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livinginnky · Posted: Mon Feb 04, 2008 12:05 pm Post subject:

"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?

Posted: Mon Feb 04, 2008 3:04 pm Post subject:

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

Samantha · Posted: Tue Feb 05, 2008 12:13 am Post subject: RE: loans for the self-employed

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

ckalvesmaki · Posted: Tue Feb 05, 2008 6:55 am Post subject:

Hey George........Who you calling grey..LOL.....I wash that grey out....... Very Happy

evolovik26 · Posted: Tue Feb 05, 2008 7:30 am Post subject:

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.

ckalvesmaki · Posted: Tue Feb 05, 2008 7:37 am Post subject:

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.....

Guest

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.

btrsnddj · Joined: 15 Feb 2009 Posts: 1 1.30 Dollars($)

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?

eric1 · Posted: Sun Feb 15, 2009 5:13 pm Post subject:

You are obviously self employed. Do you have a business set up for yourself?

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mortgage for a professional gambler