The following table provides verification requirements for tip income.
|✓||Verification of Tip Income|
|Obtain the following documents:
See B3-3.1-02, Standards for Employment Documentation, for additional information.
|Tip income may be used to qualify the borrower if the lender verifies that the borrower has received it for the last two years.|
|The lender must determine the amount of tip income that may be considered in qualifying the borrower. Refer to the Variable Income section of B3-3.1-01, General Income Information, for additional information.|
For additional information, see B3-3.1-09, Other Sources of Income.
*For a complete list of forms used in fulfilling requirements contained in the Selling and Servicing Guides, see the Guide Forms page.