HELP! Need Mortgage Lending advice!

[Ron Turner]

Hello everyone! I'm having a challenge, hoping to get some advice on taking action for my situation...I currently live and work abroad in China, and am being transferred back to the US in the Fall to continue my job there (have been in the same career for 30 years, although with different companies). I am wanting to buy a home when I get back, and have contacted a few lenders on getting a mortgage. However, I am getting a few turndowns as I am being told told that because I don't have W2's (China doesn't use these) and I haven't been in this position for 2 years, I'm not able to get a loan. I DO have a healthy salary, excellent credit, a good down payment, and have provided my bank/tax returns for the past few years. Anyone have any advice on where to turn at this point? Are there lenders that deal with expats earning income abroad? Any advice would be appreciated!

[Paul Defngin]

Ron Turner if you are a US citizen and you have been filing your taxes then I don't see what the problem is. Right out of the IRS site. ....

"If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside."

Some of your foreign earned income may be excluded from taxes, but that doesn't mean it can't be considered qualifying income. You earned the income, so I'm not sure why your lender is telling you that you need a W2. The fact that you are transferring back to the US with the same company is even better and makes it easier for your lender to say-YES. However, you will most likely be paid a different amount State side, and that's what your lender should use to qualify you.

Get the official transfer letter from your company-and if the company you work for is an international company; then it makes it should be easier. Just find the right lender.

One other thing-your underwriter may want to see that you get paid one pay stub before settlement.

Good luck.