Mortgage approval without W2
I applied for a refinance with my local lender but my application got flagged because I only have income from abroad. I don’t get a W2 since I work for an employer outside the U.S. A global bank offered a loan because they can verify international income but the rates are not attractive. Are there lenders who can work with international income and give the best rates? by rjones389 from New York, New York. Oct 25th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Standard US mortgage guidelines have trouble with foreign income because it doesn't provide things like W2's that standard US loans require. There are options, and you can get a loan, but as you found out, you are not going to get those lowest traditional loan rates using foreign income. Sorry, just how it is. I lend in MN WI IA ND SD. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
Foreign income is acceptable. Here is a snippet from Fannie Mae's guidelines: *Foreign income is income that is earned by a borrower who is employed by a foreign corporation or a foreign government and is paid in foreign currency. Borrowers may use foreign income to qualify if the following requirements are met.*Verification of Foreign Income*Copies of his or her signed federal income tax returns for the most recent two years that include foreign income.
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