Re-financing a US mortgage when you live in the UK
Aug 21st 2017, 3:41 pm
#1
Just Joined
Thread Starter
Joined: Oct 2013
Location: London
Posts: 14
Re-financing a US mortgage when you live in the UK
Hello all and thanks in advance!
We moved to the UK three years ago, and have been renting out our house in the US ever since. I spoke to a mortgage broker about getting a new loan, but they said that nobody will lend to us because our income is now foreign.
Anybody have any suggestions on where to turn? Seems crazy because the house pays for itself on rent alone, but they said banks won't lend based on foreign incomes.
Help please!
We moved to the UK three years ago, and have been renting out our house in the US ever since. I spoke to a mortgage broker about getting a new loan, but they said that nobody will lend to us because our income is now foreign.
Anybody have any suggestions on where to turn? Seems crazy because the house pays for itself on rent alone, but they said banks won't lend based on foreign incomes.
Help please!
Aug 21st 2017, 7:42 pm
#2
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Re-financing a US mortgage when you live in the UK
If you continue to have no luck finding a lender, you might investigate ACA (American Citizens Abroad) and their tie-in with SDFCU (State Department Federal Credit Union).
Full details are at:
https://www.americansabroad.org/aca/...-and-faqs/#FAQ 4.WHAT “BANKING-LIKE” FINANCIAL SERVICES DOES A CREDIT UNION PROVIDE?
"ACA has teamed up with the State Department Federal Credit Union (SDFCU) to provide accounts for Americans residing abroad. You can reside full-time or part-time abroad and still qualify. You don’t have to have an address in the US.
The SDFCU provides mortgages to buy property, but the property must be in the United States. As a member of the SDFCU through ACA, you may be able to qualify your home in the United States as a primary residence even if you live overseas and are not currently occupying the property. This qualifies you for better terms on the loan, but there are regulatory restrictions so not everyone may qualify."
It's not clear if this applies to "refinancing" (from your post on UK Yankee). You may have to join ACA (?) to take advantage.
Full details are at:
https://www.americansabroad.org/aca/...-and-faqs/#FAQ 4.WHAT “BANKING-LIKE” FINANCIAL SERVICES DOES A CREDIT UNION PROVIDE?
"ACA has teamed up with the State Department Federal Credit Union (SDFCU) to provide accounts for Americans residing abroad. You can reside full-time or part-time abroad and still qualify. You don’t have to have an address in the US.
The SDFCU provides mortgages to buy property, but the property must be in the United States. As a member of the SDFCU through ACA, you may be able to qualify your home in the United States as a primary residence even if you live overseas and are not currently occupying the property. This qualifies you for better terms on the loan, but there are regulatory restrictions so not everyone may qualify."
It's not clear if this applies to "refinancing" (from your post on UK Yankee). You may have to join ACA (?) to take advantage.
