First Time Home Buyer working abroad

[Lamont Crawford]

I am a first-time home buyer working abroad. I have been doing so for almost two years now. I have a few questions in regards to getting conventional financing while still working abroad majority of the year.

A little back story is basically I have been pre-qualified on many different occasions with no issues in regards to finances or credit. However, I have twice so far hit a wall due to lenders being reluctant to offer financing or underwriters not wanting to underwrite the loan because of my physical location. I have known people personally who have done exactly what I am trying to do with little to no issues and are also in the same situation. This question is really for mortgage underwriters and maybe loan officers or anyone who has done these types of deals and has extensive knowledge in mortgage underwriting.

What are the guidelines in regards to getting financed when someone may not be on the property physically for 50% of the time?

Can someone in the above situation get financed with a conventional loan or VA loan?

If not, what are their options?

This is a grey area as I have found no federal guidelines stating you have or must occupy a home for a specific amount of time out of the year other than occupancy rules for a VA loan. Typical scenario would be me purchasing a 4-unit living in one of the units and the other three rented out to tenants with property management in place. The loan would also be conventional. I have expressed this to a couple of mortgage lenders and for the most part they have wasted my time in regards to having me get preapproved and later deciding they will not lend because of my physical location even though I have expressed the entire situation in full detail.

I do not own any real estate abroad. I do not own any real estate in the US. I pay taxes every year and my company is a US company. The property would actually be my primary residence. I have been looking in Texas, Florida, and Massachusetts. The situation above describes when I tried to purchase a property in Texas.

Does anyone have any advice on this topic?