Gambling charges when applying for home loan?

Question

#1Posted: 4/1/2015 5:25:27 PMyou guys have any insight on this?Looking to meet about prequalifying for a hometown and the bank wants the last 60 days. I go through an online site and there&#x27;s close to 4K in withdrawals into the site and about 6K out in the last 60 days (I also help out with some other guys action)All th descriptions are random websites and such but hard to explain.. Any insight or experience anybody have with this would be much appreciated! Thanks guys

Dugan8 · Answer

#1Posted: 4/1/2015 5:25:27 PMyou guys have any insight on this?Looking to meet about prequalifying for a hometown and the bank wants the last 60 days. I go through an online site and there&#x27;s close to 4K in withdrawals into the site and about 6K out in the last 60 days (I also help out with some other guys action)All th descriptions are random websites and such but hard to explain.. Any insight or experience anybody have with this would be much appreciated! Thanks guys

Dugan8 · Answer

Home loan**

VegasVandal · Answer

Mixing gambling bankroll with a credit application is not a good idea.

ValiantPrime · Answer

Hi. I can tell you that it&#x27;s up to the discretion of the banker to whether or not it has an effect on the loan. Possibly can report you as well.

BayAreaVic · Answer

I don&#x27;t think it&#x27;s going to affect you since it&#x27;s not a huge amount of money unless the banker is an fool.But you should put your gambling money on a different account than the one you have for your regular and legal income.

fatemaster · Answer

This is a great question. Went through this too. Luckily me and the wife have a joint savings account, and we used that one. Didn&#x27;t use my personal account. The problem I have is that I deposit winnings into the joint checking. They may want to know where the amounts come from. That may be a problem to explain...

TitosTacos · Answer

They would really only care about the money coming in. I wish I had more for you but that is what I was told when I was applying for my home loan. I think my deposits slid under the radar because there were no websites or gambling info tied to them... rather just deposits of random amounts of money that I could explain as Craigslist sales and whatnot. Good luck man.

ValiantPrime · Answer

Trust me, it&#x27;s a case by case basis. Can be suspected or unusual activity reporting.

TRAIN69 · Answer

They are looking for large deposits, not withdrawals. Deposits could mean you cant really afford the house and are padding your numbers. Withdrawals are none of their business.

fatemaster · Answer

How large? I&#x27;ve deposited between 500-1500 every so often. Will that raise a flag? I have a w2 and recent pay stubs from employment..

fatemaster · Answer

Also, I have already been pre-approved. Will they keep and turned in all documents. Do I still have anything to worry about?

tonylin99 · Answer

U going to get reported by loan officer IRS will then audit, then u get 12-24 months in minimum security prison.Don&#x27;t worry bro, you&#x27;ll be out before ya know it.

fatemaster · Answer

Stupid answer. Anyone serious? Very curious about this..

BarryMcKociner · Answer

&#xD;&#xA; I&#x27;m a banker/mortgage LO and being reported has nothing to do with this- no banker is going to report someone for large withdrawals or deposits, not worth our time and we really don&#x27;t even care.  The Underwriter is the one who will question the withdrawals - they require the last 60 days to ensure you have the downpayment money for the home purchase.  Questions will get raised with that amount of withdrawal- anything over $500 and you are going to have to write an explanation or letter.  Same goes for deposits- 1k I believe on deposits.  You WILL run into an issue, trust me. Make sure your LO writes a really good letter, obviously not saying its for gambling.

fatemaster · Answer

[Quote: Originally Posted by BarryMcKociner]  &#xD;&#xA; I&#x27;m a banker/mortgage LO and being reported has nothing to do with this- no banker is going to report someone for large withdrawals or deposits, not worth our time and we really don&#x27;t even care.  The Underwriter is the one who will question the withdrawals - they require the last 60 days to ensure you have the downpayment money for the home purchase.  Questions will get raised with that amount of withdrawal- anything over $500 and you are going to have to write an explanation or letter.  Same goes for deposits- 1k I believe on deposits.  You WILL run into an issue, trust me. Make sure your LO writes a really good letter, obviously not saying its for gambling.   [/Quote]What would you say would be a good excuse to use then?

BarryMcKociner · Answer

Explaining 1k is pretty easy, explaining 6k is a whole other story.  The best thing I could think of off the top of my head is that you sold a boat, car, something worth some kind of money- jewelry etc...

WizardOfOdd · Answer

Does it say where the deposits are from? If so, then you gonna have to make something up...cant really help ya there.

If it is check you get from your book, take it to a check cashing place, pay the % fee, which is like 1%...take the cash and then deposit that into your bank acct. If they ask where the cash came from, say your grandma left it, your grandpa left it, friends gave it as a wedding/anniversary gift...just keep making up names. You will fill out who gave it to you and for what. I went through that and filled out like 15 different paper documents for each deposit..lol

fatemaster · Answer

Nope, all cash deposits. I can just make some garbage up?

LineKiller28 · Answer

Barry knows what he&#x27;s talking about small cash say you&#x27;ve had at home saved up, bigger items, you sold furniture or come collectables on Craigslist in anticipation of getting your house plush nome new items for your place, a good simple letter (LOE) will be fine. I went through this two months ago.

fatemaster · Answer

Is it possible for the underwriter to not use my assets that are deposited into the joint savings account?

Dugan8 · Answer

Thanks for all the input guys.. Awesome info

Barry, or anyone else with good ideas, not worried about explaining deposits.. But what about explaining withdrawals over 500 that are described in description from random websites? Most websites come up as some form of PayPal type url

Just say transfer to friend who I loaned $$ from? Got a few withdrawals over $500 I'd probably need somethin good for

Thanks again guys

BarryMcKociner · Answer

&#xD;&#xA;Is your wife/GF going to be on the mortgage also?  You may be able to get away with hers or your own account statements if you don&#x27;t want to show large deposits/withdrawals.  You only need to show the deposit account where the money has been for the last 60 days- so essentially they want to know if the money is gifted or whatnot.  You can use gift funds to get away from this if your lender permits.

BarryMcKociner · Answer

&#xD;&#xA;They are only looking to source CASH withdrawals- if its a withdrawal from a merchant, that won&#x27;t even be questioned....well, let me say it SHOULDNT, but they can do whatever they want.  For cash withdrawals, just say you take out a certain amount of cash to control your spending- if they ask for a certain occasion, just say you used it to pay for rent, electric, cable, cell phone...etc.  They are way more worried about withdrawals than deposits.  Deposits are good, withdrawals are not good.  Be smart about it and good luck.

BarryMcKociner · Answer

Don&#x27;t ever say or write you loaned money to a friend.  See, a cool loan officer like myself, I write these letters for my clients- I don&#x27;t even let them do it because they write stupid garbage that could get the loan denied.  If your loan officer is cool, which I would hope is the case, just see if he/she takes the reigns.

fatemaster · Answer

Well, my wife is on the mortgage as well, and we are using our joint savings account. We both have jobs, have handed over W2's, bank statements, and recent pay stubs. We have already been pre-approved, but I have deposited my cash winnings into the account the past two months. Will they question these deposits? Can't I just say that I sold some furniture or some other personal garbage?

Also, I guess I should stay away from depositing over 1k into the account, right?

Am I not in the clear?

Gambling charges when applying for home loan?

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