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Stated Income

I am a first time buyer, 29. I have only ever had jobs that pay the majority of my income in cash tips (bar tending and bouncer). I have been good about making regular deposits (5 years work history). I have very little credit but it is good (no negative history) and fico is 589. I file taxes (made over $74k 2015, 2016, 2017). I want to know if lender still accepted stated income? Would I need to get a 9-5 W2 job to qualify for a home? by seanbengoud765 from Tempe, Arizona. 14 days ago Reply


Kay Cleland (kay@kcmortgagecolorado.com)
#3 ranked lender in Colorado - 221 contributions

Hello there. I would suggest you go into a LOCAL mortgage brokers office and sit down with them to go over income and credit. when you receive tips, etc. we need 2 years of income tax returns to verify, which you say you have. You may be able to go FHA as long as you qualify.

13 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,717 contributions

In your case, income doesn't seem to be the big issue. You don't need a 9 to 5 job to buy a home. Plenty of people are bar tenders, waitresses, etc., who all buy homes. We would generally take your past two years W2's to average your income, and then look to see if current year-to-date income supports that average. Any non-reported cash tips would not be included. My bigger concern is your poor credit score. That score will cause you to have very limited options. But most people can get their score up in short order with a little knowledge and time. I suggest contacting a local mortgage broker who does FHA loans. For this situation in MN, WI, and SD, visit me at www.Minneapolis-Mortgage.net

13 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

You need to contact someone (like me).. who can analyze your complete loan profile.. if you file taxes and you show over $74K, the we would qualify you on the last 2 years taxes.. no w2's are needed.. but with little to no credit yet your score is 589, there's something not right.. I'm here locally right off FLW and Loop 101.. feel free to reach out to me anytime.. I can look at your scenario and you'll know exactly what you can qualify for.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

10 days ago
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