Friday, March 22, 2013

I want to buy a house but my income looks a lot smaller than it actually is. How do I solve this problem?

Question by summer07: I want to buy a house but my income looks a lot smaller than it actually is. How do I solve this problem?
Ok yesterday I wrote a few questions on here about whether I was qualified enough to get approved for a mortgage. Most people claimed that my income of $ 32K/yr was too low, despite having great credit and longevity at my current job. Here’s the thing though: WHAT I ACTUALLY MAKE DIFFERS FROM WHAT IT APPEARS THAT I MAKE. I actually make closer to $ 46K…but $ 14K of that money is in tips, since one of my two jobs is waitressing. The only money that is definite/”guaranteed” is the $ 2.83/hr that I make, and most of the tips I make never seem to get reported(at my work, we don’t claim our tips at the end of each shift…the managers do this for us and what they claim is always less than what I seem to actually make). I am wondering if this is going to hinder me with a mortgage, since there’s a big difference in what someone making $ 32K/yr vs. $ 46K/yr can afford.

What should I do? If I report the extra tips myself, that will not look “reliable” because it wouldn’t show up on paystubs.
So what should I do? Is $ 32K/yr income really “too small” to get a $ 150K house? In reality I actually make more than $ 32K and therefore can also pay more than one would expect for a person making $ 32K/yr. Will this income disparity/lack of proof hurt me when applying for a mortgage? Is there a way that I can fix this, or does it not matter since my tips are not “verifable”(i.e., not reported on my paystubs by management)?

What is the best thing to do so that I can get a $ 150K house in 1-2yrs??? And please don’t say “just save up a large down payment” because I’m already working on doing that…I hate being told obvious info I already know.
ILoveKey: It’s not up to me to report my tips…our managers do it for us, and the amount of supposed “tips” appears on our monthly paystubs. (I suspect they’re only reporting the credit card tips, since that’s the only thing they have proof of). I have no idea how I would be able to go about reporting additional tips. At other restaurants where I worked, it was OUR responsibility to input our claimed tips amount into the computer at the end of each shift, but not at this place. So please do not put the blame on me when obviously it is not my doing.

Best answer:

Answer by A P
checkout this question i answered it might help you in one way or the other…..

http://answers.yahoo.com/question/index;_ylt=AkR_gE_cPeRsM8EAQve0aWCTxQt.;_ylv=3?qid=20080415085115AADsoWr

What do you think? Answer below!


I want to buy a house but my income looks a lot smaller than it actually is. How do I solve this problem?

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