Although.....I have a lender that can take handwritten paystubs, use a VOE instead of a paystub which is essentially like a letter from your employer stating how much you make in tips as well as what you are paid hourly.
But, can you put more than 3.5% down. I need at least 10% down in order to take the letter.
If you have more questions or keep hearing no, email me and I suggest you do your research on your lender. My blog, videos and website can all be found : http://www.sandiegofreshstartrealty.com/
Your other option would be to wait until you file your 2012 taxes next year and claim those tips.
PS. I love the Murrieta and Temecula Valley. Although, I am out of San Diego, I do show property and have listings in Murrieta and Temecula.
CA DRE #01810641
If you were turned down by lenders, 2012 is almost over. Be sure to tell your CPA or Tax preparer that you are planing to buy a house. A good CPA will know what to do. Claiming this income could be beneficial. Sometimes home buying is a long process and some people take years to work toward that goal.
Financial planing is very important, large down payments and assets are always a plus in situations like this. Working on this now and planing for it can possibly allow you to buy as soon as Mid February.
I love helping people getting into homes and fulfill the American dream. That's why I got into real estate. Our Team is great and can guide you through this process even as a second time home buyer. There is plenty of lending programs available even ones with 0% down but income is very essential unless you have cash.
Please let me know if you have any questions or concerns. You can email me or call me anytime with any questions.
DRE License # 01707782
Cell: 858-366-5389 or 951-290-3117
Good Luck! Let me know if we can help you with your search for the perfect place -
Kevin McLaughlin, Broker owner
Berkshire West Realty
For a free, no obligation consultation, please contact me.
All banks and lenders are different, but since the housing down-turn and credit crash many of them are extremely strict about income verification. Your proposed solution could be viewed by lenders as "corner cutting". Many people are friends with their employers and could obtain a statement like this without merit. I'm not saying you can't find a lender to do it this way, but you're going to have to find the right one. And you may pay more in interest and fees.
Good luck to you!
Congratulations on looking to improve your future by purchasing a 2nd home. Where there is a will, there is a way. The question is, at what cost? Another option to consider is this: there is a new home builder that has an innovative program for home buyers just like yourself. Call or email me and I will be able to share more. 951-834-2388 firstname.lastname@example.org. Looking forward to hearing from you/
Thank you for voting me for the best answer!! :)
After October 15th, they will be going off both 2010 and 2011.
After January 2013, they will average both the 2011 and 2012.
If you are reporting less in 2012, the underwriting will regard this as diminishing income and not average but go off the lesser amount.
If the amount increases by too much, you will need to submit a letter of explanation and then the two years will be averaged.
Keep in mind, as well, that any write offs you take on a Schedule C will be factored in, as well. cg