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Updated over 10 years ago, 06/09/2014

User Stats

10
Posts
4
Votes
Tim Beadle
  • Professional
  • St. Louis, MO
4
Votes |
10
Posts

Financing for a tipped income person

Tim Beadle
  • Professional
  • St. Louis, MO
Posted

Hello everyone- I need your advice!

I am 26 working full time as a bartender and a part time real estate agent. I am looking to purchase an investment property, preferably a multi family unit between 2-4 units in St. Louis, MO. Unfortunately banks and lenders do not like seeing tipped incomes. I have been disqualified for a mortgage simply because I have not been at my job long enough. I make plenty of consistent tips (that are claimed on paychecks) but they still will not put it through underwriting. Is there any way around this? Any advice would be great!

I have a mid 700 credit score, meet debt to income limits, and have downpayment funds pending the price of the property.

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