are there first time home buyer programs for buyers that have to do stated income?

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Question by jjohnson5677: are there first time home buyer programs for buyers that have to do stated income?
My wife and I live in California and have to do a stated income loan because we both work for tips for a living. We both have credit scores above 750. Our loan officer said that first time home buyer programs are only for buyers that go full doc. Does anybody know of any local or federal government grants or buyer programs for stated income first time home buyers?

Best answer:

Answer by Mary B
Your loan officer is correct. I have never seen a bona-fide first-time buyer program that was anything but full doc.

You DO NOT have to claim stated income b/c you work for tips…can you not count your money at the end of your shift???? Is there some reason that you have no idea of what you have in your pocket?

By the IRS guidelines, symptoms you are supposed to be reporting 100% of your earnings to pay the appropriate taxes…what you are doing is nothing short of tax evasion and I am sorry to say, mind federal and state housing programs don’t support that.

Now you know the drawbacks of cheating Uncle Sam.

I’ll bet if you save up some of that tax-free income you earn, while the rest of us that are honest tax payers pay taxes on ALL of our income, you will probaby discover you don’t need downpayment assistance programs.

What do you think? Answer below!