How to Buy a House with Cash Down Payment

How to Buy a House with Cash Down Payment

How to buy a house with cash for your down payment.


In this video, I’ll explain exactly how you can use cash to buy a house. And, even if you’re getting a loan but have a large cash down payment – you’ll want to know what to do.

So, let’s say you have mattress money.

how to buy a house with cash

Mattress money: you have a bunch of cash stashed at home and not in the bank.

  • Maybe that’s because maybe you just don’t trust banks.
  • Maybe you’re a drug dealer.
  • Maybe you stole the money in a bank robbery.

Regardless of WHY you have mattress money

Can you use your mattress money as a down payment to buy a house when you are financing the rest of the house in a loan?

The answer is YES, but you can’t just show up with stacks of cash to buy your house. There’s a little bit of a process.

Most banks (probably 99% of banks) are going to require that you season that money. When you season money that means you deposit all your cash, and then it has to show up as money in your bank account for at least two bank statements.

We usually prepare people for this process to take 60 days. For example, if you deposit the money in August, then your September and October bank statements will show that that money is already there. No questions asked.

But why?

The reason they want that money to show up for 60 days is to make sure you’re not using drug money, and that you didn’t rob a bank, or you’re not laundering money somehow. Apparently, they think that 60 days is enough time to have tracked or traced that money down.

I don’t exactly know the ins and outs of that 60 day time frame, other than those are underwriting requirements.

By the way, I do know of one credit union in town that will do a 30 day or one bank statement requirement on their in-house loans, but again, you can’t show up with stacks of cash to buy the house.

So, if you have mattress money and you’re planning on buying a house, you want to plan ahead. Make sure your cash is deposited in a bank so it can be accounted for at least two bank statements.

If you have any questions about this, please let us know! We will help you every step of the way.



Heather Wright

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