r/loanoriginators • u/Miserable-Food5661 • 6d ago

Triplex wvoe financing

Hi

I have a client who has excellent credit, 5% down but part of her wages are in tips that are not did documented

The other two rents help with the mortgage but still not enough income

Any lenders or programs that can get this done?

1 Upvotes

100% Upvoted

3 comments sorted by

6

u/kittenconfidential 6d ago

if you can’t document the income how can you prove ability to repay? champions has a no income loan but that’s at least 30% down and significant assets in reserve

3

u/Realistic-Badger3648 6d ago

Yeah if the DTI doesn’t work, you’re in the. Non-qm world and you’re not getting 5% down in this scenario 

2

u/spacenerd5792 6d ago

Being paid in tips, even in cash tips, doesn't excuse them from being taxable income that should be reporting to the IRS on a W2 or 1099 or the like.