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
thanks very much everybody for your responses.
i havent yet applied for mortgage for 2 reasons:1.i havent finished 2007 tax return but it will be done shortly.2.i dont know if i am better off to wait until after my wife will start working/looking for job in May 2008 , she made 10k in2007,she probably be making $3-4k a month,and apply jointly
andre
i havent yet applied for mortgage for 2 reasons:1.i havent finished 2007 tax return but it will be done shortly.2.i dont know if i am better off to wait until after my wife will start working/looking for job in May 2008 , she made 10k in2007,she probably be making $3-4k a month,and apply jointly
andre
I agree with George and Eric. Platitudes and generic descriptions of things does matter a lot. Quite true that it doesn't matter whether one is a gambler and no lender would sign a deal just because the guy is good or bad. What matters is whether he has the credibility to repay the loan and be a responsible borrower.
The community has earlier held discussions on Mortgages for self-employed borrowers. Blak, please have a look at them for further details.
http://www.mortgagefit.com/mortgage-companies/selfemployed.html .
http://www.mortgagefit.com/discuss/bestloan-offer.html#ninaloan .
Hope this helps...
May god bless you.
Samantha
The community has earlier held discussions on Mortgages for self-employed borrowers. Blak, please have a look at them for further details.
http://www.mortgagefit.com/mortgage-companies/selfemployed.html .
http://www.mortgagefit.com/discuss/bestloan-offer.html#ninaloan .
Hope this helps...
May god bless you.
Samantha
Hey George........Who you calling grey..LOL.....I wash that grey out....... :D
Now here is a good question how whould you document a stated loan for someone like this concidering most banks dont accept CPA letters anymore and there is no licence required and its not a business?
I'm thinking full doc or no/doc is the only ways and one is not enough and the other requires a hefty downpayment.
I'm thinking full doc or no/doc is the only ways and one is not enough and the other requires a hefty downpayment.
There are still a few lenders who will do the deal......80% or better loan to value......not the "best" rates......however.....given the borrowes mid score and money down......verbal verification via the CPA on a stated exspress loan through LP may be possible.....
You should be able to get mortgage with 5 to 10% down. Being a professional gambler is not an issue. if employment can be verified. Income can not qualify you unless do get stated income. Remember you have to get a mortgage you can afford. It is not just about getting the mortgage. Whether you can keep the mortgage is an issue you have to consider along with other liabilities you already have.
I am in the same boat as OP. I am having trouble getting approved for a mortgage. FICO is 712. 20% down is verifiable. I filed as pro gambler for 06, 07, 08. I am being told by lenders they can't use my income. I am a pro Texas Hold Em player.
Any advice?
Any advice?
You are obviously self employed. Do you have a business set up for yourself?
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