topic Re: Car allowance question in Mortgage Loans

Car allowance question

lemers718 — Wed, 06 Feb 2013 17:27:24 GMT

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?

Re: Car allowance question

tooleman694 — Wed, 06 Feb 2013 18:29:16 GMT

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

Re: Car allowance question

Anonymous — Wed, 06 Feb 2013 18:57:24 GMT

+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.

Re: Car allowance question

tooleman694 — Wed, 06 Feb 2013 19:08:46 GMT

I couldnt use my bonus.

Re: Car allowance question

Anonymous — Wed, 06 Feb 2013 19:45:02 GMT

That's weird. Was it reflected on your end of year paystubs?

Re: Car allowance question

tooleman694 — Wed, 06 Feb 2013 19:50:46 GMT

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