Home Buying in San Diego>Question Details

rdjenkinson, Home Buyer in San Diego, CA

I'm American and working overseas. Having trouble proving income for refinance on my US Home.

Asked by rdjenkinson, San Diego, CA Mon Jun 24, 2013

I wish to re-finance my 6.3% mortgage. Credit Score 720, Home value $300,000, refinance $250,000. My current mortgage holder won't do it. What's your advice.

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Also, once you file federal returns, you'll need to file State of CA returns. The State doesn't have the same exemptions as Federal on forein income, so you will have to pay some taxes there. If you file federal returns without state, it will take the CA about 4 years to figure it out, then they will assess you for delinquent taxes and put a lien on your home.
0 votes Thank Flag Link Wed Jun 26, 2013
Once you have your 2 years US returns filed, we could review your foreign income for qualifying. I have closed a loan this year under these exact circumstances. It is possible once you have filed the US returns. We are a traditional direct mortgage lender in San Diego, not private or hard money. Click the link below for my website which has my contact info if you want to discuss this further
Web Reference: http://Www.guildMESAsd.com
0 votes Thank Flag Link Wed Jun 26, 2013
unfortunately there are no programs at this time, so no one will be able to help you.
0 votes Thank Flag Link Wed Jun 26, 2013
My husband works all over the world with his head office is located in Europe, and we live in Canada as residents. In order to buy a house in US ( and in your case to refinance) we had to locate this year an HR Block agent who's able to file our US taxes ( as non-residents) for the last 2 years. The lenders didn;t ask for more but we are behind couple more years. As far as I know USA allows to get behind 5 years max as long as you actually pay your taxes in the country you work now. It cost us extra to do that because our Canadian taxes had to be filed before in order to show we were even qualified for the return in US!
0 votes Thank Flag Link Tue Jun 25, 2013
without U.S. taxes the only way is through private money.
0 votes Thank Flag Link Mon Jun 24, 2013
Do you have tax returns filed in the U.S. the last 2 years?
0 votes Thank Flag Link Mon Jun 24, 2013
You must have some sort of Tax Returns right? either foreign or domestic...
That should work. Drop your Mortgage holder!

Hector R. Gastelum
hectorgastelum@yahoo.com
619-954-2225
0 votes Thank Flag Link Mon Jun 24, 2013
You must qualify based upon the income you claim on your US income tax returns. When you are a US Citizen living/working abroad you would need to claim your foreign income, and then a foreign income exemption. If you have claimed the foreign income, and taken the exemption - then you can be qualified on your foreign income... if you have not claimed your foreign income on your US income tax returns, then the income cannot be used for qualifying under traditional loan guidelines. http://www.irs.gov/Individuals/International-Taxpayers/Forei…
Web Reference: http://www.guildMESAsd.com
0 votes Thank Flag Link Mon Jun 24, 2013
Do you file a US tax return? If you don't, you're more than likely not going to be able to.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon Jun 24, 2013
Do you currently pay US taxes?
0 votes Thank Flag Link Mon Jun 24, 2013
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