Three years ago, this would have not been an issue. Today it is an issue, but not necessarily impossible.
I work with a very resourceful, creative loan officer. If you would like to connect with me outside of this forum, I can provide you more information. Via my Trulia profile, or email Derek@DoorToDreams.com.
Enjoy your day!
Derek Bauer, Associate Broker
Real Estate One
It may very well work - I see stuff like this all the time. But, I dont think it should work. As an underwriter, I wonder why someone would think that a letter like this from an employer - who could more easily lie in this letter than on the paperwork reported to the state and fed govt monthly - would be acceptable. But, like I said, I see this bewildering stuff all the time. But, I'd hold my breath until after closing.
My opinon - your husband needs to claim all his tips. Yes, i was once upon a time a waitress. No, no one else in the restaurant claimed their all tips - they told me not to; even said it would be an audit flag for everyone else... you see, they had a system. I reported all my tips.
Just because other people break the law on a regular basis does not mean it's OK. And, yes, I practice what I preach.
People who work for tips are a hard people to get a loan for unless they claim everything at tax time. Your lender sounds like he/she is trying. This form is usually called a VOE..........Varification of Employment, and it will help..........but a tough road if your W2 does not match. Good Luck!