Will poker affect my ability to get a Mortgage?

applej25 · #1 03-29-2005, 07:36 PM

Today I gave my loan officer a copy of my last 2 bank statements. She has since called me inquiring as to what "these other deposits are from?"

Now, my winnings are frequently (but not always) >= my earnings from my 'real' job.

My question is: Will the fact that I 'gamble' affect my ability to get approved for my home loan?

Do I have tell the loan officer where the money comes from?

Should I even be worried about it?

PukaPlaya · #2 03-29-2005, 07:50 PM

If you feel uncomfortable about telling the truth maybe just imply the money is from eBay or another form of online garage sale and you were cleaning out your closet...

applej25 · #3 03-29-2005, 07:59 PM

Should I be worried? That is my question.............

Yeknom58 · #4 03-29-2005, 08:30 PM

Well yes and no...if you qualify for the loan on the income from both your real job and poker then you might have some issues but if you qualify for the loan on only the income from your real job you have no problems.

Now if you're relying on your poker income for a portion of your potential mortgage payment..I would say buy a smaller house.

applej25 · #5 03-29-2005, 08:37 PM

[ QUOTE ]
Well yes and no...if you qualify for the loan on the income from both your real job and poker then you might have some issues but if you qualify for the loan on only the income from your real job you have no problems.

[/ QUOTE ]

Yeah Im not relying on my poker income for the loan. I have already been pre-approved through several other lenders for over the amount I need just based on my 'regular' income. So should I just tell them to disregard those 'other' deposits?

midas · #6 03-29-2005, 10:13 PM

Apple:

One of the things they look for by checking your deposits are loans from parents, friends, etc. to pay for the down payment. If they think that you have been given a loan/gift they will ask for a letter stating it is in fact a gift not a loan.

jedi · #7 03-30-2005, 01:41 PM

If you have a "real" job and listed that as your sole source of income, that should be okay. They just want to know that the extra deposits are "real" money, and not loans that you will have to pay back as someone pointed out already.

Tell them where it's from. Since you're not counting on it to pay the bills, it'll be fine.

Midwest Guy · #8 03-30-2005, 03:06 PM

Ultimately, you will not have a problem. Since, you are trying to get a conventional mortgage, everything is scrutinized, hence that is why the inquiry on the deposits. Based on how it sounds, you should be Ok.

As a loan officer, I can tell you that the biggest factor in getting a mortgage is credit. So be sure that your credit report is accurate.

In fact, if your credit is really good, you could purchase a nice house without having to document your income (which would apply to those of you that make most of your money from poker). Just be able to pony up the down payment and be comfortable with the monthly payment. More and more people are going this route.

So those of you that wish to buy a home in the not too distant future but have little income to document, do everything you can to keep your credit score very high (700+), save up some money, and go for it.

Good Luck,
Midwest Guy

applej25 · #9 03-30-2005, 03:40 PM

Thanks for all the replies. Yeah my credit score is above 700 so I'm good in that dept. I am co-signing with my fiance who is in the mid 600's. I told the loan officer today and it didnt sound like it would be a problem. Whew!

Again thanks to all who replied.

jakethebake · #10 03-30-2005, 04:01 PM

Internet gaming consultant work.