| When you are a tipped employee or you do | | | | mortgage loan. |
| something else that causes you to get paid in | | | | The stated income mortgage program allows you |
| cash, then you end up with a number on your tax | | | | to write down a number for the income you earn |
| forms that is just not enough when it comes to | | | | and sign the paper. Then, the bank will work off |
| your income. Of course, you are supposed to | | | | this number only allowing you to get the home |
| claim every dollar you make, but who really does | | | | loan you need through the stated income |
| and this is where the stated income mortgage | | | | mortgage program that was created for you. |
| program comes into play. | | | | This also works well for those that make tips or |
| If you run a business then this program was | | | | cash for the main payment of their income. We all |
| created to make it easier on you. This is because | | | | know that most people that make tips or cash do |
| a business owner might make $50,000 a year, | | | | not claim every dollar they make. This makes it |
| but because of some of the tax breaks and write | | | | very difficult for them to get the mortgage they |
| offs the tax forms might show that the income | | | | need because they are not proving a full income. |
| was only $25,000. That is a significant difference | | | | Using a stated program can help in this situation. |
| and can cause you not to be approved for a | | | | |