Gambling and Mortgage financing Information?
Ok…So I won about $10,000 (profit) this year in gambling, and I made one deposit of 5,000 and one of 3,000 so far. I do plan on claiming all these winnings for taxes, because I don’t want to mess with the IRS. But now I’m in the process of buying a house. I put in an offer and it got accepted, and now I just have to get through the loan process. I have to meet with the bank in a couple of days, and everything seems to be good. Shouldn’t have any problems closing, but they want me to show where my one 5,000 deposit came from (they didn’t ask about the 3,000). They want to know its not a loan or gift. And they need some kind of paper trail. What should I tell them? I know gambling is illegal, so I don’t think I can tell them where it really came from. And I don’t want to get in trouble for lying on my loan application. Also my last check just arrived (5,000- last of my winnings plus money I originally started with. Wanted to stop gambling and get out while ahead) and I want to deposit at another bank. Will this also hurt me with the loan process. I only have a certain amount of time to cash the check. So if anyone has any advice, I would appreciate it. Thanks
You could just be honest. Or you could say that someone paid you back a loan you made to them a while back or that you sold a car or something.
As long as they don’t ask to see a copy of the check you would be okay.
The trust doesn’t always set you free, but sometimes it helps.
Have a complicated bank account/mortgage question for the experts. Can you help?
My situation is a bit weird. I have a top FICO (814 median) and a great job that easily qualifies me for the mortgage. I also have no debt. Problem is, I have a few thousand in cash that I’d love to use to pay the next few months of bills and my mortgage loan officer says I cannot put this money into the bank because it’ll be a red flag against the mortgage application. If I use money from my current bank accounts to pay bills, I will end up a little short when it comes closing time.
So here’s my question: I’ve turned in the required number of statements from my savings and my checking accounts. Those two accounts have more than enough money to cover the portion I will need for closing by summer (house is a new construction and they are building it now.) If I went to a new bank and opened up a checking account just to dump my cash into and use to pay bills and NOT submit bank statements from that account, is there any way for the underwriters to find out I have more bank accounts than I disclosed, see that as “suspicious activity,” and deny my loan? And this that illegal or something to not disclosed all of my assets?
I don’t want to jeopardize my mortgage application and am not looking to do anything illegal. I just want to know if opening a new checking account at a bank I haven’t used just so I can pay my bills with the cash I have on hand would work. Thanks!
You would be Ok if you opened another account at a different bank, as you said. The lender would not have any way knowing about it. You might consider putting the money in an internet bank located in a different state. It would be even less likely to find out about it.
Bank accounts NEVER show up on any credit report unless you have a collection problem with them. There are privacy laws that banks must follow. Banks can’t legally confirm if anyone has an account with them
Banks do work with ChexSystems. This is a company that banks are required to check with when anyone opens a checking account. ChexSystems only keeps records of those people who bounse checks and/or owe a bank money because of their bounced checks, but it does not keep records of peoples accounts, other than those who bounce checks.
when is a mortgage deposit needed when buying?
i am a first time buyer and am viewing a property i am wanting to buy on friday (i already know the property and am sure i will be buying it) i have a mortgage through my bank lined up in principal and they said if i wanted to go ahead with it just to ring them then they will process it through credit checks etc (i know i wont have any credit problems) however on my app form i stated the property i was wanting to buy was £90,000 and i had a 5% deposit. now at the moment i only have 1k of the deposit but the other £3,500 i will have on payday. If i ask the bank to process the mortgage application do i need to have the available deposit in my account at that time or can i still get accepted for the mortgage subject to having the funds available when the sale completes in around 6 weeks time?
also when im paying for the survey which i have got quotes for which are £350 do i pay this upon completion or do i pay this at the start?
You need to pay the deposit before you complete via your solicitor, the survey you will need to pay when you instruct the company to do the survey for you.
Also be aware you will also need to pay for your solicitor who will conduct searches etc on your house. You will need approx £1,500 but phone around as charges vary.
trying to qualify for a mortgage.?
Hi, I make around 35- 40 k a year, we live in California. I am hoping to qualify for a 90k mortgage. Before I go to the bank I want to make sure I am doing everything right.
My husband and I have another property under his name. Due to some reasons ( he is trying to refinance the other house) we don’t want his name to be on this mortgage application. I have only a small car payment plus a credit card bill under my name.
I think before I go to the bank I should pay off my credit card. I have about 2500 on it. I know it is not a big amount of debt but since I am trying to qualify for only 90 k and my income is not that high, this $2500 can make a difference.
I have 2500 dollars in my savings account, so I simply can pay it off. The problem is that if I do it I will have zero in my savings and zero in my checking. I don’t know how the bank will look at me. They will think, ” Of course, she has no debt, but she has not savings either”
So I think my options are:
1. Leave it like it is. I will have 2500 on my credit card and 2500 in my savings
2. Try to pay this credit card off. Then I will have neither savings nor debt
3. Tell my husband to pay off my credit card with his credit card. So all my debt will be transfered to him and I will still have 2500 in my savings.
The third option looks good, but the problem is that I think it takes up to a month to transfer balances on credit cards. (although I am not sure) . We are in a hurry and need to try to qualify as soon as possible.
So what do you think my best option is?
Edit: Sorry, I forgot to mention, I have 20 k downpayment.
You have no downpayment. No money, inadequate income.
Your chances of getting a mortgage in this tight market are zero
My husband has applied for a mortgage…?
My husband has applied for a mortgage singly, due to my being a little irresponsible with money a few years back so we decided he would apply for it himself. We have always had separate finances. We have nothing ‘joint’ and under his credit file, i’m not financially associated as I have checked. He has a really great credit score. He has a decision in principle, however he also owns a flat which he lets out. The lender have asked to see a bank statement just to see the payment going in. The rent actually goes into my account, which isn’t a problem to get a statment for however, will be being overdrawn affect anything? Like i say i’m not on the mortgage application at all, it’s only to show that rental payment actually going in.
Yes, it will be a problem that this account has been overdrawn. The bank wants to see that statement for a reason.
You and your irresponsible behavior are about to be part of this transaction.
The lending standards have become extremely tough, and it seems the banks are looking for a reason to deny rather than a slew of reasons to approve. And you are about to give them the reason to deny.
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