Home Loans For Tipped Employees
The good news? Tip earners can purchase a house just like anyone else. The not so good news is, you must report all your tip income to the IRS. I know that’s not the answer you want to hear, but if the income is not claimed, it cannot be used. The reason is, underwriters average the last 2 years of your income to determine how you qualify as a buyer when the income is variable. So, if your tip income isn’t claimed, your buying power is going to be a lot lower than if it is claimed to the IRS. And everyone else, make sure you tip your servers, you could be helping them buy a house in the near future.
We have helped many buyers borrow with tip income, reach and lets put your buying and mortgage plan together! That’s your mortgage minute
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For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.