Posted on: 05th Dec, 2013 11:21 pm
I have a credit score of 670 and I am 23 years old. I am bar tender. So I earn good and also get tips. But when I am applying for mortgage, the lenders say that they will not consider the tips as income. I need advice.
Hi Borris,
Well, as far as I know tips will only be considered as income as long as you have tax returns to back up your claims of how much you make. Moreover, this income needs to be consistent for the last 2-3 years.
Take care
Well, as far as I know tips will only be considered as income as long as you have tax returns to back up your claims of how much you make. Moreover, this income needs to be consistent for the last 2-3 years.
Take care
Tips won't be considered as income unless you have tax returns, I agree to what Sara has said. You just need to increase your permanent income so that the lender knows that you have enough income to make ends meet and repay the mortgage on time.
Welcome Borris,
I agree with what Sara has said. Tips may not be considered as your income unless it has been mentioned in your taxes.
I agree with what Sara has said. Tips may not be considered as your income unless it has been mentioned in your taxes.