Can we get a home loan for a home in Texas while we live overseas?
My husband and I live and teach in Qatar at the American School of Doha. It is not an American based company, but we are sponsored by the US dept of overseas schools and various oil companies. Our only debt is our car, and it will be paid in 8 months. Our credit scores are low 700s for both of us, with a couple of negative notations due to disputed medical claims. We file income tax annually and pay no taxes (all foreign income). Would we qualify for a home loan in Texas? We will live overseas @3 more years, then retire in this home. Until then, we will only be in the home @3 months out of the year.dcwells571 by dcwell_910_629 from , . May 11th 2013
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Generally speaking, the answer is yes. I have closed similar situations. With that said, I believe most lenders will treat this as a second home, which will require a minimum of 10% down. That is the easy part. The harder part will be successfully documenting income and employment to satisfy lender guidelines. Find a well qualified, experienced mortgage broker who can lend in Texas for more assistance. Good Luck.
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions
You can buy a home, but it might be hard to get a mortgage?
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
You may be able to get a non-owner occupied loan with 25% down.
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions
You certainly can purchase the home as a 2nd home from where your living overseas with 10% down. The most difficult part is verifying income & employment.
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
Yes you can. As mentioned in previous comments, verification of income will be the critical component. Specifically, how you file your foreign income on your US Income Tax Returns will ultimately determine if you can qualify with a US based lender. Good luck.
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