Mortgage as a Professional Poker player

[BCM11]

Hey guys, just looking for some feedback/advice. I am 22 and have made a living off poker for 2 yaers. I had hardly any credit before this but have been building very good credit during this time and have two years of tax returns to show for income. My question is how big a % of money is needed for a downpayment on a home with this occupation and how much a problem it is. Do they even need a listed occupation or is a sizeable down payment with good credit all that matters? Anyone with any experience they can tell me would greatly be appreciated.

[Henry17]

Do you live in the States?

Have you been reporting your poker income on your taxes?

[BCM11]

yes and yes

[raptor517]

depends on size of loan, and what kind of interest rate you are trying to get. if u have 2 years of verifiable income it will def be easier though.

[Todd Terry]

I would imagine that no one other than a mortgage broker can give you decent information here, because the mortgage industry is in tremendous turmoil right now and past practices are no longer in place. The last time I checked, which was before the ongoing mortgage catastrophe, 20% down + good credit could get you a mortgage, at a rate around 1-1.5% higher than the best rate -- you didn't need to state an income. Additionally, it used to be the case that if your were putting > 25% down, you could get something done, somehow.

[BCM11]

k, thanks for the feedback.

[James282]

i recently bought a house in a situation similar to yours. 20% down and 3 years of stated income got me a competitive rate and no PMI. you'll be able to get a mortgage so long as it's a reasonably priced property.

Jmaes

[Fishhead24]

Make sure to put 20% down to avoid the PMI insurance.

With that said, putting 20% down with decent credit and some type of income shown on your tax return.......you will have little problem getting a rate .1 to 1.4% higher than the best rate available.

[Ray Zee]

with 20% down and your listed occupation as an investor you can find a decent mortgage.
home ownership pays off in the long run.
talk and build a good repore with your local bank. then things go smoothly.