Refinance on investment property for non-resident

[Heather H.]

Hi All, 

I'm a long-time member,  first- time poster.

My husband and I tried a couple times to refinance our two SFRs in Las Vegas,  both of which we bought with cash in 2011 and have had good rental yields since then. Both properties have appreciated quite a bit,  and we'd like to access some equity to make other real estate investments. 

We have run into a couple hurdles,  and I'm wondering if anyone can offer advice if you have seen or been in a similar situation in the past:

The issues are as follows:

1. Until recently,  we were both working for ourselves. Our income was high (when we had clients) but not consistent between years. We have both had permanent jobs for the last 1.5 years, though. Our income is lower now, but is "safer" in that we both have traditional salaries. 

2. Although we are both citizens, we live and work overseas (Sweden at the moment). We still report all our income to the IRS, but our main income does not come from within the country. 

For these reasons (primarily the second one), two banks and a mortgage broker have not been able to work with us (due to their own  internal rules, not legal ones).

The houses provide good collateral, and we can provide proof of employment and income, so I feel like this shouldn't be impossible. 

I'd love to hear from you if you or someone you have worked with had a similar experience and managed to resolve it. Thanks!

[Bill B.]

@Heather H.

Hey heather, regardless of your situation I would almost always bank and hit the mortgage brokers. They should be able to help you. They should be counting 100% of your period-depreciation rental income, as well as any income reported to the irs on your tax forms. 

I would especially assume something safe for the mortgage company  should be easy for them (50-70%). 

Do you have a FICO credit score? Over 700?

Are there any decent rental opportunities in Sweden? (If you plan to stay there for some another option would be to sell the Las Vegas properties and buy there, or buy in the us from a seller offering seller Financing?