Tag: Tip Income

Calculating Tip & Hourly Income when Borrower Changes Employer

Question: My client’s previous employer includes her base hourly and tip income in her paycheck and W2.  She recently changed employers and now her paycheck will only include the small hourly base. The tips will have to be self-claimed.  How do I qualify her income? Answer: Unfortunately, you will have to have at least one […]

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FHA – Tip Income Calculation: What are the guidelines for calculating Tip income for an FHA loan?

Answer: FHA does not have a specific Tip Income guideline, I’ll be answering your question based on my personal experience rather than providing a definitive “tip income” guideline.  Your underwriter will make the final determination on how to calculate the qualifying income. In my experience, Tip Income would follow the same documentation and calculation income […]

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