Question about mortgage and perdiem

I got all sorts of crap from my bank too when I got my mortgage, over a piddly amount of $ too. I could have sold a handful of baseball cards and bought the house outright but it was amazing how much static the bank gave me.

The look on their faces was priceless 15 months later when I paid off the 30-year mortgage in full

 

OP where you located?

 

Call around to your local banks and credit unions. Most of them have the ability to do what's referred to as "manual underwriting", which is nothing more than the way mortgages used to be written. Verify income, employment and payment history, rather than just pull up a FICO score.

 

This is the exsct reason per diem blows. The reason they don't count as income, is no one does. If you get layed off your unemployment will be on the lower amount. Same for workmans comp, ssi bennies, other loans, etc.

They want to make sure you can pay the mortgage if something happens....

 

one sure fire way is to deny anymore per diem. frankly it has it's pro and con about it. i always denied it myself.

you could try having your accountant go with you for the mortgage signing, if he can, but may charge you. the accountant is a numbers person and can talk to the moron behind the desk.

or at the very least, provide you with a record/files of your past yearly salary. (something you should have done anyway's.

you may have to provide a bigger down payment as well, if they don't budge.

i was able to get my mortgage THEN a refi, due to my salaried driving job. it is basically guaranteed money, over say the ups and downs of per diem pay, to your miles traveled each week. drop below the banks minimum, your SOL...

 

Per diem diverts some of your pay to a limbo that are not taxed or counted in your earned wages.

When you apply for a loan those earnings are not seen.
And I don't care who you are or those people speaking on your behalf, those wages will NEVER be added in to a loan agreement.
They are not a part of your W-2 taxable wages, so they don't exist.

It would be the same if you earned $100,000 per year under the table.
If they can't 'see it' in the proper format, it isn't there.

 

That's overly simplistic. There is lots of income that is not on a w-2: rent income, dividend income, interest income, alimony, child support, etc.

A manual mortgage underwriter will take ALL income sources into account. It may take a few minutes to explain exactly what "per diem pay" is, but a professional (not a mortgage monkey) will take it into account.

Per diem is one of the few precious gifts of the taxman to the American Trucker. It allows us to keep our money, instead of sending it to the government. I simply cannot understand that someone can think it is a good idea to pay more taxes in the hopes that the government, well known for it's ability to spend money wisely, will give it back to you later....... That notion is so absurd to me it drives me nuts.

 

You don't have to pay more. Just adjust your withholdings properly and then do your taxes properly at the end of the year. Screw per diem.