British Expats

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-   -   Mortgage question (https://britishexpats.com/forum/usa-57/mortgage-question-879733/)

slices Jul 1st 2016 1:30 am

Mortgage question
 
Currently we're staying with family, they are house sitting for a neighbor so we have the run of the place until the end of September. House in the UK should complete any day now, so hoping to buy although we accept it may not work and and we might have to rent. Apparently average completion time around here is 50 days so we should have time. Although it would mean the kids the start school while at the in-laws we like the local school anyway so not much of an issue/

I can't go with the Wells Fargo expat mortgage because I'm not a W-2 employee(tied into my current contract with at least 3 months). When I contacted Advancial I was told they needed 12 months worth of mortgage payments in the bank plus 20%, so that's not going to happen. We have spoken to a local mortgage broker who has been very helpful if not overly up to speed on what to do with non USCs. From what he's told me can't get a conventional mortgage because they require 12 months of work history in the US, or 24 months with less than a 20% deposit.

It looks like FHA is an option which limits us to borrowing $271k, which does mean lowering our sights slightly, but notbeing mortgaged to the hilt is generally a good thing.

So I have a very helpful mortgage broker who isn't quite sure what documents we need, he has emailed theunder writer to check, but if I was a USC it would be 2 years of W2s, most recent pay stub and 2 months bank statements, and two years tax returns.


He was slightly confused by the fact that I'd never filed a tax return. Yes my wife has but married filing separately and not earning much for the last couple of years, so I doubt her returns would help.

What do people normally do in this situation, am I correct in thinking that for the average UK PAYE employee P60 ~ W2 + Tax return?

He also keeps asking about the expiry date on my visa, and I keep telling him it's a green card, although I'm still waiting for the actual card.

username.exe Jul 1st 2016 2:08 am

Re: Mortgage question
 
You might be better off finding a broker who has organized a mortgage for an ex pat before, sounds like your guy is not particularly confident and the last thing you want is for a deal to fall through at the last moment on a missed technicality.

When I did mine I had to provide P60s, UK pay stubs (they even called my previous employer's HR in the UK to confirm employment there) as well as my (short) US employment history.

You might want to look in to it further, but I was under the impression that for FHA loans you need to have at least 24 months continual employment with a break of no longer than 6 months at any one time.

petitefrancaise Jul 1st 2016 3:20 am

Re: Mortgage question
 
I'd pay up for AIG Inbound. Last time I looked it was about $450 for a year - we saved that on the first 6 months car insurance premiums though. They have a concierge service and you can ask them to find a mortgage broker to help you for your specific situation. They deal with so many new immigrants that I can imagine they will find someone.

mrken30 Jul 1st 2016 4:47 am

Re: Mortgage question
 

Originally Posted by username.exe (Post 11990662)
You might be better off finding a broker who has organized a mortgage for an ex pat before, sounds like your guy is not particularly confident and the last thing you want is for a deal to fall through at the last moment on a missed technicality.

When I did mine I had to provide P60s, UK pay stubs (they even called my previous employer's HR in the UK to confirm employment there) as well as my (short) US employment history.

You might want to look in to it further, but I was under the impression that for FHA loans you need to have at least 24 months continual employment with a break of no longer than 6 months at any one time.

Same thing here I went through a broker and just supplied 2 years worth of P60s and maybe a P45 and pay stubs. I also had to provide my pay stubs from my US employer.

boltonreddave Jul 1st 2016 12:52 pm

Re: Mortgage question
 
I am surprised that Advancial wanted all that cash in the bank. We have just completed in a house after only 8 weeks in the US and we used them. However we did do 50% down, but even then all they really needed was proof of income. Message me back and I will give you the name and number of the Director that we were dealing with.

slices Jul 1st 2016 8:54 pm

Re: Mortgage question
 
Looks like we will be renting, broker came back after speaking to under writer because I'm not a W2 employee they'd want 6 months of income in the country. Which is better than two years I guess.

username.exe Jul 2nd 2016 1:22 am

Re: Mortgage question
 

Originally Posted by slices (Post 11991365)
Looks like we will be renting, broker came back after speaking to under writer because I'm not a W2 employee they'd want 6 months of income in the country. Which is better than two years I guess.

Shop around, talk to a couple of different companies/brokers.

Depends on who you're talking to and who they have in their network.

slices Jul 2nd 2016 1:37 am

Re: Mortgage question
 
Thanks, we actually got referred to another broker by the real estate who seems 99 percent sure she can help and more aware of expats, should hear Tuesday.


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