US Citizen Working Abroad Needing to Pre Qualify for a Loan

[Travis Howser]

I am a US Citizen, I pay US taxes but earn Foreign Income. I can provide bank statements (both in the US and Internationally), proof of pay from Foreign company, and have a high credit score. I am in the process of getting pre qualified for a loan. Is there anything else I should provide and when lender/bank is verifying income? Will they cross check Filed Taxes in the US, bank statements and proof of pay? Any other way they will verify income? Anything else I need to provide to help me qualify would be greatly appreciated. Thanks

[Josh Stack]

@Travis Howser

Travis, mortgages backed by Fannie/Freddie are perhaps the best debt instrument in the world.  Where else does one get the lowest rates fixed for 30 years to go buy assets that can perform and cashflow meanwhile the lender has the debt guaranteed by the US Federal govt?  Nothing better is to be found anywhere on earth.

With commercial loans you will often find they have different lending requirements, banks will want to see the performing asset plus secondary sources of repayment (income or liquid net worth).  Commercial loans will also have generally higher interest rates, shorter amortization periods and balloon payments due at the end of the loan term (often ten years or less).

If you can get them, conventional mortgages are the way to go.