Can I Buy A House With Mattress Money?
August 30th, 2008 By Peter G. Miller
Mattress money — cash not deposited in banks and other repositories — has long bothered lenders. They wonder where the money comes from, and if it was obtained illegally.
Traditionally, lenders have refused to accept mattress money from home buyers. However, Freddie Mac has said that in some cases it would allow buyers to use cash kept at home providing they do not have a savings or checking account.
The new rule makes sense because 13 percent of all U.S. households to not have such accounts, according to one study by the Federal Reserve.
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