Posted on: 12th Jan, 2011 02:39 pm
Hello, I am a first time home buyer and had a rather large question. I would like to go through the process of buying a home the correct way and decided that I would figure out how much home I can afford first. My issue is that I work in the tipping industry but I don't claim my tips. The majority of my income comes from the tips. While it doesn't look like I make much, I actually make way more than the government knows. My question is, when deciding how much house I can afford, will the lender look at the amount of money that my taxes show or do I put down what my actual monthly income is?
Hi Jos!
Welcome to forums!
While deciding on how much home you can afford, the lender will consider the amount of money that you show on your taxes. He won't look into your actual monthly income.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
While deciding on how much home you can afford, the lender will consider the amount of money that you show on your taxes. He won't look into your actual monthly income.
Feel free to ask if you've further queries.
Sussane