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Old 05-21-2018, 07:39 AM
 
3 posts, read 765 times
Reputation: 10
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.

Last edited by Anon96; 05-21-2018 at 07:51 AM..
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Old 05-21-2018, 07:50 AM
 
Location: Fox Chapel
61 posts, read 16,472 times
Reputation: 75
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.
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Old 05-21-2018, 07:56 AM
 
3 posts, read 765 times
Reputation: 10
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.
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Old 05-21-2018, 08:41 AM
 
4,520 posts, read 2,784,640 times
Reputation: 16820
Quote:
Originally Posted by Anon96 View Post
Are these gambling and bitcoin transactions going to make it difficult for me to secure a loan?

That raises an interesting (to me) question: DO lenders know how to evaluate crypto transactions?
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Old 05-21-2018, 09:05 AM
 
Location: Northern Virginia
4,331 posts, read 4,464,362 times
Reputation: 9617
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.
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Old 05-21-2018, 09:08 AM
 
Location: Rochester, WA
3,125 posts, read 1,567,960 times
Reputation: 8264
It certainly can... I would try to keep your banking as simple and clean as possible until your loan is final.
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Old 05-21-2018, 09:25 AM
 
3,176 posts, read 1,339,853 times
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Quote:
Originally Posted by diana holbrook View Post
it certainly can... I would try to keep your banking as simple and clean as possible until your loan is final.
+1.
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Old 05-21-2018, 11:40 AM
 
3 posts, read 765 times
Reputation: 10
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.
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Old 05-21-2018, 08:54 PM
 
Location: MID ATLANTIC
7,433 posts, read 16,992,906 times
Reputation: 7762
Quote:
Originally Posted by Anon96 View Post
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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