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Title: BTC/Mortgage Related Question Post by: braddleturn33 on August 01, 2017, 10:47:53 PM I know there a plenty of topics covering how to use BTC when seeking a mortgage loan, but after searching high and low I didn't see anything related to my specific issue. Any help is greatly appreciated.
I'm currently in the process of purchasing a new home. Naturally, our broker has requested the standard loan approval docs such as bank statements, paystubs, W2, etc. -- Over the last few months, I've had a small portion of my pay direct deposited to a separate checking account that i use to purchase BTC through coinbase to dabble in online gambling. In total, we're talking about $500 over the course of 2-3 months. Only about $40 of that amount remains and the rest I've lost. - It was fun to try it out, but I'm not particularly interested in pursuing it any further. My concern is about the coinbase transactions listed on my recent bank statements. I imagine the loan officer will be more concerned with unexplained credits/deposits, which isn't the case here since I never had any winnings that I deposited back into USD to my account. That said, should I still expect the loan officer to request additional documentation about my coinbase transactions? My fear is they'll want proof that the coinbase transactions don't reflect undisclosed assets, which would require me to admit that I used them for online gambling. Title: Re: BTC/Mortgage Related Question Post by: Blocken on August 01, 2017, 11:07:56 PM I doubt it. It's no more interesting to them than buying from a 3rd party person on Amazon I imagine.
Title: Re: BTC/Mortgage Related Question Post by: botany on August 02, 2017, 02:09:23 AM I know there a plenty of topics covering how to use BTC when seeking a mortgage loan, but after searching high and low I didn't see anything related to my specific issue. Any help is greatly appreciated. I'm currently in the process of purchasing a new home. Naturally, our broker has requested the standard loan approval docs such as bank statements, paystubs, W2, etc. -- Over the last few months, I've had a small portion of my pay direct deposited to a separate checking account that i use to purchase BTC through coinbase to dabble in online gambling. In total, we're talking about $500 over the course of 2-3 months. Only about $40 of that amount remains and the rest I've lost. - It was fun to try it out, but I'm not particularly interested in pursuing it any further. My concern is about the coinbase transactions listed on my recent bank statements. I imagine the loan officer will be more concerned with unexplained credits/deposits, which isn't the case here since I never had any winnings that I deposited back into USD to my account. That said, should I still expect the loan officer to request additional documentation about my coinbase transactions? My fear is they'll want proof that the coinbase transactions don't reflect undisclosed assets, which would require me to admit that I used them for online gambling. $500 should be small in the overall scheme of things, when you are talking about a mortgage loan. I don't think the loan officer should be unduly worried about this. Title: Re: BTC/Mortgage Related Question Post by: GreenBits on August 03, 2017, 04:43:43 PM I doubt it. It's no more interesting to them than buying from a 3rd party person on Amazon I imagine. Yeah, they could really care less about this, the account traffic would look like your sent money via ACH to another bank account. This is the case if you fund Paypal frequently, participate in online gambling with fiat, buy bitcoin, buy stocks even. Despite the frequency of the transactions, its the total amount that matters to them. If you have enough of these per month to look like you are "smurfing" (look it up), thats a different story. Worst case is they would simply ask you about it, just tell them the truth. You invested in bitcoin ;) The gambling part is honestly none of their business. |