do tips count as income toward buying a home?

Asked by Kevin, Troy, NY Sun Feb 22, 2009

they are on my pay stub and I can supply 4 months of stubs with 100% of tips claimed

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Bill Eckler, Agent, Venice, FL
Mon Feb 23, 2009
We agree with Kevin.
Tips are considered income and are required by the IRS to be declared as annual income. So whatever you have reported (2008) as income could be considered.

Good luck
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Ralph Windsc…, Agent, Hauppauge, NY
Mon Feb 23, 2009
If that money is included in your W-2, then more than likely. It also may depend on the lending institution. Before the housing bubble deflated, there were no income check products out there that would certainly have helped you if your credit was very good. If the money is not included on your W-2, good luck.
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