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Updated over 10 years ago, 06/09/2014
Financing for a tipped income person
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.