Overseas income
I am the sole owner of a SFR in Takoma Park, DC since 2004 when my late husband passed away. In 2007 I moved back to Brazil, where I am from and where I have been living since then. I have a well-established company in Brazil since 2008. Here is my question: I would like to refinance my mortgage to get a better rate (mine is a 6. something). Can I get a new mortgage using income that is made overseas ? I have all kinds of official proofs of my income and my monthly average income is something around 10K US$. I do not need to get any money back from the house. The house is appraised for approximately $400,000 and my mortgage balance is around $ 280,000. Please let me know if this is something feasible. If yes I can call you so we can discuss the issue further.ThanksMarcia by mtriun_947_920 from 216 Aspen Street Nw, District Of Columbia. Oct 7th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Unless you claim that income on a US filed tax return, your proof of income from overseas will not be considered... There might be some hard money lenders out there that might, but the rate would be higher... you can try to reach out to a mortgage broker in your area, but again, there is not much anyone can do if they cannot properly document your income.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions
Hello. I am not personally licensed in DC, but our company is trying to get that set up now. As a company, Stonegate Mortgage can do business there. As far as the overseas income, if you do not have a US tax return, you are going to be limited to portfolio lenders such as small community banks in the DC area, if there are any. IF not, you may need to stay put at 6% and pay a little extra every month to lower that effective rate. Sorry I couldn't be more help.
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
Are you reporting that income to the United States, i.e. do you show all of your income earned in Brazil on a US tax return every year? If not, then you cannot do it.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
It sounds like something you can do. You need to speak with a mortgage broker not a bank that covers DC. I do not. Good luck.
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