Partnering in Texas from the UK

[David Light]

I've searched the forums and still have a few questions on this one.

I currently live in the UK and have a house under contract with a partner in Texas. The purchase needed to be cash to get the deal so we're looking to refinance within a year. I've previously been told that because I'm paid in GBP I can't get financing in the U.S. My partner is good to get the mortgage with the bank on his own if needed.

Should the house be in the partnership name or will my being in the UK impact the financing then? If the house is just in his name do we just have an agreement that the house, outside of the deed, is part of our partnership and its terms?

Thanks in advance for any help.

[Upen Patel]

@David Light Being a foreign national a few limitations come into the picture. Many of these are legal, so you would want to consult a US attorney who practices in Texas.

* Can the loan be just in one name, but the deed be in both your names. This happens all the time, but you are a foreign national so am not sure.
* If the loan can be held in one persons name and are buying with cash, then you don't have to wait for 1 yr to get the cash out. You can do a delayed purchase loan within 60 days.

* If you get a loan in the name of an LLC, then can the owner of an LLC be foreign nationals?

* If both of you have to be on the loan, then you need to find a lender what is willing to lend to foreign national. We do.

If you bank with an international bank that has operations in the US, then it would be helpful, as they can provide a letter of conduct and relationship history.

Hope this is help full.

Please PM if I can answer additional questions.

Upen Patel

Mortgage Banker