Buy as a Bartender?

Asked by Bronny, Sacramento, CA Fri Apr 15, 2011

I have been looking into buying recently, but as a bartender, the income I can prove is far less than I actually bring in. I have a fantastic credit score, and could easily put down at least ten percent, but will I ever get approved? Any thoughts would be greatly appreciated!!

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6
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Tue Apr 19, 2011
BEST ANSWER
That's totally up to you. Since you haven't claimed your tips, you have taken yourself out of the equation. You don't pay, you can't play! You have a couple of choices my friend. Either find a co-signer, put 20% down, or amend your taxes and claim what really bring in. The only problem is, most lenders will only accept (1) year of amended taxes. So if you have already file for 2010, you'll have to wait until next year to purchase using a FHA, VA or USDA Loan which will offer you the easiest qualifying.
Web Reference:  http://www.AFN-Loans.com
1 vote
Gregorio Den…, , San Diego, CA
Mon Apr 18, 2011
You can only use the 2 year average of the tips you claim. If you are making tips and not claiming them to avoid taxes, how do you expect to then use them to qualify for a mortgage?

Claim what you actually make and it will count towards qualification. IF you don't claim it; you don't make it, can't have it both ways.
Web Reference:  http://TripointMortgage.net
1 vote
Kao Vang, Agent, Sacramento, CA
Fri Jul 1, 2011
Bronny,
How much are the homes you are looking to purchase? Talk with a lender or loan officer to see how much you can get preapproved for and go from there. I can help you figure out how much you can get approved for if you like.
0 votes
Bronny, Home Buyer, Sacramento, CA
Tue Apr 19, 2011
Thanks for your answers. I probably could put 20% down, or find a co-signer, but I'd rather not. I appreciate the advice. And only to clarify my case, I thought my tips were getting claimed through the business. It was kinda dumped on me that I would have to make up for it at tax time. Not putting blame on anybody else, but I thought I was on the straight and narrow- wasn't trying to pull onything over on the system, and I almost resent the answers that accused me of such. Thanks to those who were polite!!
0 votes
Bud Zeller, Agent, Folsom, CA
Sat Apr 16, 2011
Your concerns would be best answered by an experienced lender in your area. Get 2 opinions and see which one seems the most helpful.
0 votes
Steve DeVre, Agent, Dana Point, CA
Fri Apr 15, 2011
You may be able to get approved with what you can prove but most likely you'll have to claim all the money you make to get approved.
0 votes
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