Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Need help getting a mortgage (unique situation)...

Posted on: 26th Jan, 2008 03:43 pm
State:Indiana
Loan amount: $135,000-145,000
Property Type: Single-Family
FICO Score:671,660 and 690
Currently renting an apartment for $650 a month. Been here four years. I am a first time buyer.

I am in a very awkward situation trying to get a loan because I am a professional pok er player. I have been playing pok er professionally for about 14 months now. Last year I made right around 50K, which I will be filing taxes on in the next couple of months. I am married, but my wife is going to school full-time, so she can't really help with any additional income. I am not really sure what I can do. I would like to get in a situation where I wouldn't have to put any money down, but I am not sure if that is possible.

I have talked to some people and most think that going with a no documentation loan is my best course of action. I will have prove of my income for last year, but that is all.

If any can be of any help it would be greatly appreciated. My wife and I would love to be able to purchase a home.

Thanks,
Derrick

For some reason I can't type in the word pok-er. So I had to put a space there.

[color=Red:da0328b8fc]edited per forum rules[/color:da0328b8fc]
Hi DLC11,

Most lenders require 2 years of self employment weather you document your income or not. However there are a few options available to you.

First, if you want to wait until you have 2 years of self employment then that will get you into the best rates (with good credit).

If you would rather get into the home now if circumstances don't allow you to wait (ie: home is on the market, etc) then you can look into a subprime loan with a lender that will allow for one year of self employment. There are a couple out there that I can think of off the top of my head. But keep in mind that the rate will be higher,

You last option would be if you have a substantial down payment and excellent credit that you may qualify for a no doc loan. This is the only type of loan that does not verify income or employment.

If you have the option to wait, I would. Otherwise I still think you still have a couple options right now that would not be as attractive but will get you into the home now if needed.
Posted on: 26th Jan, 2008 10:55 pm
Do you have any idea on how much higher my rate would be by not waiting? How much would the difference be?
Posted on: 26th Jan, 2008 11:00 pm
Derrick,

Congratulations on a great year! I play too but nowhere near that level.

You need to get your score above 680. Lisa is correct that 2 years of history would be better.

How long have you had credit? How many tradelines do you have (credit cards, car loans, any payments, etc)?

What did you do before playing cards?

Let me know the answers to those questions please. Also your going to need 5-10% down minimum and have at least 3 months of payments as reserves in the bank for at least 60 days. That is going to help you as you are trying to qualify. Let me know if you need clarification on anything.
Posted on: 27th Jan, 2008 11:48 am
Hi Derrick,

Welcome to forums.

Since you are looking for a mortgage with no money down, I shall suggest you watch out for some down payments assistance programs. If you can out some amount of money as down payment, it will reduce your loan amount. Also, you won't get 100% financing with most programs. The FHA approved lenders however offer around 97% financing but it depends on a lot of factors – your financial situation, debt ratios, etc.

There are down payment assistance programs offered by 'http://www.americandreamdownpaymentassistance.com/state.cfm?code=IN' AmeriDream as well as by the Indiana Housing Finance Authority . You may check them out for the details.

Regarding the proof of income, most lenders would like to check paystub for the last 1 month and W-2 forms for the last 2 years. So, I think you need not go for no-doc loans and get a high rate of interest compared to other loans because here the lender isn't verifying your income and assets.

Thanks

edited per forum rules
Posted on: 27th Jan, 2008 09:51 pm
the lack of 2 years' income stream will make it difficult for you.

lisa is correct in stating that a subprime market is most likely to accommodate you in this request. there are subprime lenders who have reasonable interest rates - i am working with one today with a rate in the low 7's on a stated income loan. however, my borrower has well more than 2 years of self employment.

search around and you may find someone willing to take a flyer. typically, i think you will find it necessary to have a fair amount of money down, such as 5-10%; and the more the better.
Posted on: 28th Jan, 2008 11:26 am
Hi Dlc,

It is true that you need to show at least 2 years of work history and tax returns. Regarding the loan options, well, there are plenty out there. All you need to do is, check some of the first time buyer options with the lenders you'll visit and collect information on fees and rates charged.

You may also request for quotes from our community lenders. These lenders are into providing a wide variety of loan options for people having different financial and credit profiles. What you can do is, send us your request for mortgage quotes, so that we can forward the request to the lenders.

As soon as the lenders receive your request, they shall try to match their profiles with your loan requirements. And, as soon as they are able to do so, they shall contact you to offer the quotes.

good luck
Posted on: 28th Jan, 2008 11:36 am
Page loaded in 0.113 seconds.