Mortgage loan
My husband is student now and he is in army reserve. In several month he will deploy for 9-11 months. I have just came from Russia and don't work and have credit history. But I have a small business in Russia with stable income about 1.500 $ per month. Is it possible to get mortgage loan for my husband while he deploy and get salary. We have 20% down and money on account for 3 year payment? by Olgaav_175_341 from , . Mar 21st 2013
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Look for a home that has seller financing, or a lease with option to purchase.
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Olga, your income from Russia will likely not count because it is not reported on US tax returns. His income from being deployed probably can't be counted because it will not continue for a 3 year period. Unless you have legal residency and have extablished credit in the US, you probably cannot be included on the mortgage. The only option he will have I can think of is to set up an automated distribution from the savings through a financial institution that will continue for more than 3 years and that will be used as your qualifying income. In general, the mortgage payment, plus all other monthly debts cannot be much more than 50% of the qualifying income.
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