Buying a House w/ No Job

[RikaKazak]

taxes: call a cpa, ask him...but you better pay

mortgage: get what's called a no document loan (no doc) higher interest rate but in exchange no questions asked and they can loan you the money. There's also partial doc, stated income, etc. etc. But basically, yes you can get a loan, just go to a bank, sit down and talk (you don't have to use the first bank you talk to, but the mortgage guy will be more than happy to answer all your questions)

[SossMan]

[ QUOTE ]
taxes: call a cpa, ask him...but you better pay

mortgage: get what's called a no document loan (no doc) higher interest rate but in exchange no questions asked and they can loan you the money. There's also partial doc, stated income, etc. etc. But basically, yes you can get a loan, just go to a bank, sit down and talk (you don't have to use the first bank you talk to, but the mortgage guy will be more than happy to answer all your questions)

[/ QUOTE ]

most "banks", as in ones you can walk into, won't have a no-doc program. These are typically only done on the wholesale side, so you would need a broker. Most brokers will do them for relatively cheap, since there is virtually no work to be done on these. I will typically do No-Doc loans for .50%, where my normal fee is 1%.

A Stated income loan wouldn't work since he has no job to state the income from.

[Statutory]

I have no job.

I went into US Bank with my past 3 years of tax returns showing all poker income and got a mortgage preapproval with 20% down.

[LouBlue]

If you're not reporting your income, you've got all sorts of potential problems. Get with the IRS, tell them you need to pay back taxes for last year. If you're making $180k annually, you should be able to easily pay your taxes.

You might want to create a LLC. I'm not experienced in those things, but there are people here who can help.

By filing your taxes regularly, you demonstrate that you DO have a job of sorts. ... You're a professional gambler.

With that much income, a loan shouldn't be a problem.

[spider]

On top of what others are saying, I'll note that if you aren't paying taxes, you won't be taking the deduction in taxes for home mortgage interest, and in effect the price of a house is higher for you than others (in an after tax sense). Also, as noted you're going to have to put more money down and/or pay a higher interest rate. And finally, in many areas of the country today it is cheaper to rent than own.

In summary:

1. Pay your damn taxes

2. Don't buy a house if you don't do #1, and even then it's not clear you want to buy a house (from a purely financial perspective).

[gordongecko]

You could also buy a property subject to exsisting financing, and essentialy assume the current owners financing. I have never done this to live in a property (mainly for investing), but I would imagine it could be done, but you would be limited in what type of properties you could buy. PM me if you need any help.

[SossMan]

[ QUOTE ]
I have no job.

I went into US Bank with my past 3 years of tax returns showing all poker income and got a mortgage preapproval with 20% down.

[/ QUOTE ]

that's not No-Doc. That's full doc and yes, you do have a job. It's called self employed gambler. (they actually have a code for this and everything)

[LouBlue]

By the way, if you were making that sort of money and using Neteller, you definitely want to get those taxes taken care of sooner rather than later. I have seen several people speculate online that the federal government is going to use the Neteller records to go after people for tax evasion.