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Hello, my wife and I are both self-employed with our Scorp and are looking to get pre-approved. We don't have a full 2 years (we'll have it early 2017 and our Scorp will have full two years April 2017). Before 2016 we lived outside US without residential status. We have good 2016 tax return, good credit score and i ready to put 20-40% downpayment.
Any options for us or we should wait next year? any simplified procedures with 40% down?
Thanks for any inputs!
Alex
Last edited by AlexTravel; 09-25-2017 at 06:46 PM..
Just get preapproved and see what they say. We purchawe our first home after living 1.5 yrs in the US - granted, it was pre-2008, but stil, you may be able to get a regular mortgage
Don't expect any special treatment bc you're putting more down tho...
My organization specializes in lending to non US Citizens. There are many moving pieces to your scenario and I will try to break it down for you.
1). Residency status- you must be in the US legally, no exceptions. Most lenders that handle Foreign National or International Relocation buyers are limited to specific VISAs. Green card = US Citizen. What country of origin for the VISA is important. OFAC will come into play, especially if any assets are outside of the country.
2). Did the lender get an approval via computer (AUS)? DU and LP are two of the automated systems. If yes, you can go with several major banks and local portfolio lenders. What does the approval say about number of years on the job? That will tell you if you need two years (for the majority of eligible lenders) or if you can go buy now.
3). Have you established a credit history in the US? Do you have a credit score? An automated approval requires a score and most lenders require that automated approval. Without the score and the automated approval, you are then limited to portfolio lenders. But a loan is still available.
4). Can one tax return for 12 months be available? How many more months in business beyond that tax return? It sounds like you have the time in, jut not the returns. Can you get a statement from an accountant stating he's reviewed your books and they are in line with the p&l you provided the lender? (Need not be an audited return).
Chances are you can buy now..... depending upon where you VISA is from. And it may not be necessary to put 40% down. But your borrowing field is limited.
Hello, my wife and I are both self-employed with our Scorp and are looking to get pre-approved. We don't have a full 2 years (we'll have it early 2017 and our Scorp will have full two years April 2017). Before 2016 we lived outside US without residential status. We have good 2016 tax return, good credit score and i ready to put 20-40% downpayment.
Any options for us or we should wait next year? any simplified procedures with 40% down?
Don't wait.
It's foolish to speculate.
Just call up a bank and say I want a home loan and will put 40% down.
Quick update.
Spoke with few bankers and mortgage brokers, so i have to wait second tax return for few more months or deal with hard money.
Will wait - market is very slow here, it's works on me
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