Pro poker player buying a house...

[Reckless_Abandon]

I'm in a similar boat as some other posters in this thread. I'm going loan shopping this week looking for a 5% down stated income loan.

Would anyone like to share specific lenders they've had success with?

Also, is there a stigma with a 25 year old poker pro? The ranges for what poker players make can be quite large. How do lenders determine what is reasonable for a stated income loan?

[Dangergirl]

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No, you are wrong, on a No Income verification loan the lender usually wants to see a 6 months reserve of PITI (principle, interest, taxes and insurance.) It also raises her spidey senses to see someone who claims making $10,000 a month with only $2,000 in their checking account. Then she/he can/will start asking more questions. That is something you don't want to see. It only goes downhill from there.

-------kitty

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I believe this completely depends on the lender. I just bought a house 2 months ago 100% financing, no doc. I did not have to provide bank statements, proof of PITI, or rental history.

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What did you have to provide? And what rate did you get?

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I have a great FICO score, but the broker I went through said that you should at least have a 720 to qualify 100% no doc. All I had to provide is my social security, and some form that I had to fill out. After that I just showed up to close.
I have an 80/20 loan. The lien with 80% has a 6% rate, and the 20% was 12% (OUCH!) w/ a 15 year balloon payment.

If I had only known about this type of program a few years ago it would have saved me quite of bit of wasted rent money.
I would have also secured much better rates, as they are steadily climbing.