foreign income

Foreign income will only be considered if you paid US taxes via a US tax return. There are a few exceptions such as someone living in Puerto Rico, and filing taxes with their government, however, a lender would have to accept these types of returns.. And very few will... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If, as you say you are a US citizen and have reported the income on a US tax return, then this should not be an issue. What could be an issue is the nature of the income. If you are working in a temporary or semi temporary type position, it could be discounted or disallowed because it may appear that the income may not continue on. An example of this would be you are starting year three of a four year contract of employment. Generally, income must continue for at least 3 years to be eligible for consideration. My advice is to contact a local (to where you are looking at buying) Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, and not just those of one bank, and can properly guide you. This could be important depending on your income/employment situation. Good luck to you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com