Worked overseas for 4 years until Aug 2011
My husband and I worked at a foreign university from 2007-2011. We moved back to the US in August 2011 and are working at local universities now. We do not have US income on our 1040s for the time we worked abroad (although we have foreign tax documentation and did file our foreign income on our 1040s). We are looking to relocate within the US and would like to buy a home. I was told that only a portfolio lender can provide us with a mortgage due to our "special" employment circumstances. I also understand that these types of lenders are few and far between Any advice? We both have excellent credit, steady employment, and enough for a 25% down payment. by gourdo_899_248 from Tempe, Arizona. Mar 12th 2012
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
You may not need 25% down to qualify for a home loan. If you can document on IRS Form 2555 or Form 1116 verifiable income, you would be treated as if you worked in the states. Because you did and continue to work in the same profession...superb documentation is a must. Work with an experienced local mortgage professional and have your CPA on speed dial. Good luck and welcome back home!
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
You are correct that under conventional and government lending programs, you don't have the necessary income documentation to support an insured mortgage... that being said, there are some "soft money" lenders as well as Hard money lenders that will possibly do a loan for you.. You might need more than 25% down, but there is a loan product out there for you... I'm here local in Scottsdale; feel free to call me, I would be happy to assist you in your search for a loan... WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You need to give me a call. Depending on the type of documentation you have, there may be a way to do this without going hard money. I recently closed escrow for a woman who was out of the country, similar to your situation. We were able to document her previous income and current income and she qualified. I am in Chandler. You can reach me at 480-889-9000. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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