Issues financing first time rental in GA from abroad

[Adam Matteson]

I’m looking for advice on how to finance a rental property in GA. I’ve made an offer on a house for just over 56,000. Unfortunately the national bank I was preapproved with has a 50k loan limit, so I’ve been looking for other options. I’m getting rates like 5.8% and 6% on a 45k loan, even with paying several hundred or even thousand in discount points. Those seem steep to me. Are these rates high because the loan amount is low, or I’m a first time investor? Or do I need to just keep looking? Any recommendations for lenders who have dealt with US citizens living abroad? 

Another hurdle I’m coming to is getting approved. I live file a Foreign Earned Income Exclusion when doing taxes. I’ve had some lenders tell me that this in effect means I don’t have income, and can’t approve me because of this. Has anyone had experience with this?

All thoughts are welcome and thanks! :)