Home and car ownership for pros

[safinator27]

I didn't know where to post this, but I decided to do so here because I'm inquiering from a legal standpoint. I'm thinking of turning pro withing the next few months after I have stored away enough money and I was wondering how banks and loan companies view poker pros. Will there be some stigma placed on me if I try to get a loan for a car or dare I say a house? Anyone with previous experience please help. I would like to know if it's harder to get a loan or even that possible at all.

[monkeyman]

i was given a mortgage. i provided my neteller history to prove my income.

[Rigel]

Of course there's a stigma- would you want to provide a 30 year mortgage to someone whose income depends upon poker? Some of the best poker players in the world have gone busto several times in their lives.

So be prepared to make a big downpayment- if you do that you'll be in much better position for a loan.

[monkeyman]

i put down 25%, but had the option to have that reduced to 5%. most mortgage brokers would be able to help you out.

[dragonystic]

theres a huge stigma. when i first inquired about leasing a townhouse, the lady said they would need 6 months up front from me, and the full deposit.

but after a year, you can file your taxes and have a nice return to bring with you and show to anyone who wants verification of your income. after that, businesses don't really care that much.

even still, they treat you with suspicion. like rigel said, it's best to show them you have money by making larger than normal down payments. or better yet, save up and pay with cash in full.

[sasha]

If you have good credit score, and ok liqiud assets you should be ok.
I got a loan on my lexus is250
And a loan on 300k house with zero down.
I had my mom cosign for the loan on the house though.

[monkeyman]

if you deal with the right people, there isn't a visible stigma attached. i didn't run into a single negative comment, or anything unusual in my dealings. every thing was professional from the start, from the mortgage broker, mortgage company, real estate agent and lawyers.

[safinator27]

Thanks for the responses. As far as houses or apartments go, do they need to look at your income when you are looking to rent?

[gringo]

I refinanced a few years ago as self employed (including gambling). I think this is probably still the case: ask for a "No-Doc Loan" from a mortgage broker... (you will still need documents, however). As long as you put a sizable down %, the underwriting is not as strict. GL

PS I would think majority of lenders will want to see your bank statements and previous income tax returns vs. neteller statements.

[monkeyman]

i showed bank statements for proof of downpayment. income tax returns were not required.

[firstyearclay]

I bought an Accord in 2005 and used "Professional Poker Player" as my job and got approved no problem. I had car credit previously to getting this "new" car so I am sure that was a factor.

Having a job with income to substantiate a new car purchase are both very important, and are just factors in the process. You still need to have a good debt to income ratio, no bk's or credit history problems, etc.etc.etc.

When putting down that you are a "Poker Pro" be prepared to print out bank statements (from 3 months to a year) to show that you have been earning steadily every month. This may be the worst case scenario for you.

Overall, I had zero problems applying for or getting loans while I was under the "Poker Professional" job title.

[limitninja]

Car loans are jokes, anyone even with a credit score of 400 and no job can get a car loan, last year I had very bad credit score like around 420, and only made 12k previous year (showed my tax returns prepared by accountant). And still got a loan for a brand new 2006 chevy impala. Sales people don't care what you do, all they want is comission. And with market being as bad as it is today, alot of people will go out of their way to sell house or car to you.

to sasha:
you stupid mama's boy, does she do your bed and your dishes too ????

[TheJokerIsWild]

"And still got a loan for a brand new 2006 chevy impala."

This definitely should be in BBV as a huge beat.

[Fishhead24]

Been a professional for 15 years..........

Your loan will be viewed more on.........

1. CREDIT HISTORY
2. CREDIT SCORE
3. HOW MUCH YOU PUT DOWN

Have bought cars and homes with no problem.

-FH-

[grizy]

[ QUOTE ]
Been a professional for 15 years..........

Your loan will be viewed more on.........

1. CREDIT HISTORY
2. CREDIT SCORE
3. HOW MUCH YOU PUT DOWN

Have bought cars and homes with no problem.

-FH-

[/ QUOTE ]

Disclaimer: I have never been a loan officer. Howeve,r i have worked in the finance industry for a very very long time and I can tell you, the job description box isn't anywhere in our risk valuation models. The industry has long time ago resorted to credit history and scores to determine your loan rates.

[Dangergirl]

I bought an owner occupied condo at 100% financing and with a good credit score went with a no doc loan. This type of financing has a higher rate but I really didn't care.

There are many great programs out there you just have to talk to a broker that knows their stuff.

[LeeLoo]

[ QUOTE ]
[ QUOTE ]
Been a professional for 15 years..........

Your loan will be viewed more on.........

1. CREDIT HISTORY
2. CREDIT SCORE
3. HOW MUCH YOU PUT DOWN

Have bought cars and homes with no problem.

-FH-

[/ QUOTE ]

Disclaimer: I have never been a loan officer. Howeve,r i have worked in the finance industry for a very very long time and I can tell you, the job description box isn't anywhere in our risk valuation models. The industry has long time ago resorted to credit history and scores to determine your loan rates.

[/ QUOTE ]

While it is true that credit score and history play a large role in determining your rate, your income documentation type plays a large role as well. Most lenders will not do a full doc or stated loan for a pro gambler. You will have to go nodoc which runs your rate up. This is assuming your credit depth and scores meet the NODOC requirements.