Company Truck Driver

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  • #67688
    ltooks
    Participant

    Hello,

    I am needing some regarding my job title and income.

    I am a company truck driver. I am paid by the mile. I have bonuses and receive a per diem.

    Per my w2, box 1,3,5 (wages)list 52k
    Box 14 (other/ travel allowance list an amount of 8639.

    1. Will boa require me to have two years of TRUCKING tax returns? I have only worked in the trucking industry one and a half years.

    2. Can I add the travel allowance as part of my income?

    3. Will boa look at my checks and deduct bonuses? Mileage and safety bonus i earn every week.

    #67691
    Nelsont
    Member

    You need 2 consecutive years of the most recent w2s (2018 and 2019) and 24 months of work history with no more than a 30 day employment gap. It does not matter what jobs or industry just as long as you had a full time job prior to driving a truck and there was not more than 30 days between this job and the last one.

    I’m not sure about the travel allowance. It might fall under the same category as overtime and personal bonuses. Which means only your base income is guaranteed and you will need your employer to write a letter on company letterhead stating additional income is guaranteed every month or year or whatever the frequency may be.

    They will not deduct anything unless you cannot guarantee it.

    As far as bonuses and overtime go it will likely be averaged out over the last 2 w2s.

    #67705
    ltooks
    Participant

    Thank you very much response! I am very appreciative. There is not a lot of information on the web when it comes to truck drivers attempting to purchase a house.

    #67719
    TTrumble
    Member

    Hello ltooks,

    The travel allowance/per diem will not be eligible for consideration as part of your income. That money is intended to cover personal expenses that you would not normally incur if you were not traveling and is not “earned” income. For example, NACA staff members who travel to our Achieve the Dream events receive a per diem by means of a prepaid debit card, and the funds are not included on paystubs or W-2’s.

    Regarding the bonuses, the rule regarding any sort of irregular additional income is, “Overtime, commission and tip income should be considered but not counted unless the Member demonstrates that s/he earns it consistently and has a reasonable expectation of continuing to receive it.”

    Based what you have written, you might be able to show that consistency and actually have it included, but that is going to have to be determined by your counselor and the underwriter reviewing the file.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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