Employer Truck Allowance/Mortgage Question

[powderburner]

I will bump it again.

Insurance is huge. here. Depending on what he does most plants want $1M policy,
If he takes customers for a ride in his truck for work his personal insurance may not cover any incidents since it is work in a personal vehicle.

[Bill M]

It WILL cause a debt/income ratio issue. Per Fannie Mae guidelines, to be used as acceptable stable income, it must be received for 2 years.

Love,
Trey Powers
Your TBH Mortgage Lender

Listen to this man. When my wife helps a client buy a property, she advises not to buy anything on credit until after closing. I would think your son's employer could help get past the home purchase.

[30-30]

Could he rent a truck for the time being without screwing up his mortgage process?

Or, asking the boss to postpone the new truck requirement a few weeks could be the least headache.

[Hawkins]

I get a 1500 dollar a month vehicle reimbursement, non taxed. I had my employer send me a print out of proof of income and gave it to my banker when I bought some land.

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[Burnadell]

My allowance isn’t taxed, if it was definitely not worth it.

You have this wrong. It is not the company that decides if it is taxed. The IRS decides, and vehicle allowances ARE taxable income. Your company may not be withholding taxes, or they may not be putting it on your W2, but the IRS considers it as taxable income.