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Mortgage Loan in NOVA based on foreign income

I am a US citizen who works for an Indian company and am paid in the local currency which is then remitted to my US accounts. This income is declared and filed on my returns to the IRS. Can I get a mortgage loan on the basis of this income?
  • June 06 2013 - Herndon
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Answers (4)

If your description is accurate, you should have little trouble with this issue when purchasing in Northern Va.

I am assuming you work here, and live here, however.

Best wishes, Jim
  • June 07 2013
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Jim -
I want to make sure that I clarify just in case:

The company that I work for does not have a US office or branch. I work in India for 6 weeks and then I am back home for 6 weeks.

I am paid in my Indian bank account and then I remit the money to my US account.

All income is declared in my tax returns filed in India and the US.

Do you still think it should not be an issue to get a mortgage loan?

  • June 07 2013
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Surprised this still hasn't been answered, as I am in exactly the same boat.  The only difference is that my income comes from China, not India. The company I work for is in China but I have recently moved to the US permanently while still under their employment, as I am better able to do my work and research here. I have worked for them for 3 years, have the tax returns to prove it, a nice income, and will work for them for the forseeable future.

Can I get a mortgage loan? Thanks a lot for your time!
  • July 21 2013
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Good morning...sorry, I did not get the first follow up to my answer. 
I double checked my original answer....
 
According to my U/W department and a VP at the bank, if you have US Tax returns showing this type of income for two years or more, we should be good. Here is the direct quote from the VP:
"If he/she has been doing it for at least two years, you should be good. We may require documentation."

Thanks for both follow up questions!
Jim


  • July 22 2013
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