I would like to connect with banks/lenders and mortgage companies that would lend for a US citizen working outside of USA. Plan is to buy the property to make it home on return. Due to the current work situation, will not be able to occupy the property. Technically it may not be a primary home, but effectively it is, once on return to USA. Unknown duration of return.
Not sure how many conventional banks/mortgage companies or lenders will consider such a customer.
Therefore, I would also like to connect with anyone that may have creative financing option, private lenders, or anybody that has a suitable Idea that would work in this situation. Please advise.
You can purchase as non owner occupied (rate is a little higher) You have to convert funds to US dollars, and translate any income or bank documentation into English.
Thanks @Caroline Gerardo , for your tip on acquiring as non-owner. It should be OK, for little higher rate due to the situation, wondering if the lenders would ask for higher down payment as well. Therefore checking on here to see if there are lenders interested that works with people in this situation.
@Naveen Desai ..I think as Caroline mentioned - you'd need to purchase as investment and then as long as you're making the payment, no one is really going to care the status once you own it. As for down payment for investment, for conventional - Fannie/Freddie, you'd be at 75% ltv - 25% down or more. If you alternative, you could likely get up to 80%, so lesser down. The other factor here will be your income - it'd need to be looked at.
@Jared Rine - Thank you for your response. Can you please elaborate on that "alternative" part you have mentioned. I understand the down payment of 25% for conventional, however looking to see if there are other ways. Will also drop you a Pvt Msg.
@Naveen Desai emailed you offsite. Thank you.
@Naveen Desai you've got some good comments above and just to add one item - as long as your are still claiming your income on your US tax returns you are fine to get a standard, conventional loan. If you declare it, and are taxed on it, then it can be used to help you qualify for a Fannie/Freddie loan. Hope it all works out for you. Thanks!
Hello @Andrew Postell , Thank you for much for your response and information. This is helpful. I do have rental income in the US and therefore obviously do US returns filing. Besides that, have to file returns on my worldwide income. However, have only started working abroad this year, so towards end of year is when I will file. But currently the only proof will be pay slips and appointment letters etc, apart from 2020 returns filed in the US. Thanks.