jjohnson5677 asked:
My wife and I live in California and have to do a stated income loan because we both work for tips for a living. We both have credit scores above 750. Our loan officer said that first time home buyer programs are only for buyers that go full doc. Does anybody know of any local or federal government grants or buyer programs for stated income first time home buyers?
Gene
My wife and I live in California and have to do a stated income loan because we both work for tips for a living. We both have credit scores above 750. Our loan officer said that first time home buyer programs are only for buyers that go full doc. Does anybody know of any local or federal government grants or buyer programs for stated income first time home buyers?
Gene
Jennifer
Your loan officer is correct. I have never seen a bona-fide first-time buyer program that was anything but full doc.
You DO NOT have to claim stated income b/c you work for tips…can you not count your money at the end of your shift???? Is there some reason that you have no idea of what you have in your pocket?
By the IRS guidelines, you are supposed to be reporting 100% of your earnings to pay the appropriate taxes…what you are doing is nothing short of tax evasion and I am sorry to say, federal and state housing programs don’t support that.
Now you know the drawbacks of cheating Uncle Sam.
I’ll bet if you save up some of that tax-free income you earn, while the rest of us that are honest tax payers pay taxes on ALL of our income, you will probaby discover you don’t need downpayment assistance programs.
Comment by Mary B — July 21, 2009 @ 1:02 pm
Gabriel
Mary’s right. You don’t neede to go “stated income” because you’re paid in tips. You need to go stated income because you don’t pay taxes on your income.
Comment by teran_realtor — July 24, 2009 @ 6:42 am
Melvin
There are. But you will need a down payment.
Comment by Steve V — July 25, 2009 @ 12:06 am
Jimmy
You can go Full Doc as long as you can show you have been depositing those tips constantly. You would need verify with 1 year of bank statements and 2 years of tax returns. Credit Scores are great and would help you purchase a home. Yes, you can get a first time home buyers program being in a tip wage earner position. Need Help! Ask. Happy Living!
Comment by Openthathouse.com — July 26, 2009 @ 12:43 pm