Large amount of cash “Mattress Money”

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    We are just staring the process of the purchase program. Our initial intake assessment is about a month and a half away. What would be the best course of action for us to deal with a large amount of cash, about 10K. We currently have the money just sitting at home. I understand that this money cannot be counted as income because it cannot be sourced.

    What would be are best option? Should we go ahead and deposit the money into a savings account?
    When it comes time for buying, would we be able to use the money as MRF?



    Put it in savings. Write a letter of explanation. It can be used for MRF.

    Kay Cee

    Thank you @kcoleman91786 for asking this question! And thank you @Nelsont for answering!!! Adding upgrades to a new build cut in to my MRF balance and my MC never responded whether or not they’d count my mattress money for the difference. So this thread solidifies I made the right decision to deposit my cash.


    For reference funds that you plan on using for qualification purposes, reserves, down payment, etc. will need to be “seasoned” for 60 days, not just NACA, other lenders too.

    So if you need to use it, it better be traceable for at least 60 days.


    @marathon is correct. With NACA you have to provide 3 months of bank statements preceeding qualification and credit access. You would have to source that money if it shows up in those bank statements or it can’t be used for anything at all. So in essence you would need to deposit that money well before you anticipate being submitted for qualification.

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