Truck Driver FHA Loan

[Anonymous]

I am trying to research any obstacle I might have when applying for a FHA loan.

My concern is my income.
I am w2. I get paid per mile plus bonuses.
Each year when I do my taxes I get $52 per diem for every day I have worked.

I have read online a person who got approved and then the bank wanted to deduct their per diem from their yearly income.

Is that more than likely what they will want to do to me?

This person was also a w2 employee.

[DallasLoanGuy]

per diem is expense re-imbursement. 

not income

[Anonymous]

Yes.

Is this used for DTI?

The person who explained this to another driver said
if you make 65k per year and deduct 20k in work related expenses. ...
it costs you 20k to make 65k so your yearly income is actually 45k

[DallasLoanGuy]

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@Anonymous wrote:
Yes.

Is this used for DTI?

The person who explained this to another driver said
if you make 65k per year and deduct 20k in work related expenses. ...
it costs you 20k to make 65k so your yearly income is actually 45k

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^^^ true

it is a 'cake and eating it too' situation. cant tell the irs you make 45k and tell your lender you make 65k

[Anonymous]

Ok this confuses me because this per diem is for food.
Does everyone else have to take out their grocery bill?

[DallasLoanGuy]

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@Anonymous wrote:
Ok this confuses me because this per diem is for food.
Does everyone else have to take out their grocery bill?

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no. but lenders treat travel expenses as, well, expenses...... ($52 per day for food is the cost of eating out on the road. i can eat for $5 - $10 and eat like a king at home)

you can try to argue your case with an underwriter. 

bottom line, the employer enjoys some kind of tax advantage by paying you this way at your espense.

they 'could' just pay you some bonuses or raise the income to help with travel expense, but it appears that they didnt here

[Anonymous]

And I don't see how I'm telling the IRS I make 45k when it states I made 65k. I just get a deductible from the IRS for food of 52 per day. So I brought home 65k and ask for a tax credit for food money spent at work.

[Anonymous]

The employer does not pay the per diem.
They do not give me 52 per day untamed or taxed for food.
this is all irs.

[Anonymous]

I will never understand this.

[DallasLoanGuy]

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@Anonymous wrote:
The employer does not pay the per diem.
They do not give me 52 per day untamed or taxed for food.
this is all irs.

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lenders treat this no different than if you had to buy gas or supplies to do your job.

you wrote off 20k in business expense and told the irs that it cost you 20k to make 65k

therefore, your income is the difference