Posted on: 03rd Feb, 2008 11:50 pm
i file as a professional gambler for the last six years.2006 income $55k and 2007 will be $45k.My FICO is 780.My assets between bank and stock brokerage $110k also last year my wife had $10k income as waitress but she unemployed now.
I hoping to get $300k-$600k mortgage with 5-10% downpayment. Is it possible nowdays or i how to put 20-30% downpayment?
Thank you Andre
I hoping to get $300k-$600k mortgage with 5-10% downpayment. Is it possible nowdays or i how to put 20-30% downpayment?
Thank you Andre
Welcome blak,
Your income and credit score seems to be good. Your assets are worth considering too.
You can go for 5-10% down payment, not that you have to put down 20-30% of the purchase price. Have you thought of FHA loans? Such options are suitable for you since you want to go for low down payment. But what debts do you have right at the moment? Are they too many?
Your income and credit score seems to be good. Your assets are worth considering too.
You can go for 5-10% down payment, not that you have to put down 20-30% of the purchase price. Have you thought of FHA loans? Such options are suitable for you since you want to go for low down payment. But what debts do you have right at the moment? Are they too many?
THE ONLY DEBT I HAVE IS STUDENT LOAN $45K AT 8.25%
Ok, so your debt to income ratio will be good enough to qualify for a home loan. The loan amount that you need will depend upon your home appraised value.
By the way, how are homes selling in your neighborhood? You'll get a rough estimate about the home value froim the sale prices available. Off course you'll have to get an appraisal done. If you apply with any lender then he'll take the charge and appoint an appraiser for the appraisal.
By the way, how are homes selling in your neighborhood? You'll get a rough estimate about the home value froim the sale prices available. Off course you'll have to get an appraisal done. If you apply with any lender then he'll take the charge and appoint an appraiser for the appraisal.
i am from Los Angeles county.prices have dropped significantly since 2006
i just was at a private foreclosure auction run buy ushomeauction.com and average winning bid was about 65% of previos valuation.some was as low as 45%.
i am hoping to get house for $300-500k previosly valued $450k-1mil
i just was at a private foreclosure auction run buy ushomeauction.com and average winning bid was about 65% of previos valuation.some was as low as 45%.
i am hoping to get house for $300-500k previosly valued $450k-1mil
Hi Blak,
Welcome back.
Since you are thinking of taking a mortgage, have you tried talking to some lenders about possible options. FHA loans could be one of them but you need to check out the loan limit available in your county at https://entp.hud.gov/idapp/html/hicostlook.cfm . For other options, please refer to a discussion on best mortgage programs .
You may even consult some of the lenders in our community as they have a wide range of home financing options to offer. And, you can just send us your request for mortgage quotes so that we can pass it on to selected lenders only. They shall try to match their loan profiles with that of your request and then contact you if they are able to match the two.
Good luck
Welcome back.
Since you are thinking of taking a mortgage, have you tried talking to some lenders about possible options. FHA loans could be one of them but you need to check out the loan limit available in your county at https://entp.hud.gov/idapp/html/hicostlook.cfm . For other options, please refer to a discussion on best mortgage programs .
You may even consult some of the lenders in our community as they have a wide range of home financing options to offer. And, you can just send us your request for mortgage quotes so that we can pass it on to selected lenders only. They shall try to match their loan profiles with that of your request and then contact you if they are able to match the two.
Good luck
i file as a professional gambler for the last six years.2006 income $55k and 2007 will be $45k.My FICO is 780.My assets between bank and stock brokerage $110k also last year my wife had $10k income as waitress but she unemployed now.
I hoping to get $300k-$600k mortgage with 5-10% downpayment. Is it possible nowdays or i how to put 20-30% downpayment?
Thank you Andre
Hi Andre and welcome to mortgage fit.
You will be able to get a mortgage with out to many issues.....I am making this statement based on your credit scores and the money down......The terms ie downpaymnet and rates etc......will be determined by your purchase price.......
I hoping to get $300k-$600k mortgage with 5-10% downpayment. Is it possible nowdays or i how to put 20-30% downpayment?
Thank you Andre
Hi Andre and welcome to mortgage fit.
You will be able to get a mortgage with out to many issues.....I am making this statement based on your credit scores and the money down......The terms ie downpaymnet and rates etc......will be determined by your purchase price.......
