Question by deery13579@sbcglobal.net: Is there any lenders who do not go by the fannie freddie guidelines for home loans?
Needing fha home loan. Need to find lender who will not go by fannie freddie guidelines because my pay is through tip income. I claim every bit of my tips so amount of income is not a problem just time with employer to be able to count tips. So does anybody know of any banks or credit unions who can help.
Best answer:
Answer by glenn
If you want a non conforming loan you would need to put at least 20% down- probably more.
Give your answer to this question below!
4 Comments
Leave a Reply
You must be logged in to post a comment.
Tip income less than 2 years history will not work for any lender. Sorry!
Sorry, never going to happen. The guidelines are the bare minimums.
try your local bank first, the one you bank with
Can your parents co-sign? If they have income, good credit & low debts to keep you in ratios, this may be your only option until you have 2 years of tip income.