Profile picture for user6237930

Am I eligible for an FHA loan if 100% of my income is foreign earned.

Looking for a FHA mortgage broker who, preferably, has had experience dealing with expat situations such as mine:

I'm a returning American expat who would like to purchase a multi family property in NYC later this year.  I have been employed in China with the same Chinese company since 2011 and have been filing 1040s in the past few years reporting all foreign income. 

1)  Do lenders/FHA treat 1040 reported foreign income the same way as domestic income? 

2)  Even though I'm relocating back to NYC, I will still be employed by the same Chinese company. For the purpose of loan consideration, is there a major difference between having my post relocation wage paid into a U.S. account in US$, and into my foreign bank account in a foreign currency?

3)  Assuming the lenders would want to verify my current year income through pay stubs, would they accept pay stubs issued from a foreign company in a foreign language?

4)  Any advice on what other documentation I should prepare for my situation?

Thanks.

JF
  • February 23 - New York
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

If that foreign income is official report an documented here in the US, then you should be fine. Lenders need to see that income in some type of documentation such as your tax returns. If your income shows up in your tax returns then you should be good to go. So best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 26
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

As stated by my Compadre below,  under the circumstances you listed you are good to go as long as you select an EXPERIENCED Loan Officer to work with. So choose your LO wisely.

Best of Luck!
  • February 24
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

So here it is, if you have been working for the same employer, and are now simply moving back to the states but will continue with the same employer, AND have been reporting your income here in the US, that income can be used for FHA financing. You do need to find a Loan Officer who is experienced in FHA financing and knows the program inside out. So to answer your question, yes, us lenders do treat that 1040 income the same as domestic income even though it was money you earned in China. I am always available to meet or talk and help you with this process. We have branch offices in New York City we use to meet clients. Feel free to contact me anytime. Good luck!
  • February 23
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.