Forgotten Your Password?

Need to Register?

Question Icon

Can I use foreign income when applying for a mortgage loan?

What is the policy concerning foreign income? by DBoulton@mail.com from Minneapolis, Minnesota. Nov 27th 2012 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,993 contributions

The generic answer is YES. But foreign income is very complicated when trying to use as qualifying income. What is it, how is it generated, how it is reported, and more. Are you employed by a foreign company or government and paid in foreign currency?? You will need your past two-years Federal Tax Returns, plus all standard loan documentation (pay stubs, etc). Any foreign income will be translated into US Dollars. I'm right here in St Paul. Go to www.JoeMetzler.com or call 651-552-3681

Nov 27th 2012
2
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It really depends on your specific scenario.. in general, unless you file us tax returns, and pay taxes on this income, it cannot be used in your income calculations... so it really depends on what your tax returns look like.. You really need to contact a local mortgage broker and let them look at the returns as well as your complete profile.. that really the only way to know for sure which income will be considered... 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

Nov 27th 2012
1
0
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,827 contributions

There are a lot of "It depends" in the answer to your question. How much of the income is foreign, what type of income is it (investment income, self employment income, wage income)? Will it continue once you are stateside and living in the home? Work with a local 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. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 27th 2012
1
0
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Need more information to accurately answer this question.

Nov 27th 2012
0
0
Kirk Anderson (KirkAnderson)
#25 ranked lender in Arizona - 50 contributions

DBoulton,You'll really need to provide the last (2) years worth of tax returns for analysis before anyone can give a definitive answer. I'd be happy to review them for you.Thanks,KirkNMLS #459105BNC

Nov 27th 2012
0
0
David Buchanan (PMFloans)
#41 ranked lender in Minnesota - 16 contributions

Hello, DBoulton,All these are good answers, but the only way to really know for sure is to get an application going. It is always wise to have more then one mortgage company to work with from the start. Not all lenders use every lending source. I'm also located in Minnesota and would be available to give you an additional quote of what products are available to you. I work with Pioneer Mortgage Funding NMLS#1980.My name is David Buchanan NMLS#926142, please call, 612-399-6763, email- mortgageloanasap@gmail.com, or visit my website- mn-mortgagerates.com

Nov 27th 2012
0
0
Kiyoshi Inui (Kiyoshi)
#535 ranked lender in California - 109 contributions

Foreign Income When the borrower is a U.S. citizen or permanent resident alien:o Employed in the United States by a foreign corporation, the income maybe used to qualify when documented by a VOE evidencing a two-yearearnings history. The earnings must be in U.S. dollars (or converted toU.S. dollars) and the employer must confirm that the income is protectedfrom any exchange rate fluctuations.o Employed abroad by a U.S. company or a foreign company, thepersonal tax statement filed with the IRS will be required to indicate theincome earned outside the United States. Income tax returns indicateU.S. dollars and have been adjusted for any exchange rate fluctuations.The income may be used to qualify.When the borrower is a non-permanent resident alien:o Employed in the United States by a foreign corporation, the income maybe used to qualify when employment, residence and credit have beenverified for a minimum two-year period. Income must be verified byobtaining either a written VOE (with income converted to U.S. dollars) orcopies of the most recent two years' federal income tax returns.o Employed abroad by a foreign company, the income is ineligible forqualifying.

Nov 27th 2012
0
0
Subscribe to our news feed.