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Not every job involves neatly organized pay stubs or direct deposits, and that can make certain processes, such as applying for a home loan, a little trickier.
So, what would you do if your bank demanded proof of income for hundreds of cash deposits from your business?
Would you find a concise way to get the info to them?
Or would you submit it one receipt at a time?
In the following story, one business owner finds themselves dealing with this exact request.
Here’s how they handled it.
Proof of deposits for home loan…you asked for it
I own a Flea and Farmer’s market, all cash from booth rentals.
I’ve been in business for 40 years, and it’s a S Corp business.
I’m buying a home, and they can’t understand why I’m making large cash deposits and want proof of some of the deposits.
You got it!
Be careful what you wish for.
We use a standard 4 receipts per page book and get a lot of 10 and 20$ receipts.
To give them what they want, I separate every page into single receipts, take pictures, and upload them to the loan company—over 700 pictures total.
The loan is approved.
Going through those photos must have taken a long time.
Let’s see what the fine folks over at Reddit had to say about this.
A criminal attorney went through a similar process.
This person compares buying a home to an invasive exam.
According to this comment, there’s a lot of money in the flea market industry.
Here’s advice from a mortgage underwriter.
Yet another underwriter offering insight.
You gotta do what you gotta do – and it’s not always pretty.
Glad he was able to provide all the receipts and get his loan approved!
If you liked that post, check out this post about a woman who tracked down a contractor who tried to vanish without a trace.