Overseas Mortgage

[mnbcm]

My wife (Thai citizen) and I (U.S. citizen) are sick of rent payments and want to begin investing in our own home. Our income comes through a U.S. bank as I do my work online and my wife isn't employed. I haven't done all the research yet, but I kind of doubt a Thai bank is going to give us a loan. I'm thinking about checking with some U.S. banks to see if they would finance a mortgage in Thailand. Anyone have any experience with this? My father has substantial assets and is willing to cosign, but are banks willing to do this? I know it takes substantial preparation to get home assessments, flood assessments, and paperwork such as this so it sounds complicated. Thanks for the advice.

[Capealava]

My wife (Thai citizen) and I (U.S. citizen) are sick of rent payments and want to begin investing in our own home. Our income comes through a U.S. bank as I do my work online and my wife isn't employed. I haven't done all the research yet, but I kind of doubt a Thai bank is going to give us a loan. I'm thinking about checking with some U.S. banks to see if they would finance a mortgage in Thailand. Anyone have any experience with this? My father has substantial assets and is willing to cosign, but are banks willing to do this? I know it takes substantial preparation to get home assessments, flood assessments, and paperwork such as this so it sounds complicated. Thanks for the advice.

Yes you are correct Thai banks will not give you a loan. They will however consider giving your wife a loan, but she has to show income per month(have a job). There are cases of Thai banks giving the loan with the foreign husband guaranteeing the loan, but very seldom. She at least has to have a employment history. \ USA banks will not give you a loan for property outside the USA. You can obtain a loan using your house as equity in USA or a personal loan to obtain the money to buy a home in Thailand. Some Thai housing companies give some type of financing, but usually only up to five years. If your father has substantial money maybe you can borrow directly from him. Good luck it is difficult to buy a home in Thailand without cash.

[richm7]

US banks won't even give you a mortgage in the US these days. They want to know how many times you crap a day and which shoelace to tie first too. Forget it if you're left handed.

Seriously, there is a HUGE problem in the US getting a mortgage; the old adage about banks only lending to people who don't need the money (i.e. have money already) has even gone out of the window. If you have just OK credit, forget it too. Even if your credit is stellar you're going to have problems. How do I know? I'm in the middle of on ongoing farce myself. I have substantially more than the mortgage I am seeking on deposit with Chase and they STILL are balking over lending to me. No guesses on what will happen to my money on deposit if they don't!

As for a mortgage in Thailand, forget it, UNLESS you have a work permit and get paid there. Then you can get one. Otherwise it will have to be the wife and earlier comments explain the problem there.

[oldgeezer]

My wife (Thai citizen) and I (U.S. citizen) are sick of rent payments and want to begin investing in our own home. Our income comes through a U.S. bank as I do my work online and my wife isn't employed. I haven't done all the research yet, but I kind of doubt a Thai bank is going to give us a loan. I'm thinking about checking with some U.S. banks to see if they would finance a mortgage in Thailand. Anyone have any experience with this? My father has substantial assets and is willing to cosign, but are banks willing to do this? I know it takes substantial preparation to get home assessments, flood assessments, and paperwork such as this so it sounds complicated. Thanks for the advice.

Please consider this reply constructive. It is based upon our experience and research.

If you are considering Bangkok, Do not buy! You can rent a very nice house in a good subdivision for 1/350th of the sale price. In my experience, you cannot buy anyway, but be happy renting. You can rent for 30 years with virtually no maintenance for the price of a morgtage and interest. And 24/7 security is a very real consideration.

On the other hand, if you can live upcountry like a native, you can build a nice house for a million baht. As you do business online, I assume you need high speed internet, iffy in some areas.

[flying]

We have a mortgage on our Condo at Bank of Ayudhya

It was not a problem but it was a mortgage originally in my wife's name & then I was added to it.

My income was a very simple verification.

Our income is from the US where we mainly live.

[jaapfries]

My wife (Thai citizen) and I (U.S. citizen) are sick of rent payments and want to begin investing in our own home. Our income comes through a U.S. bank as I do my work online and my wife isn't employed. I haven't done all the research yet, but I kind of doubt a Thai bank is going to give us a loan. I'm thinking about checking with some U.S. banks to see if they would finance a mortgage in Thailand. Anyone have any experience with this? My father has substantial assets and is willing to cosign, but are banks willing to do this? I know it takes substantial preparation to get home assessments, flood assessments, and paperwork such as this so it sounds complicated. Thanks for the advice.

It would help to know where about in Thailand you would be desirous ofowning a home ? If you would consider the metro-Pattaya area, there may be a bright light at the end of your tunnel. Simly PM me for the information.

[cqr]

My wife (Thai citizen) and I (U.S. citizen) are sick of rent payments and want to begin investing in our own home. Our income comes through a U.S. bank as I do my work online and my wife isn't employed. I haven't done all the research yet, but I kind of doubt a Thai bank is going to give us a loan. I'm thinking about checking with some U.S. banks to see if they would finance a mortgage in Thailand. Anyone have any experience with this? My father has substantial assets and is willing to cosign, but are banks willing to do this? I know it takes substantial preparation to get home assessments, flood assessments, and paperwork such as this so it sounds complicated. Thanks for the advice.

It’s not impossible to get a mortgage in a Thai bank! For buying the house your wife can apply for it with you as grant, she doesn’t need to have a job or job history then you is the grant, you will need to document your income and get it verified by your consulate and they give you a mortgage of 50% of the value.

Many of my clients are doing like that and if the banks find the foreigner income sufficient normally no problem, I can’t remember if they also need to show the married certificate but to make sure ask in the bank.

/Claus