US expats living in Australia looking to buy investment property in US

Get a pre-qualification first to see if you have credit scores and acceptable credit history. If not, you will have to establish credit that reports to one of the three major credit bureaus. I've seen this where a couple from Canada had no credit reporting; I steered them to a local Credit Union where they were able to get a mortgage. Some lenders might pull international reports but our Investors will now use it.

You should get pre qualified first to make sure you know what your options are.

Contact a lender in the state you plan on purchasing in. If you do not have enough acceptable credit history on a U.S. Credit report, there are lenders that will suplement with additional foreign credit history. Your income will also have to be calculated to represent U.S. Dollars. With acceptable credit and income you will most likely need at least 20% down to receive the most reasonable rate. Good luck and if one lender says they cannot help, there will be another that can.

It is always a good idea to get pre-qualified first to ensure your credit score and income meet the guidelines needed for purchase of the property. The documentation you will be required to provide will greatly depend on what lender you go with. Many lenders put "overlays" (guideline requirements in addition to the minimum set by the invest party which is in the US is Fannie Mae and Freddie Mac) on their products. Most lenders will require a minimum of 25% down for a non-owner occupied investment property.

Speak to a lender first

What State are you looking into?

Just looked into this: Pretty much any lender will need you to be filing US tax returns. To obtain a valid credit report, I need a US address that should be the same as on your IRS return for the past few years (relative's home?). Your situation isn't easy to finance.

Hi Wcobbi,Or should I say...Goodday!You will be best advised to obtain a pre-approval by a loan officer working for a lender in the market where you would like to purchase your investmen property.I have done this many times for clients who work for any number of private firms or various US Government Agencies who are on assignment abroad.You will need to provide a complete loan appliaiton, documnet income via Paystubs, W-2's Tax Returns etc. as well as assets sufficient to meet the downpayment requirements and additional assets of up to 6 month's reserves for each property to be purchased or currently owned. 1 Month of Reserves = the total of 1 month of payments of Principal, Interest, Taxes, Insurance etc. for the property. This is always the first step without regard to your current residential status.Ron

Contact a Lender411 loan officer. If the property is in Utah call me at 801-971-6901 or go to my Website www.UtahLendingPro.comThanksCarlo