Deposite cash while qualifying for a mortgage

[Jean De la cruz]

Hello BP, I am in the process to purchase my first investment property. Already have a pre-approval and the house I want to buy. The only problem is I only have a portion of the down payment plus closing cost in my bank account. The rest I have it in cash at home. Total down payment is $14,000 USD plus closing costs and I only have $10,500 in the account plus another $ 6,000 sitting in the house. My broker told me I can't Deposite any cash prior to getting approve for the loan because it could kill the deal. What should I do? How do I clear that money? Can I even use it towards the purchase? I haven't submitted an offer yet. Should I put in an offer and take the risk? FYI home price is $68,000 USD, I live in PENNSYLVANIA and the cash I have at home I've had it for years as my safety net in case of an emergency. Thank you all in advance for taking your time to help me with this issue!

[Dan Schwartz]

Do NOT deposit that money until your broker (this one, or another you may need to find) tells you what sourcing documentation his/her underwriters will accept.

Or, deposit it and let it sit until the deposit doesn't show up on your last two bank statements. That means you would have to delay your purchase a few months.

Maybe some lenders can chime in with ideas about the cash. I don't have any, but I do know that sourcing all funds is a very serious underwriting concern.