Sports bets, roulette, slots, poker, blackjack and any other form of gambling has the potential to put a lot of money in your pocket, but unfortunately, it also has the potential to take a lot of money away from you.
Just like gambling, mortgage loans are all about risk. Instead of putting bets on a game, a lender is placing their bets on their borrowers.
Risk mitigation is the name of the game when it comes to mortgages, and lenders want to be as certain as they can when placing their bets on a borrower. Lenders will do a thorough examination on where a borrower's money comes from, and how previously borrowed money was used in order to make the decision to lend or not.
So what if you love the adrenaline rush of placing bets, and you're on a winning streak that can't be stopped?
That's great! We're glad you're doing amazing, and that the risks you've taken have been beneficial to you!
Unfortunately though, your winnings at the casino can't be used when getting home financing.
Down payments can come from a variety of things: the sale of a previous residence, a checking or savings account associated with the borrower, or even gift funds received from a family member. A profitable night in Las Vegas doesn't qualify as a reputable source of a down payment.
Monthly and yearly income need to be verified by an employer and the previous year's tax returns. They also need to have the stamp of approval from the borrower's employer and an underwriter that says that a borrower's income is "consistent and likely to continue."
Gambling doesn't provide any of these things.
What if you're a professional gambler?
Great question!
Unfortunately, lenders still won't take the risk on a borrower who chooses gambling as their main source of income. The risk is just too high. A borrower's winnings usually aren't regarded as consistent, and gambling is a very high risk profession.
Does that mean that those who like to gamble can't get a loan?
Not at all!
There are options available to all borrower's, no matter what their hobbies or occupations are. Anyone who meets the qualifications of any of the loan products can qualify for a loan. If a borrower has seasoned funds, income coming from elsewhere, or a spouse with proof of a stable income that can be on the loan, they can absolutely qualify for home financing.
Just like gambling, mortgages require a keen eye when it comes to taking risks. Give me a call and lets chat about options on how you can qualify for a loan.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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