Could a Cheeky Venmo Description Impact Your Chances of Getting a Home Loan?

Since its founding in 2009, Venmo has been one of the most convenient ways to send and receive money for miscellaneous expenses: groceries, rent, last weekend's dinner, etc. Besides ease of use, part of the appeal is the social factor: You can add a cheeky message (a string of emojis or a tongue-in-cheek inside joke, for example) with your payment. That's posted on the app's main feed for all to see. On one hand, posting random jokes on social media is pretty much the norm these days. But as one Twitter user noted, using Venmo's social feed carelessly could actually complicate an important financial opportunity down the line.

Lsat year, the writer Dan Hett took to Twitter platform to explain: "polite reminder: if you're going to send your pals some money and put something *wildly* immature and rude as a payment reference, you're going to have to explain it to your mortage[sic] lender at a later date. guess how I just found this out."

Since then, the tweet has gone viral and continues to circulate—probably because so many people have carelessly added bogus descriptions to their Venmos. As it turns out, Hett isn't the only one who has found themselves in this situation. "That happened to my husband bc he wrote alimony on a check to me 🤣🤣🤣," one user commented on an Instagram of Dan's tweet. Another retorted, "Looks like I’m paying cash for my next house. I’m not going to stop putting those memos ever." A third commenter came clean: "I didn't think about this."

So is a string of quirky comments on Venmo transactions enough to kill your chances of getting a home loan? While each mortgage program has its own rules and regulations, Bayou Mortgage says they check to make sure applicants do not have any "non-payroll large deposits" (meaning large deposits that aren't from your employer). If you do, they might want to know where the money came from.

While you probably don't have to stress about $10 charges here and there, transactions for larger investments—like rent or a wedding gift—may require some explaining. And you are setting yourself up for some potentially difficult conversations if you jokingly call a huge payment something seemingly illicit. As Hett himself noted, "the tweet just means I had an awkward (and largely amusing) conversation about the entry, I didn't say it affected anything in the slightest. it's been fine. however some replies (like the "IRA fundraising" guy) would fare more badly I suspect"

Any prospective homeowners concerned that Venmo jokes from their past might compromise a future loan should secure clarifying documents: Have a friend write a letter to corroborate your account and, you know, stop joking about large illegal deposits. Better safe than sorry!

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