How do account for tips in my mortgage app?

The lender will look at your declared income on your 1040's for the last 2 years. Tips will be averaged over the last 2 years and you must be with the same employer for the past 2 years (in most cases) to be able to use your tips. Whether the $45K is enough to qualify will depend on your current debt and how much you're trying to qualify for.

When calculating your income for qualifying purposes, it's what you claim on your 1040 that you can use.. if you do not pay taxes on the time income, then for lending purpose, it does not exist.. As far as your base salary being enough.. it's difficult to say since we don't know what your debt is or what sale price range your looking in.. I know today that most folks like to text or email, but your going about it the hard way.. Pick up the phone and contact a local mortgage broker.. he can tell you exactly what you qualify for in less than 10 minutes... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Barry pretty well summarized it above, if the tip income is not reported on your taxes they cannot be counted and you'd have to qualify using just your base income which may be enough but depends on how much you want to borrow plus the taxes, insurance, any PMI and HOA or regime fees on the home you buy, and what your other debts are/will be.

Hi,Unfortunately you cannot use $ you do not declare on taxes. However, I have loan programs that will use your bank deposits in lieu of tax returns... these loans are perfect for self employed (1099'd) people. I'm also in California. Give me a call at 510-332-3282.Linda