Updated over 11 years ago on . Most recent reply
US Bank Lend for Foreign Property?
After some searching, I was not able to find an answer to this unique situation:
I have two friends (US Citizens) who work as missionaries in El Salvador, and currently own a house there. The US interest rates are much better than those of El Salvador, so they are looking to refinance with a US bank while they are home awaiting the birth of their second child.
- Thanks to the low cost of living in El Salvador, they have no problem meeting the payments (which they have for two years)
- One of their fathers is able to cosign (he has more than enough collateral, and is willing to help them with a 20% down payment, if necessary).
- They have credit scores of 750+
The problem is that they are not getting much love from the couple banks that they have looked at, and don't quite know how to handle it going forward. Any ideas/advice would be much appreciated!