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What constitutes Seasoned on a Mortgage?

Basically my situation is that I had about $2000 saved in Cash. I was denied the loan because it was not seasoned. They want it seasoned for 60 days. My car decided it wanted that money instead of my bank :/. Can I get away with just having my paycheck direct deposited and saved for 60 days? Or do I have to have the set $2000 in my bank for 60 days. Please help! 
  • August 20 2013 - US
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Answers (4)

Best Answer

The money from your paycheck can be used and counted right away since it is what we called "sourced".  "Live" off the $2000 in cash so that as much of your paycheck stays in your bank account and you will have enough saved in no time.
  • August 20 2013
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Profile picture for user7736897
Thanks everyone! No if I can figure out how to get my credit score up a little in 2 months then I will be a happy camper lol. 
I just want to know if I definitely will get approved then. They wont give me a definite answer. 
My scores are 610, 622 and 640. Not terrible and as of this month I have the 4 open trade lines for a year :D. My income every month by myself is about $1700. I have about $500 in expenses. 
She will not give me a for sure answer but I would think I am definitely going to get approved? :) No past debts. 
  • August 20 2013
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You just need to have a paper trail as to where funds came from. You don't need to always have it in the bank for 60 days. For instance, if you sell a car, you can provide the bill of sale and it is considered sourced. Direct Deposit for Payroll is always considered sourced/seasoned as long as it is a consistent amount. If for some reason you have an unusually large payroll deposit, you will need to provide supporting documentation to show why.
Like Joe mentioned, you can just use the $2000 cash to pay your living expenses for the next month and keep your payroll in the bank. No need to wait 60 days.
Let me know if I can help.

All The Best,

  • August 20 2013
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Payroll check are automatically counted as seasoned funds. IF you are doing direct deposit and it does reflect Direct deposit on the statement itself you will be fine. If you are depositing the check yourself you will need the papertrail showing the payroll deposit. no seasoning.
  • August 20 2013
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