Getting a Home loan while being a poker pro

[SirFelixCat]

Not sure in which forum this belongs, so if you know of a better place for this, please point me in that direction.

Simply put, the missus has a full-time "real" job and I am going to be playing poker for a living, full time, in the near future. One thing that I have not researched nor have any idea on is how will/does this affect one getting a home loan? Does anyone, who is in a similar situation, have any experience they can share or, at least, point me in a good direction to find this info. out?

TIA & Will answer yours. [img]/images/graemlins/wink.gif[/img]

[Swedebubba]

wish I could help you out but I got turned down on my loan but then again I am a losing player [img]/images/graemlins/crazy.gif[/img] [img]/images/graemlins/crazy.gif[/img] [img]/images/graemlins/crazy.gif[/img]

[TXTiger]

If your credit is good you should have no problems. I just got a no doc loan based only on credit scores. Of course the rate is a litle higher for no documentation, but my wife is a stay at home mom. With one working applicant you should be in good shape with good credit.

[SirFelixCat]

While it's not perfect, it's not terrible. This gives me hope and I s'ppose it's not different than just one spouse working, eh?

Thanks for the responses.

[Guthrie]

Lots of unemployed or under-employed people in California make a living by refinancing their home every few months.

[Notorious G.O.B.]

Talk to a mortgage broker, it is very probable that you will qualify for a mortgage. Right now, I'm processing a mortgage for someone who just filed for bankruptcy.

[Sully]

I do mortgages for a living, and if you do things right, it shoudn't be a problem, assuming you have a decent down payment and good credit.

Another thing that will really help is if you go register a business name with the secretary of state. Something as simple as "Smith Companies" or "Smith Financial" would be fine. Something generic that includes your name is best. Register it as a sole proprietorship or LLC. If you really want to make a solid case, get a phone number listed as well.

Down the road, it will help you immensely if you list your "company" on the loan application and can back it up with a registration from the state and a listing in the phone book.

Even if they aren't verifying income, being able to show these things may save you .25% on your interest rate, and the costs are VERY minimal.

This takes almost no effort, and I would VERY strongly suggest it to anyone who plays poker for a living or is even considering doing so in the future. The longer the name has been registered, the more it will help. A registration showing last weeks date doesn't carry much weight.

[livinitup0]

One thing you need to make sure of is the gambling legalities in your state. Most underwriters cringe when they see self-employed with no tax docs fo the past few years. good luck with this. I would suggest doing this before you go pro, they cant complain after you're already in.

PS about the CA living off refi comment...I dont see how this is even possible without tons of equity and even then its only like a savings...plus the fees of the refi itself. Can you explain? Something to do with the appraisal process? Wish my house appreciated that quick!

[RikaKazak]

hey man,
I play poker for a living and all the extra money I make I use to buy investment properties. If you're doing an owner occupied (your own home) it's NO PROBLEM as long as your credit is over 650. Under 650 just put 30% down.
For investment property if it's 2-4 units you have to put 20% down and as long as you have a credit score of 700 or higher you only pay 1/4% more for the home loan, well, at least that's how it works in washington.

overall, if you've been doing it for less than 2 years, just get a no document loan, if you have been playing for over 2 years do a stated income loan using deposits into your banking account as verification.

hope that helps, pm me if you need more help, like I said, buying homes is like my 2nd job.

[SirFelixCat]

Good to know...when the time comes, I just may drop you a PM. Thanks fellas.