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Getting a mortgage as a poker player Getting a mortgage as a poker player

05-28-2017 , 02:26 PM
I am 29, have played poker professionally since I was 18 and filed taxes as a professional every year. I have previously obtained mortgages for a rental property i own individually and one commercial loan for another property which i have a joint interest in. Both these loans are much smaller then the one I am applying for with my wife now for a primary residence.

The mortgage broker a friend recommended has said he is worried they won't be able treat my gambling income as income, although he thinks he may be able to work with the underwriter to get it done. My wife works and has had a traditional job her whole career since 2007. Typically roughly 2/3 of what we show on tax returns is mine so it's pretty important my income be counted. There is a particular time crunch because we have an inside lead on a multifamily we want to buy in the greater boston area as a primary residence where we would rent out the other unit. We have 20% down, pretty good other assets, the rental properties etc... so it would basically be zero issue if it wasn't for what I do to make my living.

Does anyone have

a.) Connections to mortgage brokers/underwriters in the boston area who are experienced with professional poker players with long established track records?
b.) Links to any resources that suggest mortgage underwriting guidelines make a distinction between one off gambling income from recreational gamblers versus professionals that i can refer this underwriter to?
c.) any experience with particular banks who have don't have an issue underwriting these loans?

Any and all advice is helpful. I am mad at myself for being in this time crunch because I do think we can get this done relatively soon but I want to at least have the option to buy this property. The broker I am working with is certainly hustling but he made it seem like it would be no problem to be done in time and now it's not clear that's the case because he's concerned about how underwriters will treat my income (If it all) I thought because of having investment properties and being very well qualified for what we are trying to borrow that this wouldn't be an issue. I'm guessing big banks which huge legal departments are probably the best bet here? I have all my documentation lined up, is there an issue reaching out to other brokers to see if they can make this happen quickly?
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