Buying a house and explaining deposits to your bank account from offshore gambling

[JustinCruise]

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?

 

[easygoer+]

Payment for services rendered.

 

[Murphy8276]

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

 

[JustinCruise]

Tell her you sell things on ebay and ship worldwide.. for foreign sales you only accept certified checks or something maybe.

-murph

I thought about this. But the problem is each check is exactly 1000. If I would have thought ahead I would have mixed the amounts up.

 

[festeringZit]

If you don't need the $6,000 (as Murph said) to qualify for the loan, then the answer is "none of your business." If you do need the $6,000 to qualify for the loan, then I think you have bigger problems.

 

[easygoer+]

I thought about this. But the problem is each check is exactly 1000. If I would have thought ahead I would have mixed the amounts up.

You sell a lot of the same stuff

 

[TyBounce]

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.

 

[Defying]

say you do freelance work as a graphic designer and they pay every $1000 earned

 

[JustinCruise]

If you don't need the $6,000 (as Murph said) to qualify for the loan, then the answer is "none of your business." If you do need the $6,000 to qualify for the loan, then I think you have bigger problems.

The 6,000 has nothing to do with qualifying for the loan. She said the bank needs to see the papertrail on ALL deposits that are in excess of what you earn at work.

 

[JustinCruise]

say you do freelance work as a graphic designer and they pay every $1000 earned

She will need to see copies of the checks

 

[JustinCruise]

I may just have to wait a few months

 

[Defying]

She will need to see copies of the checks

who cares.

I wouldn't let it stop you from buying a house.

 

[Murphy8276]

The 6,000 has nothing to do with qualifying for the loan. She said the bank needs to see the papertrail on ALL deposits that are in excess of what you earn at work.

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

 

[MikeB]

I agree with what was said earlier. Explain to them that you sell some sort of product worldwide in your spare time on EBay. Tell them that it is artwork or something, and you don't expect that to be counted as your income.

Good luck

 

[doubledeuce22]

The 6,000 has nothing to do with qualifying for the loan. She said the bank needs to see the papertrail on ALL deposits that are in excess of what you earn at work.

What type of crap is that?? Can't even get a check these days? If you aren't counting it as income towards loan, these hoops are ridiculous. what country we live in ?

 

[Akillies]

if you say ebay, she will want statements and more proof
whatever dont say its a gift from relatives
i been there, banks are going to want everything; explanations, statements, all verifiable

 

[shdw01]

simply say "oh don't count that as my income"

if she asks further which she shouldnt, u can give the ebay story, service provider story, or say your cousin in china owed you money from years back....hell anything

 

[doubledeuce22]

simply say "oh don't count that as my income"

if she asks further which she shouldnt, u can give the ebay story, service provider story, or say your cousin in china owed you money from years back....hell anything

id tell em I'm going elsewhere this is ridiculous..

I mean if he had no job and said give me a loan based on these random checks, sure I could see an issue. To have to explain every deposit you've ever made is asinine.

 

[Acebb]

The 6,000 has nothing to do with qualifying for the loan. She said the bank needs to see the papertrail on ALL deposits that are in excess of what you earn at work.

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.

 

[bukis1]

If you qualify for the loan regardless then the bank shouldn't care about the $6000. Go to another bank. This bank apparently doesn't want your business