my husband and i drive a trk for a living and get per deim.can we use that along with are income to get approved for a home mortgage?

Asked by Robo, Buckeye, AZ Sat Jun 23, 2012

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, ,
Sat Jun 23, 2012
Robo -

Your regular income and per diem can be considered in your income, but your expenses will also have to be considered. Your tax returns will have to be reviewed to accurately calculate your qualifying income. If receive a W2 from your employer, then we have to include your unreimbursed employee expenses that you write off on your Form 2106 in your debt-to-income ratios.

If you get a 1099 or file business tax returns then we use your taxable income with some other adjustments. This is really not the place to try and explain all the intricacies of calculating self-employed income from tax returns, but suffice it to say that you need to be talking to a loan officer who is experienced and knows how to properly calculate your qualifying income.

Based on a review of your tax returns a good loan officer will be able to show you exactly how much income can be used to qualify you. It is also important to consider any business expenses that your business pays as their may be some debt payments that can be excluded from your debt-to-income ratios.

Let me know if I can help get you on the road to homeownership! ;-)

Brian Cardenas, Sr. Mortgage Consultant
AmeriFirst Financial, Inc.
Mobile: 480.233.7897
1 vote
, ,
Mon Aug 6, 2012
Good morning Robo,

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

For per diem income, if this is reported to you on a 1099, then your Mortgage Banker would review your most recent two years' Federal Tax returns and use the average of the net income after expenses for qualifying for the mortgage. You'd also have to demonstrate your longevity in the business (at least 3 years) and the likelihood the income will continue.

Good luck!
Trevor Curran
NMLS #40140
0 votes
Manny, Home Owner, Hawaii
Sun Aug 5, 2012
No you cant use yuor perdiem on your loan because its not taxable i just went thru that in nov. when i purchased my home.
0 votes
, ,
Sat Jun 23, 2012
To answer your question - Yes. Just as Brian mentions - your full complete tax returns for the past 2 years will have to be reviewed because all of your business expenses will also have to be considered. (i.e. fuel, maintenance, repairs, meals etc). You're also able to add back in depreciation if you have any. I'd be happy to review your tax returns and provide you a more accurate calculation of your proposed income for qualifying.

Leo Zuniga
V.I.P. Mortgage Inc.
Web Reference:
0 votes
thanksn for infor. we are not o/o we drive for a company.we bring home appx 4250.00 a month without per deim.
Flag Sat Jun 23, 2012
Jorge I Mend…, , Phoenix, AZ
Sat Jun 23, 2012
Yes, indeed please let me know if you would like to be referred to a great mortgage broker in order to start getting pre-qulified for a loan. I've worked with a really good mortgage company before and they will give you all the information that you need regarding the processing of a new loan.
0 votes
Stan Batters…, Agent, Phoenix, AZ
Sat Jun 23, 2012
Here is a lender that help you and answer all your questions

Mike Kortas
Loan Officer: Nova Home Loans
0 votes
Susie Thomps…, , Phoenix, AZ
Sat Jun 23, 2012
Robo, of course you can use your full income to qualify for a home! Do you bring the truck back to a yard, or do you need a home with land (and no restrictions) to drive the truck home?

Susie Thompson, Associate Broker
Russ Lyon Sotheby's International Realty
Cell: 602-803-3800
eFAX: 480-624-3515
0 votes
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