Hello everyone! I'm having a challenge, hoping to get some advice on taking action for my situation...I currently live and work abroad in China, and am being transferred back to the US in the Fall to continue my job there (have been in the same career for 30 years, although with different companies). I am wanting to buy a home when I get back, and have contacted a few lenders on getting a mortgage. However, I am getting a few turndowns as I am being told told that because I don't have W2's (China doesn't use these) and I haven't been in this position for 2 years, I'm not able to get a loan. I DO have a healthy salary, excellent credit, a good down payment, and have provided my bank/tax returns for the past few years. Anyone have any advice on where to turn at this point? Are there lenders that deal with expats earning income abroad? Any advice would be appreciated!
@Ron Turner to get the convo going again, I might suggest calling a few credit unions or smaller banks/lenders. These lenders will have portfolio options that do not conform to traditional mortgage guidelines and requirements. In other words, they will take a more subjective approach to your individual circumstance rather than objectively looking at you as a candidate to sell your loan to Fannie Mae or Freddie Mac.
@Ron Turner If you have been filling your US taxes and have a job lined up in the US, then I don't see any issue with what you are looking to do. What you need is a lender with no internal overlays.
@Upen Patel , thanks for the reply. I have been filing taxes yearly, and it's the same job I've been doing abroad, just now able to do it from the US. The issue seems to be the income being made abroad (even though it's properly reported on my tax returns)...