Buying a house and explaining deposits to your bank account from offshore gambling

[bigtendominator]

That's the truth. Most people don't get it because a house isn't something that you just go and buy.

If you have cash u can.

 

[Enfuego]

They have. A whole shitload of new regulations come into effect in January. Ability to repay was the primary focus. Dti is now calculated different. They say 43% but you can really go up to 50% depending on other factors. A lot of lenders were qualifying borrowers strictly off of assets. Unless they are of retirement age that doesn't really fly anymore.

And what does what you posted have anything to do with deposits? I'm not saying this isn't a new change but what is the rationale if true?

 

[slapshot]

tell her your a pro poker player that should end all questions

 

[CHOPTALK]

Oh my.

 

[seldomseen]

you seem to be knowledgeable on the subject
What do you recommend I do regarding the gambling deposits?

I'm in the industry. Read my post on the first page. Either season it for 2 months, If you don't need the acct to qualify don't disclose the asset, or just be honest about it. They'll ask you to document it, but that should be it.

 

[seldomseen]

And what does what you posted have anything to do with deposits? I'm not saying this isn't a new change but what is the rationale if true?

I have commented on this ag nauseam already. They are looking to verify it is not another loan. If it is a loan it has to be factored into the borrowers ability to repay.

 

[JustinCruise]

If you have cash u can.

ain't that the truth

 

[beefdiesel]

Tell the truth

 

[Enfuego]

I have commented on this ag nauseam already. They are looking to verify it is not another loan. If it is a loan it has to be factored into the borrowers ability to repay.

Sorry to waste your time then but verify what is not another loan? All they need is a credit report and W-2. That should verify all you need to know.

 

[JustinCruise]

Sorry to waste your time then but verify what is not another loan? All they need is a credit report and W-2. That should verify all you need to know.

I believe what he is saying is that if it was another new loan it might not show up yet on a credit report.

 

[Enfuego]

False. They need ALL bank statements for two months. They then go through it all in front of you and ask questions about certain deposits, withdrawals, purchases. At least in this case they did.

Never had to do that before. I think if they did that with me it might be a very long session.

 

[seldomseen]

Sorry to waste your time then but verify what is not another loan? All they need is a credit report and W-2. That should verify all you need to know.

My bad not trying to be rude. 2 years w2's, 30 paystubs, credit report, and 2 months bank statements is the bare minimum.

 

[JustinCruise]

Never had to do that before. I think if they did that with me it might be a very long session.

The meeting took over two hours.

 

[JustinCruise]

My bad not trying to be rude. 2 years w2's, 30 paystubs, credit report, and 2 months bank statements is the bear minimum.

this is exactly what we were required to bring. They also need copies of all checks that were deposited that were not related to my job.

And why I was annoyed that they treated my wife like shit after she spent a ton of time rounding all this stuff up

 

[Enfuego]

My bad not trying to be rude. 2 years w2's, 30 paystubs, credit report, and 2 months bank statements is the bear minimum.

Is the bank statement deal one of the requirements for the new policies put in place?

 

[shdw01]

Jc congrats on the home purchase

 

[CHOPTALK]

How about this concept.

Hey Mrs Bank Manager.
That 6K is from gambling winnings.
Duhhh


Of course all the above is me pretending this this story is true.

 

[CHOPTALK]

This guy so-called went to a top 10 business school and he has to ask advice on a gambling forum on how to buy a house.

 

[JustinCruise]

This guy so-called went to a top 10 business school and he has to ask advice on a gambling forum on how to buy a house.

IMO you are off base here.

A gambling forum is the perfect place to ask a question like this.

99 percent of the general population would have no idea what you're talking about. Just the opposite on a gambling forum.

Anyway you have the option to not click on the thread just like you tell everyone else.

 

[CHOPTALK]

A gambling forum is the perfect place to ask a question like this.

99 percent of the general population would have no idea what you're talking about. Just the opposite on a gambling forum

Ok
Tell me whats wrong with "Hey I won this money sports betting".