Hello, Just want to introduce my self.Name is Jeff... I am a w2 investor who lives and works outside of the US. I am a US citizen and want to build my portfolio and build my wealth. I currently own 1 single family town home rental property that's nearly paid off in the US. I wanted to use the equity in the house to buy another investment single family home. I contacted my existing lender and applied for a cash out refi. In the process of the application period for the refi I found a good single family house I wanted to purchase it with the downpayment from my cash out and get another mortgage. In this current market I had to act fast so, I did... I have great credit and have no debt.. Long story short... I was conditionally approved by the lender, both the refi and purchase. Rental management company all ready arrange to take over, tenants ready to move in ready to sign a lease.. During the writing of the borrower closing disclosures 3 days before the closing date they verbally denied both loans because I do not live in the US. Is it possible to find a lender that will do business with me?
Very frustrated in this purchase and was a big learning experience... All parties involved upset and very disappointed in the Lender for stringing us along when this could have been avoided from the beginning when I applied for the loans. When I clearly stated and documents proved I have been working abroad for the same company for the past 8 yrs and was disclosed in my tax returns....
Any advice would be greatly appreciated !!
Sorry to hear about the situation. Many lenders will lend to you but since you are an expat, it is seen as a higher risk, therefore a higher rate and maybe tighter terms of the loan. Not sure which state you are looking in, but I have both residential and commercial lenders who do these types of loans for foreign nationals, ITIN, and US Citizen's living abroad.
Feel free to reach out if you'd like to dive in a bit deeper with what I may be able to offer you.
Yes you can. Not sure why they denied the loans. You obviously are a US Citizen and paying your US income taxes, as you should. Find another lender.
…and I’m sorry that you had to go through that unfortunate process.
Yea, I am in the process of seeing if I can salvage this….. I am flying back to the US tonight… Still not a official denial only a verbal from the Lender the property is in Metro Atlanta area… Official closing 07/28…. I was told Close of business on Friday 07/23… My realtor is very upset that worked hard on my behalf to close the deal with he seller… It’s with the upper management now with the Lender…. Will see how it goes….
@Jeff Jindra obtaining a loan as an expat should not be a big deal. You'll need to execute loan docs at the US embassy or assign a POA stateside. Having a stateside POA is the preferred route if you have someone you trust since embassy notary costs can rack up.
Thanks the advice Allan…!!
Hey @Jeff Jindra working with a US citizen that's living abroad is not an issue whatsoever for some hard money or non-bank DSCR lenders. You can get the same terms as if you were living in the states w/ this type of lender. At max LTV (75% for cash-outs & 80% for purchases), your rate is likely to be in the 4.500% - 5.125% range. Process should take 21-30 days and you can do what's called a mail-away closing.