Per diem will i owe taxes?

Loan calculations made on taxable income.
Per diem is non taxable.

 

I used to be a loan officer and my daughter is an underwriter … per diem is counted as income.

 

Yes because I understand how per diem screws the employee.

 

From 08 to 10 it was no longer used in income calculations.
Some may have started to allow it again after the crash.

 

Depends on the bank and the loan officer .

What the loan officer is lookung at is gross and adjusted gross income . Depending on how they want to read it per diem taken through the company looks like reimbursement for expenses - not income. Not an insurmountable problem, but it will be part of the conversation.

 

It was always used … My daughter been in the biz for 20 years. Extra documentation is and was required to support the per diem income. What changed in 08/10 was the elimination of stated income/stated asset loans. Prior to that if, you had the FICO score you qualified based on nothing more than what you claimed as your income, as long as it within the range for your profession.

The other is it does require the loan officer and underwriter to know what they are doing. In every industry, but transportation, per diem is a one off benefit and not a regular part of income. So a lazy loan officer's default is to say no. A good one knows that per diem is a standard and stable part of income for transportation workers and with proper documentation qualifies as income.

 

I agree , I paid cash for my property but wanted to upgrade after the sale just needed a little more to go along with what I had saved.
But again they would not allow my per diem to be used in the loan calculations.
Sad part is I would of been able to pay off that little mortgage in less than two yrs.

 

Your wrong it was stopped during the crash three different institutions told me no more , didn't even matter that I was concidered 'A' paper.
In addition to that I also remember that rental income was no longer being allowed in either.

 

So you're were dealing with sub par institutions … and let me add one more time I was in the industry. My daughter is and has been in the industry since 1998.

The other is it does require the loan officer and underwriter to know what they are doing. In every industry, but transportation, per diem is a one off benefit and not a regular part of income. So a lazy loan officer's default is to say no. A good one knows that per diem is a standard and stable part of income for transportation workers and with proper documentation qualifies as income.