Profile picture for user977426

I was told I cannot refinance with my current mtge lender due to income being foreign is this true?

Hi, I have an 80-10-10 loan with the 1st mtge through Freddie Mac. I attempted to refi through one of the TARP models got to the underwriters approval stage and was told I cannot refi because my income is Foreign. (I am a Permanent Resident of the US for 20yrs and working overseas for the same company for the last 5 years) Does this mean that I now cannot refinance because my income is foreign?
  • June 18 2012 - Park Slope
  • 0
    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 (2)

Profile picture for 55004
I am in a similar situation. I am a US citizen with a credit score 740. I took a job overseas three months ago. I was told that the lender won't take the foreign income unless I've had this income and filed it on a tax return. Last time I tried to refinance while I was in US, lenders wont accept it because I was underwater. Now that I try to do it again under HARP 2.0, I am running into this foreign income problem..oh well. I am waiting to hear back from my broker, but it looks pretty hard for me to refinance with my foreign income based on what I've read so far online...
  • June 20 2012
  • 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.

I just dealt with that about a year ago.  At that time, Fannie Mae and Freddie Mac would not accept income earned outside the US...even if the borrower is a US citizen.  You will likely have to find a lender who does not sell their loans into Fannie or Freddie securities. 
  • June 18 2012
  • 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.