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Looking for Mortgage Broker specialising in Foreign Income in the greater Philadelphia

Hi all,I am looking for a mortgage broker, we are based in the suburbs of Philadelphia.We are US citizens, about 75% of our income is foreign sourced and has been for a number of years, it's reflected on our tax returns, we have an excellent credit score and over 35% of a down payment.Where can I find a very good broker with experience of using foreign income for a mortgage application.Thanking you in advance. by paulkenny10118 from Philadelphia, Pennsylvania. Jun 9th 2015 Reply


Joe Cafiero (JCafiero)
#19 ranked lender in Pennsylvania - 17 contributions

If your foreign income is being reported on your tax returns then using it to qualify should not be a problem. Would be happy to help out. I am based right in PhiladelphiaJoe CafieroGuaranteed Ratejoe.cafiero@guaranteedrate.comwww,guaranteedrate.com/joecafiero484 348-1781NMLS #65146

Jun 9th 2015
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i can help. I've done these before. 2152389400 Fred Glick

Jun 9th 2015
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Andrea Varvolis (AndreaVarvolis)
#81 ranked lender in Pennsylvania - 20 contributions

Hi, that shouldn't be a problem at all. I'm a local broker right outside of Philadelphia and would be happy to help you. We have several wholesale lenders we deal with so we'd be able to get you a great rate. Please contact me if interested at 215-666-6300 or andrea@mainstreetmortgagecompany.comThank you,Andrea Varvolis

Jun 9th 2015
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Casey Hansen (CaseyHansen)
#1 ranked lender in Pennsylvania - 135 contributions

If the borrower can show 2 years of reporting that income on their Federal income taxes the income can be used. Other requirements apply as well. You can reach me at 215-256-9200 if you wish to discuss further. Casey Hansen

Jun 10th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

More info would be needed, but the first bit of advice I would give you would be to NOT talk to any of the large institutions.. typically, the person your talking to only has experience is taking an application.. they have no idea on how to interpret the guidelines.. Also, it's not as simple as "if you claim it on your tax returns, you should be OK".. There are a lot of guidelines in place regarding foreign income.. Are the supporting documents in English or another language? if it's in another language, then you might have a problem. In fact, this is the main reason why most lenders don't allow for foreign income.. lenders are required to verify your income with 2 or more verifiable supporting documentation sources. the US tax return is one, but what else do you have? Other countries don't issue 1099's or W2's, so what do you have to support the income? I've seen documents that were hand written, in a foreign language, and in foreign currency.. this is a big problem for lenders.. they have to convert the currency to US dollars, and have to somehow translate the document.. and how do they verify it's authenticity? If lenders just took the document as submitted without verifying it, then this would be a huge hole in the underwriting process and could potentially result in an easily exploited area resulting in loan fraud.. This is not an easy loan to do, so be sure you search for "mortgage brokers" in your area and during your initial interview, be sure to ask if they have any experience in doing these types of loans, and ask about what challenges you should expect to face.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 10th 2015
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Hi all,Thanks for all the responses.@ William,All supporting documents are in english, as that is the native language where the documents are issued. We have the equivalent of 1099's, W2's as issued by the local tax authority in the foreign country where the income is earned showing all taxes paid along with paystubs.We have been approved by a few people but we also have been turned down by some, stating they cannot use the foreign income but won't elaborate further as to why not.

Jun 11th 2015
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Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

As long as you are showing it on your tax returns, you should not have a problem unless you are depreciating that income heavily. Let's discuss your loan scenario! My number is 800 315 8803 and my name is Jamie. I have been lending nationwide since 1989 and am happy to answer your mortgage questions. Jamie - NMLS 850582 , www.bartprequalifies.com, 800 315 8803

Jun 13th 2015
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