Can I use my tax returns as proof of income for a mortgage?

Can I use my tax returns as proof of income for a mortgage?

Quote: jack654987

Can I use my tax returns as proof of income for a mortgage?
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Very unlikely.
Why not just present your salary payslip, or copies of bank statements or any of the things that your mortgage provider lists as appropriate?

Is it that all your income comes from Casino winnings? Do you really expect a mortgage provider to say ' Oh yeah, this guy's a safe customer for us, he makes $***** every year playing slots and we can't see that coming to an end any time in the next 20 years. No way he's a risk of default"

Have you seen housing prices lately? You'd need an income of $100K/year just to qualify for a median priced home. Can you win that much gambling? Can you prove you won that much to the IRS? Inevitably, you have to convince a bank to give you a loan and they are going broke fast with their bond losses and commercial real-estate & auto loan losses not to mention student loan defaults making their way into the system this past month for the next couple of years. Maybe you can find a small town and buy a cheap house for $50K cash and skip the loan, but most houses are going for 5 to 20 times that amount now.

Do you file taxes as a professional gambler or amateur?

You are going to need more than your tax forms but it’s a good start.

I have qualified for two mortgages including one recently as a professional gambler. Underwriters will always ask for more documents but you can get to approval with a lot of work.

Don’t ask us, ask the people who are thinking about granting you a mortgage.