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mortgage for tipped employee?

 Lender is concerned that income went down.  Tipped Employees make more than what is on W-2's.  Is there a way to counter this, or another type of loan?
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July 24 2013 - Tonawanda
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Profile picture for user0656247
If you claimed your tips on your taxes like your supposed to then you shouldnt have a problem.
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July 25 2013
You will have to average income for a 2 year period.  That suggestion of filing correct tax returns is a good one.  Here is the strategy:  Declare all of your tips, if the tips are increasing use a 24 month average.  That strategy can be executed on January 1, 2014, once the year is over.  

Going back to re-file could trigger all kinds of red flags for the lender and IRS.  Don't know if you will succeed with that.  

HOWEVER New Qualified Mortgage guidelines allow you to add a roommate's income...  
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July 25 2013
Profile picture for wetdawgs
Tipped employees are supposed to declare all their tips on their taxes (not just what the employer estimates), so if some was ignored  why not go back and redo the taxes honestly.

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July 24 2013
 
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mortgage for tipped employee?
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July 25 2013 | 3 answers
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