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Established Member
lemers718
Posts: 22
Registered: ‎11-21-2008
0

Car allowance question

I am looking to purchase a home I'm the next 6 months. I got a promotion at work last sept, that came with a car alliowance. This is used for my car and insurance. My company does not claim this as income on my W 2. Will I be able to use this as income in my DTI?
Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Car allowance question

highly likely no. Maybe if it was something you can prove that has been happening for a few years.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Car allowance question

+1, you have to show you have gotten the allowance on a recurring basis. I have gotten a bonus in March every year for the past 5 years, so it counted as income.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Car allowance question

I couldnt use my bonus.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Car allowance question

That's weird. Was it reflected on your end of year paystubs?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Car allowance question

It was because I changed jobs, and they wouldn't count my bonus at my old company that I was getting.


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