Financing Reference - Expat Scenario

[Sherif Taher]

Hello,

I wanted to reach out to the forum for advice on cash out financing referrals in my situation. I have been living and working overseas past 14 years (Dubai)but I do not receive a W2. I have been having a hard time with local US banks as they require me to be living and working in the US. Anyone in a similar situation? I’m looking to possibly cash out refi possibly some properties that have equity to be utilised. Any help would be much appreciated.

Thanks,

Sherif

[Chris Mason]

Originally posted by @Sherif Taher:

Hello,

I wanted to reach out to the forum for advice on cash out financing referrals in my situation. I have been living and working overseas past 14 years (Dubai)but I do not receive a W2. I have been having a hard time with local US banks as they require me to be living and working in the US. Anyone in a similar situation? I’m looking to possibly cash out refi possibly some properties that have equity to be utilised. Any help would be much appreciated.

Thanks,

Sherif

 Two most common things I see with this type of scenario, and the two solutions.

1) Expats not paying US Taxes on their income. Solution: Pay your US taxes & honestly. Underwriters aren't going to learn to read tax forms from 200 countries and in however many languages, they are going to use your US tax returns.

2) Loan origination software says "Primary residence" address, but what it really means is "Primary US residence" address. The software wants a US address and zip code. Most common solution: parent house.