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Home Loan from Poker Income? Please Help!

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  1. ele909 ele909 is offline

    Posts: 4
    Joined: Oct 09

    Oct 14th, 2009 (10/14/2009 12:29pm)

    Hi.<SPAN> </SPAN>Ok we are getting a loan on my wife’s job as a teacher, but a big part of our down payment is from poker money I have cashed out of stars and cake in the last 2 months.<SPAN> </SPAN>I have paid taxes on poker winnings in 2007 and 2008 and have the 1040 IRS forms to prove it.

    Does anyone know of an underwriter who will accept this or what steps I can take to work this out????<SPAN> </SPAN>Our credit score is near perfect (754) and obviously none of the loan relies on further income from poker. Does anyone know of a company that will at least accept a transaction statement from pokerstars as 'verification' that the funds are not a loan or credit or something?

    Thanks for any info anyone can provide!

    p.s. If anyone wants to loan me $190,000 at 6%, I wouldn’t complain <SPAN><SPAN>J</SPAN></SPAN>
  2. heatherbrook heatherbrook is offline

    Olathe, KS
    United States

    Posts: 48
    Joined: Feb 08

    Oct 22nd, 2009 (10/22/2009 10:17am) in reply to ele909

    Is this a joke?? LOL
  3. coolhandkev coolhandkev is online now

    IL
    United States

    Posts: 5,979
    Joined: Aug 07

    Oct 26th, 2009 (10/26/2009 11:38am) in reply to heatherbrook

    I just went through this myself. I closed on my house on October 9th, my entire down payment was from poker funds. I couldn't whatsoever prove these funds were my money and therefore they did not allow me to use the funds. You may run into this as well if they are like the company I used. I got around it by accepting a gift from a family member and repaying that gift after closing. The dumbest thing ever to have a useless middle man like I did, but it got the loan approved. I hope this helps. The lesson I learned was: If I am buying a house don't wait til the last second to cash out, do it 6 months in advance so it's in the account and doesn't magically show up as a bank wire from Germany prior to closing.
  4. Chipsteela Chipsteela is offline

    Raleigh, NC
    United States

    Posts: 369
    Joined: Aug 06

    Oct 26th, 2009 (10/26/2009 2:52pm) in reply to coolhandkev

    I had the same problem, and I also got around it buy sending money to my Dad and then having him write a check as a gift to my fiancee. The mortgage broker said that this was perfectly legal, and the best way to go about having the loan accepted due to the fact that a lot of the money in my bank account has come from poker site wire transfers that have no official documentation. If you can have a family member send you money as a gift then pay them back after you close, i definitely recommend this method.
     4
  5. heatherbrook heatherbrook is offline

    Olathe, KS
    United States

    Posts: 48
    Joined: Feb 08

    Oct 29th, 2009 (10/29/2009 11:19am) in reply to Chipsteela

    WOW ! Is it just me or does this sound like money laundering? And you posted in a public form!! LOL
  6. Badmanv4 Badmanv4 is offline

    York, PA
    United States

    Posts: 88
    Joined: Sep 09

    Oct 29th, 2009 (10/29/2009 10:53pm) in reply to heatherbrook

    HAH! I asked pokerstars support once about that. They told me that everything was perfectly legal and legit that there was nothing to worry about........... Until people in Kentucky had their accounts closed, money seized and put under microscope of the irs.
  7. TheEngineer TheEngineer is offline Rich Muny - PPA Board VP

    KY
    United States

    Posts: 2,830
    Joined: Nov 07

    Oct 29th, 2009 (10/29/2009 11:00pm) in reply to Badmanv4

     
    Originally Posted by Badmanv4 View Post

    HAH! I asked pokerstars support once about that. They told me that everything was perfectly legal and legit that there was nothing to worry about........... Until people in Kentucky had their accounts closed, money seized and put under microscope of the irs.

    No one in Kentucky had their accounts seized, and no one had records turned over to the IRS. Some sites closed voluntarily, but PS and FTP stayed open for business. I know this because I'm here in Kentucky and my access is fine.

    I hope that helps.
     
  8. rdzrdz rdzrdz is offline

    Posts: 6
    Joined: Jan 09

    Nov 2nd, 2009 (11/2/2009 11:53pm) in reply to ele909

    I have a friend who last month closed a loan (major lender) for a pro online player... he was making bank though.

    Contact me directly if you want his info.
  9. beauright beauright is offline

    Saint Petersburg, FL
    United States

    Posts: 1,637
    Joined: Jun 05

    Nov 11th, 2009 (11/11/2009 4:45am) in reply to rdzrdz

    I bought (mortgaged) my condo with poker money in 07. We had just moved and my wife was jobless at the time, also my taxes didn't show much profit so I used online data and W2-Gs that I had received.....Somehow, this worked, but I doubt it would now.

    note- my mortgage broker brags to his buddies that he got my case approved! lol, just goes to show another reason why the US has been faced with such a major mortgage lending and foreclosure crisis-- I'm paying my bills, but I could imagine how brokers pushed and pushed to get under-qualified people in mortgages that they couldn't afford.
  10. ProNTrainin ProNTrainin is offline

    Lomita, CA
    United States

    Posts: 61
    Joined: Apr 06

    Nov 11th, 2009 (11/11/2009 11:32pm) in reply to ele909

     
    Originally Posted by ele909 View Post

    Hi.<SPAN> </SPAN>Ok we are getting a loan on my wife’s job as a teacher, but a big part of our down payment is from poker money I have cashed out of stars and cake in the last 2 months.<SPAN> </SPAN>I have paid taxes on poker winnings in 2007 and 2008 and have the 1040 IRS forms to prove it.

    Does anyone know of an underwriter who will accept this or what steps I can take to work this out????<SPAN> </SPAN>Our credit score is near perfect (754) and obviously none of the loan relies on further income from poker. Does anyone know of a company that will at least accept a transaction statement from pokerstars as 'verification' that the funds are not a loan or credit or something?

    Thanks for any info anyone can provide!

    p.s. If anyone wants to loan me $190,000 at 6%, I wouldn’t complain <SPAN><SPAN>J</SPAN></SPAN>

    The banks want two months bank statements for the approval process.
    Lust make sure the money is in the account for 90 days before applying for the loan. And most important, until escrow closes no poker transfers in or out of the account!!!

    I know, I'm in the business.
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