I can put up to 40 percent down. i have zero income history, no steady employment (rate, banks) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

Threerun · 10-20-2009, 12:48 PM

err.. I could cash in a portion of my investments and pay cash for a house, but at 4.75% fixed on my mortgage, I'll make more money with my liquidity by a fair margin, even now and yes, even over time.

VictorBurek · 10-20-2009, 01:01 PM

Dont forget the mortgage interest is tax deductible so your net rate will be in the 3's.

Threerun · 10-20-2009, 01:03 PM

I didn't want to cloud the matter any further, lol.

tammie2 · 10-21-2009, 01:10 AM

For now I would suggest having a loan in your fathers name completely, take a personal loan from your father, or pay cash for a smaller home.

For the future, you might want to think of incorporating yourself, that way you would have small business income rather than gambling earnings. It would still be the same money, just accounted differently-this will also allow for greater flexibility in deductions. Just be sure to hire a good attorney to file your paperwork and offer advice.

Good luck!!

marmac · 10-21-2009, 09:37 AM

Amazing that a guy is smart/savy enough to make enough money playing poker to be able to put $40,000 cash down on a house, has enough money in investments to pay for the house in cash, -------yet has to come here asking for advice on getting a loan when he could just walk into a bank and get the answer.

"all hat, no cattle "

thinkin about it · 10-23-2009, 03:29 PM

Thanks everyone. The picture is now much clearer.

Quote:

Originally Posted by marmac

Amazing that a guy is smart/savy enough to make enough money playing poker to be able to put $40,000 cash down on a house, has enough money in investments to pay for the house in cash, -------yet has to come here asking for advice on getting a loan when he could just walk into a bank and get the answer.

"all hat, no cattle "

Well, quite obviously, I'd rather ask anonymous people who are educated in the field than deal with a bank personally. I'm in front of a computer screen 12 hours a day, and, quite predictably as a poker player, my interpersonal skills suck.

This is easier, and the advice is consistently solid in this section. Why be a jerk?

VictorBurek · 10-23-2009, 04:44 PM

Quote:

Originally Posted by marmac

Amazing that a guy is smart/savy enough to make enough money playing poker to be able to put $40,000 cash down on a house, has enough money in investments to pay for the house in cash, -------yet has to come here asking for advice on getting a loan when he could just walk into a bank and get the answer.

"all hat, no cattle "

I agree with the OP, your comment was not helpful or necessary.

charlesclark · 10-29-2009, 05:39 PM

Once you have confirmed with yourself and your dad that you are a good enough poker player to make the payments and build up a reserve for those months you don't actually win, then there is another option.

You can have your dad as a "non-Occupant" co-borrower. His income would have to be used to qualify for the home. He would be personally responsible should you not make your payments on time. You would have to put at least 25% down.

This is a wonderful way for you to establish credit in your own name.

Charles

thinkin about it · 11-08-2009, 10:53 PM

However, I have about 45 grand in student loans. Half of them private, ie, the interest is absurd.

What do I do?

Thanks.

EDIT: I play poker, so I couldn't finance the home. It would be either this or renting.

chet everett · 11-08-2009, 11:04 PM

Um if you can pay $80K cash and have debt of $45K at an "absurd" interest rate why not eliminate the debt and still have $35K for down payment?

Can you afford to borrow the remainder?