Andre,
Good Morning! In order for you to obtain a mortgage for that loan amount as a professional gambler you will need to do what is called a stated income mortgage. Rates are slightly higher but with your credit and assets you can still get a rate around 5.75% let me know if you have more questions.
Brad
Good Morning! In order for you to obtain a mortgage for that loan amount as a professional gambler you will need to do what is called a stated income mortgage. Rates are slightly higher but with your credit and assets you can still get a rate around 5.75% let me know if you have more questions.
Brad
Wow Brad........and you know this based on what? A DU approval? I think it's foolish to throw out a rate based on credit score alone...
yeah without prequalifying you its hard to tell exactly but based on what information you have given you most likely will be able to get a loan.
Going full documentation you are limited to about 250k loan or less however. If your income is actually more but you write off or dont show as much you can state your income at what it trully is and get a Stated Income Loan based on that. However alot of lenders are droping their max LTV by 5-10% in declining markets and being that its a Stated loan drops your maximum ratio's more and/or raises your interest rate. So this may mean that you will have to bring 10%-20% as downpayment to even get a loan like this. Another issue that might come up is your choice of employment. While you may concider this just like any other job the underwriter may think differently.
Good luck
Going full documentation you are limited to about 250k loan or less however. If your income is actually more but you write off or dont show as much you can state your income at what it trully is and get a Stated Income Loan based on that. However alot of lenders are droping their max LTV by 5-10% in declining markets and being that its a Stated loan drops your maximum ratio's more and/or raises your interest rate. So this may mean that you will have to bring 10%-20% as downpayment to even get a loan like this. Another issue that might come up is your choice of employment. While you may concider this just like any other job the underwriter may think differently.
Good luck
Fannie Mae will allow stated income with 10%
not in deteriorating market it wont.
it appears pretty clearly that the california market qualifies as "declining."
i agree with you, eugene, that the likelihood of a larger down payment is there. one would think that an underwriter (i used to do this - for 10 years+) would find it wise to not discriminate based on occupation. after all, the professional gambler might find it dicey for someone to be employed as an underwriter!
and i didnt even mention loan officers!
okay...i think brad was a little hasty in his quotation of rates, etc.; but let's not bicker about it - not worth our gray hairs, is it?
i agree with you, eugene, that the likelihood of a larger down payment is there. one would think that an underwriter (i used to do this - for 10 years+) would find it wise to not discriminate based on occupation. after all, the professional gambler might find it dicey for someone to be employed as an underwriter!
and i didnt even mention loan officers!
okay...i think brad was a little hasty in his quotation of rates, etc.; but let's not bicker about it - not worth our gray hairs, is it?
With only $45k income, I don't see how you can afford the upper range of the loans you stated. Even $300k would be tough, if not impossible for you to qualify for unless you take a "liar loan" and have other undocumented income sources.
i would have to surmise, maxpower, that a so-called "liar loan" is what our inquirer is seeking. these, of course, are commonly known in the industry as "alternative documentation loans" - a much more benign description of the product.
platitudes and generic descriptions of things always work better, after all.
platitudes and generic descriptions of things always work better, after all.
"liar loan" ... That is insulting to self employed people like myself. Not every stated or no doc loan is a lie. Some situations actually warrant it and that is the real reason they exist. Although I agree that with only 45k it will be impossible to go full doc. This individual may very well have made extra money but like all small business (which are taxed differently than w-2 employees) didn't show as much total profit because of the way taxes work. It doesn't mean he doesn't have the money.
It would be interesting though to hear the conversation with the underwriter. Expect to be carefully scrutinized, and this is important... don't get offended. Gamb-ling is just that, and I don't think any underwriter is going to just say... "Ok this guy is good lets make it easy"... I would imagine they are going to want to see even more than 2 years of tax records. You are going to need a long stable credit history and verifiable reserve money (stocks, bonds, savings, etc.). Expect them to want to see your tax return even on a stated loan.
What is your current living situation?
It would be interesting though to hear the conversation with the underwriter. Expect to be carefully scrutinized, and this is important... don't get offended. Gamb-ling is just that, and I don't think any underwriter is going to just say... "Ok this guy is good lets make it easy"... I would imagine they are going to want to see even more than 2 years of tax records. You are going to need a long stable credit history and verifiable reserve money (stocks, bonds, savings, etc.). Expect them to want to see your tax return even on a stated loan.
What is your current living situation?
