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Can I refi if income is 100% foreign based?

My wife and I moved (for work) to Spain but rented out our home in Buffalo. We're looking to refi (still living in Spain) but will it be an issue that all my income is earned overseas? by jrifkin135 from Buffalo, North Dakota. Dec 8th 2020 Reply


Brian Johnson (brian.johnson@valleymortgageinc.com)
#12 ranked lender in North Dakota - 5 contributions

It may be possible to refinance while living in Spain. In the past we have had to document tax returns for the previous 2 years filed in both the US and the foreign country as well as document current pay amount and that it is likely to continue for at least 3 years. Due to 2020 guideline changes I will need to see if this is still acceptable. How long have you been in Spain and do you file tax returns in both countries?

Dec 8th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,208 contributions

My experience is that unless you are employed by a US company, or a Multinational company with operations in the US and you file US tax returns, underwriters won't approve such a refinance. I've never had them ask for the host country tax returns, just the US returns. If the employer is not US based, the underwriter will probably require documentation that the employment is going to continue for at least 36 months. Employment with a US based employer usually doesn't require this based on the presumption that when your time is up in your host country, you will be returning to a stateside position with the same company. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we're pending approval in VA. ~ www.ApplyYes.com 480-889-9000.

Dec 8th 2020
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