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I had a slip-up that resulted in $3,600 in gambling expenses. Our household take home is about $13,500 per month. I also took $3,100 in gains from my investment account to offset most of the gambling losses. I did actually have some winnings so I also have a few deposits from coinbase via bitcoin (net gambling loss is still ~$3,600). Are these gambling and bitcoin transactions going to make it difficult for me to secure a loan?
By the way I came clean to my partner about this - something I would advise anyone in this situation should do.
I think you would be fine unless you're on the borderline of approval. If they see your regular income, assuming it is from a secure source, and consistent, you should be okay. Transparency is normally a good thing.
thank you for your response - yes my income is from a secure/valid source - we are at 39% DTI if we make a non-contingent offer on the house we are planning to make an offer on (in the worst case scenario where we need to carry two mortgages for a period of time)
I have also moved my accounts to a join account with my partner to prevent this from happening in the future.
When we were going through the process of applying for a mortgage, we had to account for all of our deposits and the sources of those funds. If gambling is illegal in your state, that may pose an issue.
Well it looks like in my case I'm going to be okay (*phew*). Just spoke with my mortgage broker and it's not too much to raise a red flag given our combined income. They will however want to understand where the bitcoin deposits came from (because of the Patriot Act), but it's okay that these are earnings from gambling.
Well it looks like in my case I'm going to be okay (*phew*). Just spoke with my mortgage broker and it's not too much to raise a red flag given our combined income. They will however want to understand where the bitcoin deposits came from (because of the Patriot Act), but it's okay that these are earnings from gambling.
The current standard is any *unsourced* deposit that is 50% or more of your gross monthly income (or cumulatively for the statement for the month).
Unsourced: just what it sounds like, deposit without a source.
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