First property needs to be a DCSR because I live abroad
Getting my first property soon. Will be a sfr in the states. Currently, I am a US citizen (born and raised in Florida), but I live and work in Shanghai, and I have been here since 2014. I have no formal W2, since Chinese companies don't work within US documentation constraints, but I file taxes normally and have yearly tax returns. This is probably besides the point, though.
I'm talking with a couple lenders to see my eligibility, and one has told me that fannie mae and freddie mac have become more stringent in address listings: they won't allow me to use my address in Florida since my tax residency is in Shanghai. This excludes me from getting a conventional loan and puts me into the DSCR camp.
This means that I'll have higher rates and extra fees up front as well as some other restrictions.
Is there any way around this? I'd really prefer a conventional loan if possible.
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@Cole Puterbaugh I will add one additional but very important point. In real estate, as well as in other investments, if you find yourself hoping you made the right decision, you've invested unwisely (it may turn out ok or even great but you've been unwise and relied on luck instead of almost certainty). Invest in a way that demonstrates that, even if the investments weren't entirely what you hoped for, you can sell the properties without losing a nickel even after all of the costs of sale.