Quote:
Originally Posted by Swarly
no, tips wont go into the calculation as to how much you earn even if you claim it. You will pay tax on it but you will not be given a larger loan. As far as the bank is concerned you earn minimum wage. Any bonus (tips or xmas bonuses) do not allow you more borrowing power.
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Sorry. You're wrong. Tips do count and banks do use tips as income. As long as you can prove a two year history, there is no reason any lender won't use it.
I've been a mortgage underwriter for five years with three different lenders and we would've used it in every case. But no server ever claims as much as they make.
Same thing with bonuses and overtime. If you can prove a two year history, they'll use it.