House Loans & Per Deim

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Well this is a new subject ...

 

The loan officer will ask your income, you will tell him. If he/she asks for documentation, your W2s will show both your taxable income and per diem (per diem being listed in box 14: "other income")

 

Go talk to a mortgage broker. They get paid to get you approved...

 

You will have to pay 2% over what other people pay because they know you are in a high risk,high turnover industry and you are more likely to miss payments and/or be foreclosed on..

 

and they may not accept a per diem as income toward purchase, they also require tax returns . it wont be listed as earned income. per diem may well bit ya in the rear

the income listed under box 14 other, is not reported as taxable income on your tax return. they will also calculate your debt to income ratio. with per diem not being taxable income it may or may not be calculated.

 

1 of the down sides of taking per diem

 

My lender in FL wouldn't accept per diem as part of our income. We went back and forth, though. Seems it was fairly subjective to someone in the lending chain. We were 1099, though, not sure how an employee would be treated. They already didn't like us because we were self employed. Maybe you can make it work for you? I'll keep my fingers crossed for you.