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Old 12-15-2008, 06:01 PM
 
4 posts, read 11,346 times
Reputation: 13

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As a casino employee in Las Vegas I make quite a bit more then my W2 shows, knowing that home loans are much harder to get now.. Do i have any options ???

My FICO score is over 750 and Ive not had any late payments on anything in my life..

My income on my W2 is about 20 k yearly but in reality its closer to 80k

Can anyone point me in the right direction if there is one
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Old 12-15-2008, 06:14 PM
 
930 posts, read 2,297,094 times
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Well it would help out the rest of us if you would pay taxes on the full 80k.

And in turn we will tell the bank to give you a loan on it.
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Old 12-15-2008, 07:12 PM
 
4 posts, read 11,346 times
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Well I pay taxes on what the goverment says i need to pay taxes on... Why would u even bother to type that ??? It would not bother me if you quit your job and got one here..
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Old 12-15-2008, 07:15 PM
 
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I'm curious, the government has said you do not need to pay tax on the other 60k of your earnings? Isn't there a line for all tips and stuff on the 1040?
If this is special to Las Vegas maybe I should move there too!
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Old 12-15-2008, 07:45 PM
 
20,190 posts, read 22,221,172 times
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Quote:
Originally Posted by Billyback View Post
As a casino employee in Las Vegas I make quite a bit more then my W2 shows, knowing that home loans are much harder to get now.. Do i have any options ???

My FICO score is over 750 and Ive not had any late payments on anything in my life..

My income on my W2 is about 20 k yearly but in reality its closer to 80k

Can anyone point me in the right direction if there is one
Problem is the 20k is guaranteed future income, the extra 60k is not.. unless you can document that you will get 60k extra every year, I doubt they will consider it a viable income especially if you think its going to last 30 years... that 60k is not only not guaranteed, its also a liability, if the Fed Gov looked, you probably owe a lot of back taxes which means you won't be able to afford your mortgage... if I was a lender, I consider you a high risk, low reward type...
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Old 12-15-2008, 08:00 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,507,533 times
Reputation: 958
Quote:
Originally Posted by Billyback View Post
As a casino employee in Las Vegas I make quite a bit more then my W2 shows, knowing that home loans are much harder to get now.. Do i have any options ???

My FICO score is over 750 and Ive not had any late payments on anything in my life..

My income on my W2 is about 20 k yearly but in reality its closer to 80k

Can anyone point me in the right direction if there is one


Are you on tip compliance (my wife works at the Rio and I work quite a bit with casino employees)? If so then the amount you are taxed on (which should be more than the $20K base wage) should show up on your W-2's and your tax returns. If not then you are SOL. Stated income in NV is dead. Perhaps you could go FHA with a non-occupant coborrower (cosigner)?
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Old 12-15-2008, 09:13 PM
 
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Yes i am on tip compliance... The actual amount that does not show up on my W2 just that I pay additional taxes on another 12 per hour in tip money...
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Old 12-15-2008, 09:19 PM
 
Location: Plano, Texas
1,675 posts, read 6,748,789 times
Reputation: 696
It is going to be extremely tough for you to qualify. you could always get a hard money loan but rate would be very high, loan would be expensive and you would have to do a large downpayment. You best option is to do what Daddy M3 said, have a relative sign as a co signer for an fha loan.
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Old 12-15-2008, 11:03 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,507,533 times
Reputation: 958
Quote:
Originally Posted by Billyback View Post
Yes i am on tip compliance... The actual amount that does not show up on my W2 just that I pay additional taxes on another 12 per hour in tip money...
So is the $12 an hour plus your base not enough to qualify for a loan? Obviously you can't use the actual amount if you are not taxed on it, but I would imagine that your base wage plus tip compliance (that $12 an hour would definitely count as income) couldn't be less than $25 an hour or so (assuming you work at a union house). What is your position? Are you union?
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Old 12-19-2008, 12:21 AM
 
1 posts, read 3,312 times
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Yes, self employed persons can still get loans. However, with most lenders, the maximum loan amount is 75% of the value of the home.If you can prove your income using tax returns (the average of the past two years adjusted federal gross will be used for qualification), then you can go full documentation and will get a better rate as well.




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