07-03-2014 07:45 PM
I've been working as a contracted rural mail carrier for the U.S. Postal service for the last 6 years. I get a regular paycheck, but at the end of the year, I get a 1099, so technically I'm self employed.
I sent in a pre-qualification form for a USDA Direct Loan, and was told that although my credit is good, my income is too low (and my DTI ratio is too high). The problem lies in my mileage deduction which takes over $10,000 off my Adjusted Gross Income.
Feeling really discouraged. Does anyone know if there's any way around this?
My accountant told me to keep track of my actual car expenses. He's offered to write a letter to the Loan Officer explaining that my actual car expenses are much lower than the mileage deduction. He's said he's done this before, and it has been accepted. However, he's not done it with the USDA. Does anyone know if this would be acceptable to them?
Most appreciative for any help or advice.
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