Will I be denyed a mortgage because of 1,500 of unsourced money?

It depends.. if your job is a waiter/waitress, and you get tips, and this is the job you're using to qualify for the loan, then it shouldn't be a problem, since it's how you get paid.. however, if you didn't disclose this job, or you normally don't report tips to the IRS, then it would not be considered, and it's possible the lender would disallow the bank account which the funds were deposited into.. Call your loan officer and discuss this with them.. their goal is the same as yours.. 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

I assume it was one large deposit and not broken up into smaller amounts. If it is determined that this is a large deposit and can not be sourced it will be deducted from your total assets. You wouldn't be denied just because you deposited cash though.

Probably not. Different loan types and different lenders look at this differently. What we are looking for in terms of deposits is that you are not borrowing money for the transaction or obtaining money in an illegal manner. If your job is that of a tipped employee, it is reasonable that you receive and deposit cash tip money. This does not mean every lender will be OK with it however, they may have very strict restrictions on cash deposits because they have a low threshold for risk. The other concern may be if you are applying for a loan with income restrictions like a USDA-Rural Development loan. In that case your tips would be factored as additional income and have the potential to push you over the upper income limit. The best practice leading into a loan is to avoid having to address this by using your tip income for everyday cash expenses like groceries, gas for your car and and normal retail purchases to limit your cash deposits. If you have these deposits on your bank statement at the time of application, ask your loan officer right away how they will address them and if you can't get a "clear" answer, find a lender that can give you a "clear" answer. Good Luck.

If it's not needed for the down payment, it won't make any difference.

You would not be denied a mortgage due to cash tips- I am assuming that youare putting on the application the job that resulted in the cash tips. More than likelyyou will need to write a letter of explanation and the deposit will be deducted fromyour total assets.

No you wouldn't be denied, you'd just have to explain where it came from in a letter. If you have more questions please contact me at andrea@monumentmortgage.net or 215-272-1157. Thank you, Andrea

If you can show that type of deposit is not unusual in other months it should not be too much of a problem if you work in that type of job. I recommend you use your tip income to pay cash for as many bills as possible (Rent, utilities, gas, food, restaurants, etc) and let your regular income accumulate in your accounts. Good luck!