USA Citizen Living Overseas & Earning Foreign Income - Can I quality for a US Mortgage?
-> I'm a USA Citizen, with a US Passport and California Driver's License-> I live & work in Australia (Australian resident)-> I earn my income in Australian dollars, from an Australian company (Permanent full-time position)-> I lodge US tax returns each year; however I don't exceed the foreign income threshhold so my returns show no US income, only foreign income-> I have about USD$40k towards a deposit (that would have to include all closing costs, fees, etc)-> I would be a first home buyer in the USA-> I'm looking to purchase in the area I'm from (Thousand Oaks/Westlake California)Since I have no idea if I can qualify for a loan, or how much, I don't know where to start with looking to purchase a home... Hopefully someone can provide me with some feedback or assistance :) by sleepyhollow from T.O, California. Jul 3rd 2011
Steve Sexton (steve@1800valoans.com)
#36 ranked lender in Washington - 23 contributions
What portion of the time would you be occupying the home? What kind of debts do you have?
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
Do you have established credit in the US? If so, what are the scores?
Hi Steve, I'd be occupying the home very minimally - maybe up to 3 months per year. Technically I'd be a first-home buyer in the USA, but I do own a home in Australia with my husband (who's Australian, non-USA resident) - so I'd own 50% of the Value AUD$400k (and 50% of the mortgage $230k) and have a USA credit card which is in good standing. Ultimately, I'd like to buy a property in the area I'm from, and rent it to my parents -- who are prepared to pay up to $2k/month in rent.
Hi Joe, I do have established credit in the USA, but it's been about 6 years since I requested my last credit score. My "Credit Xpert" score in 2005 was 748. And nothing has changed since then except the balance going down from paying more than the minimum payment on the one credit card I still have open.
John Schweer (johnschweer)
#24 ranked lender in Kansas - 163 contributions
Yes you can, we do a lot of work with folks in your situation working in Iraq and the middle east. Australia would be no diffrent.
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