He has to talk to a loan officer together with all his personal financial information to know for sure how much he can borrow. If he needs referral on that, let me know.
This is a very difficult scenario to review. First, you may have an issue because of not currently being employed in the USA; however, I do have a foreign national lender that works scenarios like this. If he's currently employed in India, we could show this as a second home/investment purchase, but the loan would be limited to an ARM product. It would be ok not having the tax returns & W-2's, as we could show current pay stubs translated from Indian to verify his current income.
However, the one variable would be the fact that he currently has a rental property here, which brings me to the question "does this individual have US tax returns?"
There is just a little more information required to see the overall picture of this scenario to determine if financing would be available.
First Capital Mortgage
Direct: (310) 434-1718
I am aware of a lender that provides loans to foreign nationals for situations exactly like this. Obviously the buyer has to meet certain criteria â€“ but loans like this are available.
First of all letâ€™s welcome your friend back to USA and California housing market, where he is interested in buying home. Itâ€™s good that he is a landlord already.
As you may already know, that underwriting guidelines for loans are constantly
changing. Lots of rules, regulations and restrictions applies before banks
fund their monies.
Some of the requirements of getting a loan are...
â€¢ Borrowerâ€™s ability to pay back the loan.
â€¢ Good credit history demonstrates the debt paying habits.
Now, to determine if your friend can pay the loan back is going to be based on
how soon can he get a job here. His work history in India may be considered
if he will be working in the same line of trade. His Masterâ€™s degree certificate (if any)
can also be useful.
Since he owns a home and if has been paying his mortgages,
he has already established mortgage history, which is going to be a very good point on his credit report. He may have been filing taxes since he owns a property in USA. He can get FHA financing provided his income and expenses ratio are under the guidelines.
Lenders may be able to use his past history of work in USA a compensating factor.
Once your friend starts working here, accumulates at least 3.5 %( which can be gift too) cash down payment and have at least 10months of job history, he may be able get a FHA loan, provided his ratios are within the underwriterâ€™s guidelines.
Itâ€™s an excellent market to buy a home nowâ€¦ where mortgage rates and home prices
both are low historically low. Have him talk to an efficient and knowledgeable and a sharp loan officer.
Good luck to you,
There are enough unknowns in the scenario above that I would be reluctant to tell you it could or could not get done. If your contact would like to speak about a loan pre-approval when the time is right, I am happy to help. And I'm also able to answer your questions above (without cost or obligation, etc.) if you want to walk me through them on the phone. I can at least give you the guidelines and parameters that way. I am here in the SF Bay Area.
DO give my Lender a call, she has 27 years of experience, is on top of things all the time, can help you Best.
I am from India too, But I am a Realtor and do not have Loan expertise, Can do the RE part of it when needed, taking exceptional care of him, but first, talk to the Lender, she will be straightforward, and let you know if feasible, how he can do it! Do Let her know I referred you to her:
All the Best ,
If he doesn't have a job, does he have another source of income? Without an established income source or other significant assets he will have trouble getting approved. We work with lots of international clients and financing is available from many sources, so once he has secured a job it shouldn't be difficult to find a loan.