Help me buy a home.

[Acesover8s]

I have recently decided to purchase a home with my girlfriend. . I have been a professional gambler for the past two years. I have enough liquid cash to put a fairly large downpayment. My credit is rebounding from childish mistakes, my girlfriend has very little income ($400/week) and poor credit.

I am interested in hearing any stories from gamblers who have recently bought a home, or advice from anyone with knowledge of the industry.

Thanks,

Aces

[midas]

First of all - your large down payment - your home not your girlfriends!!!

We need more info - price of home, down payment amount and annual income. Also, can you document your income through tax returns?

I don't know how "gambler" would effect your loan application but you're probably trying to get enough down payment to get a low doc and no income verification loan.

[Acesover8s]

I have not settled on a house as of yet, I am thinking something between $125k and $175k, which should buy me a decent 2000+ sq foot, 3-4 bedroom house around here.

I am able to put $40k down without significantly impaccting my bankroll, my annual income is $90k, however, while I have filed as a professional gambler, my tax returns do not reflect all of this income.

What is the difference between a no-doc or a stated income loan? Is there a certain down-payment percentage where I can be pretty much guaranteed approval? It would seem to me that the bank would love for me to put 25% down and then default immediately, so I can't see why I wouldn't be accepted.

Does having my g/f with a 'real' job on the loan help my chances?

Thanks for any help,

Aces

[Nemesis]

DO NOT DO NOT DO NOT get your girlfriend to help you get the loan. It will be better for the relationship and all involved if you keep her out of it. That being said I just recently tried to get a loan and I'm a student. I qualified for 100k making 10 dollars an hour. Find a loan officer who will work with you, and "bend" some of the rules. My loan officer said... well you're working 40 hours a week RIGHT NOW aren't you? I say yes... he goes OK they don't have to know you won't be working 40 hours a week in a few months as long as you're doing it NOW. So I'd guess as long as you've reported oh... 40,000-50,000 in taxes you'll qualify without MUCH problem as long as your credit scores aren't COMPLETE [censored].

[midas]

Aces-

Check out this link http://loan.yahoo.com/m/cq_doc.html.

Find a good mortgage broker in your area they have lots of options to choose from.

Keep the girlfriend out of it - especially if her credit is bad.

[playerfl]

I went through the girlfriend with bad credit thing. Leave her out of it completely. Basically you are buying a house and she will live in it with you.

Also don't assume you will make 90k next year when figuring how much mortgage payments you want. Also get a fixed rate loan, rates have already bottomed.

[Acesover8s]

Midas,

This link has expired. Do you have a new one?

Aces

[AdamL]

Hey guys, I'm in the same boat. Looking at a 150K mortgage (Canadian) and I'm just getting out of University.

Go for a fixed rate? What should the term etc be?