I am one of those unfortunates that have to provide 2 years of tax returns as income verification for a mortgage loan. I am a tipped employee. I work in a restaurant (have been there for nearly 4 years) and in the business for 15 yrs. The company I currently work for does not have a system in place in which I am able to enter the tips that I actually make--I am able to claim some, but it rejects my actual. End story I have to file a Form 4137 when I file my federal taxes and therefore have to provide 2 yrs of returns as opposed to 1 yr plus W-2.
I am not too worried about my scores---my Fico's all range between 700-765 any given day.
Although my AAOA is not long, I do have accounts that are several years old, active, and good standing. I have been told my loan officer this is more than sufficient.
I have no lates, collections, Etc on my reports---NO NEGATIVES
Here is my issue...(and don't laugh at my little teeny tiny income!)... last year was the first time I filed by myself using a form 4137 and somehow I messed it up and subtracted the tips that were already claimed by my company. Short story--I shorted my documented income and was reported at $19,514. After going back through my deposit statements, etc I figured out what I did wrong. I have considered filing an amended return but have been told this cannot be used for mortgage loan qualification and have not yet decided what to do on this. Actual income was closer to $27,000.
This year I will be somewhere between $27,000- $30,000. (yes- I keep track of my tips)
My worry is that when I go to apply and they take an average of the 2 years to determine qualifying income that this difference will raise a flag.
Does any one here have any advice or experience with this either as consumer or from a mortgage loan industry standpoint? Thanks!
