Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

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Living Abroad? Purchase a Home

Orange County, CA – Keeping on top of the mortgage market can be good fun, and that’s especially the case when you come across great opportunities for potential buyers that are a little out of the park. Homeowners across the country are seeking to reap the benefits of housing. Many are reducing their payment with a refinance or purchasing a home. Even though you may be living abroad, these opportunities are still available to you.

There’s a fantastic opportunity for Americans who are currently living abroad, working on short term contracts and assignments. The guidelines are very clear. So you must be sure that you’re on a short term contract while living abroad. But if that’s the case, then you can take advantage of this loan program for out of country buyers.

Loan guidelines haven’t eased recently, especially in the niche area for those working outside the country. You’ll still have to jump through a few hoops to obtain financing. But if you’re able to do so, then you can take advantage of a great time in the housing market…record low rates and home prices on the rise. In fact, after 6 years of declining prices, the Case Shiller Home Price Index is reporting the 6th straight month of increasing home prices. Beyond the financial rewards, if you like the thought of moving into your own home after living abroad then keep reading.

First off, it’s important to keep in mind that a borrower who is living abroad needs to have a current US address. It’s possible to use the address of a family member, or to use a second home address, but properties which are clearly indicated as being investment properties or places of business would not stand up. The US address must be reported on tax returns for the last two years and must match all other documentation in the file. The loan application should show the US address as being the main home, and indicate that the foreign address is purely a mailing address.

It’s imperative that all other documents normally associated with a property purchase must also match the US address listed on the tax returns. This would include the credit report, driver’s license and assets. The loan has to be totally documented with two years of employment and credit.

On the face of it, the detail surrounding this potential deal is somewhat overbearing, but as long as you have an established US address then there’s no problem. It’s just a case of being able to cross the I’s and dot the T’s. If you’re currently living abroad but think you might qualify for such a loan, then it has to be worth your while investigating the possible ways to do so. Please give me a call if you need help with your research.

Scott Storace

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