In the process of purchasing my first home. Have 750+ credit score and plenty of income to qualify for what I am looking for. However a different problem presented itself while sitting in my preapproval meeting. So far this baseball season I have made about $6,000 profit (i'm sure this will bring the trolls out but this is the truth and i'm legitimately looking for advice here, no trolling will be dignified with a response). Over the course of the past two months I have made 4 or 5 $1000 atm deposits of checks I have received from my sportsbook. The woman at the bank immediately asked me about these as she was sifting through my statements and I had nothing to respond with. She is expecting some sort of explanation/copy of checks (which are all from china, canada, etc). Anyone have any experience in this type of unique situation that only a gambler would understand?
Tell her you sell things on ebay and ship worldwide.. for foreign sales you only accept certified checks or something maybe.
It seems like you could come up with tons of legitimate reasons.. bottom line is if you are not asking for them to use that "income" or asset to qualify you for the loan then it shouldnt matter.
-murph
It seems like you could come up with tons of legitimate reasons.. bottom line is if you are not asking for them to use that "income" or asset to qualify you for the loan then it shouldnt matter.
-murph
If you have plenty of verifiable income (as you say) they shouldn't be worried about 6k of questionable deposits.
I have 3 theories ...
(1) maybe you're trying to get into a hootie snootie gated community that profiles their potential residents.
(2) the bank is just trying to buck you into a bigger down payment.
(3) You're not telling us the full story.
I have 3 theories ...
(1) maybe you're trying to get into a hootie snootie gated community that profiles their potential residents.
(2) the bank is just trying to buck you into a bigger down payment.
(3) You're not telling us the full story.
This lady doesnt want to qualify you at all apparently and you showed her too much up front.. oh well lesson learned... Now, you go to a different bank or broker and dont give them the account with the deposits this time up front.. show your 401k/retirement/investments or a diff bank account if need be as your assets even its a dead account with zero in it. You should only need to show your w2 or 1099 for work proof and dont need to show deposits..
-murph
If this has nothing to do with the loan, ignore this woman. If it does, go to another bank.
I addressed this issue when another poster brought up cashing these checks. You need not have any interaction with the bank - you simply do not know who wants to be "employee of the month" and start asking questions - go to a payday loan/check cashing place in the future. There is more predictability in going that route.
