disallow the undocumented deposits.. The other issue is with your mother-in-law.. For UDSA all household income is combined to determine if you meet the maximum income requirements.. if her income puts you over the threshold, then the underwriter will be very suspicious as to whether or not she will or will not be living with you.. if her income does not push you over, then it really wont matter.. another letter of explanation is all that's necessary. 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 NMLS# 226347

Mar 16th 2016
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Mar 15th 2016
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