Home Equity Loan for overseas resident
Is it possible for an overseas resident to obtain a home equity loan / LOC on a US property? My husband has a green card but works overseas (paid in euros) and has good credit. I'm a US citizen with excellent credit and a rental property in NYC. Were looking to borrow less than 40% of the available equity. Any advice would be welcome. Thanks by marcew_340_736 from Brooklyn, New York. Jan 7th 2012
Hi Marcew,We would be able to help you with a first mortgage but not a heloc. I don't think you would be able to obtain a heloc in this situation. If you would like to discuss further please call me at 845-896-5500 Ext 101. Thank you. Jeffrey Mitchell, President, ABC 123 Mortgage, Inc.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Although I don't lend in New York, I think my answer would apply. If you are living in the home as your primary residence, the fact that your hsuband is working overseas shouyld not be a deal killer. My best advice is to contact a local Community Bank, or a Crdit Union, rather than one of the big banks. These institutions generally are less cookie-cutter and generally more helpful in unique situations such as your. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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