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Getting a Loan, US PLAYERS**

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  1. rmsapp08 rmsapp08 is offline

    MD
    United States

    Posts: 236
    Joined: Jan 08

    Aug 4th, 2009 (8/4/2009 11:03am)

    All,
    I am a recent college graduate, and have saved up money from poker. I work full time now and make ok money. I am getting a loan with my fiancee for a house. I have already been pre-approved and what not but going for the final approval. He needed to see last years tax returns. Of course, I claimed quite a bit from poker/brag. This obv shows up as gambling and I just turned 21 in December.

    Now, my question is do they ask about your gambling or see it in a bad way? Also, he will know that I wasn't 21 when I won most of the money. Should I tell him it was from online poker? How would this effect me if at all? Also, my recent bank statements have 2 deposits from FT that obv say some other processors name. What should I say if he ask about those? Should I just be honest? Can I get into trouble by doing this?

    All of your thoughts are appreciated.
  2. rocketpplayer rocketpplayer is offline

    Posts: 59
    Joined: Mar 09

    Aug 4th, 2009 (8/4/2009 11:38am) in reply to rmsapp08

    I'm sure you will have some what of a problem. You should always be honest, because if you don't and they find out, it will be declined asap. A bank looks at cash flow, and also time on employment. But there are so many 1st buyer programs out there, something should fit your needs. On your bank statements they may ask what the deposits is for if they are over 10k. You have to show that you make enough money to pay for it, and 6 months reserves. I hope this helps
  3. rmsapp08 rmsapp08 is offline

    MD
    United States

    Posts: 236
    Joined: Jan 08

    Aug 4th, 2009 (8/4/2009 11:56am) in reply to rocketpplayer

    I see that they are interested in cash flow. My paychecks from my full time job show up in there and what now. So I have the funds no problem. However, would they see online poker as illegal and take action?
    Thread Starter
  4. 33mikemcg 33mikemcg is offline

    Roseville, CA
    United States

    Posts: 845
    Joined: Nov 07

    Aug 4th, 2009 (8/4/2009 11:59am) in reply to rmsapp08

    You must be honest. Remember online poker is not illegal in US. You must also pay taxes on your winnings if you have done this you have nothing ot hide.
     
  5. deckeriv deckeriv is offline

    Posts: 196
    Joined: May 09

    Aug 4th, 2009 (8/4/2009 11:59am) in reply to rmsapp08

    All the mortage broker is interested in is your prior income as a source of funds and probably won't even see that it was anything other than non W-2 or 1099 income. It will be reported on Line 21 as misc. income unless you were claiming you were a pro. I just tell my accountant to not "list" the word "gambling" next to the amount and the broker won't even know where it came from other than misc. You have the bank statements to back up the cash flowing in so it is all legitimate. You don't have to provide the backup worksheets to the mortgage broker, just the forms you sent into the IRS. At least you reported it. He doesn't care if it came from hookers or blow, he just wants to sell you a mortgage and connect all the dots and cross all the "T"'s. Your current job is the most important thing to him to show you have the ability to repay the mortgage. If he asks about your 'job' while in college just mumble that you were doing some international web consulting and point to the two deposits and prior year bank statements as proof of payment. No one cares about your age except the DOJ or the website and they aren't involved in the mortgage business. The IRS sure doesn't care about your age and are just grateful that you paid your taxes. If Al Capone had been honest and reported all of his money from gambling, hookers, and blow he would have never gone to prision.
  6. Adam Adam is offline Emperor

    Atlanta, GA
    United States

    Posts: 12,629
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    Aug 4th, 2009 (8/4/2009 12:04pm) in reply to rmsapp08

    OP,

    I can tell you from having gotten 4 different mortgages in the past 3 years that all in the world that matters to these people is that you show that you have a steady, consistent income that will allow you to comfortably pay off your mortgage in the future.

    I doubt they'll even bring up the gambling thing with you, but if they do, just tell them you won the money playing poker. There's nothing illegal about that, and you don't have to go into any more details than that about the where, how, etc.
     
  7. rmsapp08 rmsapp08 is offline

    MD
    United States

    Posts: 236
    Joined: Jan 08

    Aug 4th, 2009 (8/4/2009 12:54pm) in reply to Adam

     
    Originally Posted by Adam View Post

    OP,

    I can tell you from having gotten 4 different mortgages in the past 3 years that all in the world that matters to these people is that you show that you have a steady, consistent income that will allow you to comfortably pay off your mortgage in the future.

    I doubt they'll even bring up the gambling thing with you, but if they do, just tell them you won the money playing poker. There's nothing illegal about that, and you don't have to go into any more details than that about the where, how, etc.

    Thank you sir, All I was looking for.
    Thread Starter
  8. ndelapiedra ndelapiedra is offline

    Mc Lean, VA
    United States

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    Joined: Mar 09

    Aug 4th, 2009 (8/4/2009 1:53pm) in reply to Adam

     
    Originally Posted by Adam View Post

    OP,

    I can tell you from having gotten 4 different mortgages in the past 3 years that all in the world that matters to these people is that you show that you have a steady, consistent income that will allow you to comfortably pay off your mortgage in the future.

    This. The bank wants to see 'consistent' income. But it's not *that* easy. People with 'irregular' income from 'real jobs', such as sales people with commission based income, also have a little harder time getting mortgages and car loans. It's usually not a deal breaker or even a major hurdle, just a few extra questions to answer.
  9. K1d_Gr1nD K1d_Gr1nD is offline

    Knoxville, TN
    United States

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    Aug 4th, 2009 (8/4/2009 1:55pm) in reply to rmsapp08

    you obv won the money at turning stone...perfectly legal....
  10. jpapola jpapola is offline

    New York, NY
    United States

    Posts: 545
    Joined: Mar 06

    Aug 4th, 2009 (8/4/2009 2:29pm) in reply to rmsapp08

    when i did this they wanted to see 3 years of consistent winning and a letter from my accountant that I operated a profitable business. Apparently they viewed me in the same light as a stock broker and they viewed this as a risk. This was in NYC though so not sure if that made a difference
     1
  11. mahgnislaw mahgnislaw is offline

    Posts: 1,815
    Joined: May 05

    Aug 4th, 2009 (8/4/2009 2:38pm) in reply to jpapola

    all I had to show was an monthly deposit in my checking account. I had to do a stated loan which sucks because the interest rate was a little higher but all the same they didn't care where it came from.
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