Buy Property In U.s

[kyb789]

I have been living in Thailand for 3 yrs. I want to buy some rental property in the U.S. I am U.S. citizen and have property in the U.S already. Do you think there will be any problem getting a mortage loan in the U.S because I live in Thailand now? I have had solid income and solid imployment for 3 yrs in Thailand and also the U.S before that. Excellent credit. I just want to know if the banks will be pusing me away because I am out of the country. Thanks.

[johnnyk]

Better to ask the banks this question. Forum members aren't the ones who will be asked to make the loan.

[keeniau96]

I have been living in Thailand for 3 yrs. I want to buy some rental property in the U.S. I am U.S. citizen and have property in the U.S already. Do you think there will be any problem getting a mortage loan in the U.S because I live in Thailand now? I have had solid income and solid imployment for 3 yrs in Thailand and also the U.S before that. Excellent credit. I just want to know if the banks will be pusing me away because I am out of the country. Thanks.

As yoou probably know, in the USA (unlike Thailand) there are no restrictions on who can buy property. Pay the agreed price is all you need. Therein the rub for you, getting a mortgage. Mortgage approval criteria varies greatly from bank to bank, and of course there are the mortgage brokers who act as intermediaries/facilitators. You just have to get your supporting info (all financial documents and proofs, US tax returns for at least 3 past years, bank statements, etc; the more the better because no matter what you submit the credit department of the bank will want something additional). With that in hand best talk to real estate broker, one that will wind up acting as your agent. If this broker is any good he/she will really hustle to find a willing lender for you. Be wary of middle-men (including mortgage brokers) who just want a slice of your cake and drive up the total cost of the transaction.

[kyb789]

I have been living in Thailand for 3 yrs. I want to buy some rental property in the U.S. I am U.S. citizen and have property in the U.S already. Do you think there will be any problem getting a mortage loan in the U.S because I live in Thailand now? I have had solid income and solid imployment for 3 yrs in Thailand and also the U.S before that. Excellent credit. I just want to know if the banks will be pusing me away because I am out of the country. Thanks.

As yoou probably know, in the USA (unlike Thailand) there are no restrictions on who can buy property. Pay the agreed price is all you need. Therein the rub for you, getting a mortgage. Mortgage approval criteria varies greatly from bank to bank, and of course there are the mortgage brokers who act as intermediaries/facilitators. You just have to get your supporting info (all financial documents and proofs, US tax returns for at least 3 past years, bank statements, etc; the more the better because no matter what you submit the credit department of the bank will want something additional). With that in hand best talk to real estate broker, one that will wind up acting as your agent. If this broker is any good he/she will really hustle to find a willing lender for you. Be wary of middle-men (including mortgage brokers) who just want a slice of your cake and drive up the total cost of the transaction.

Thanks for this valuable information. I will do just as you suggested. I wanted to check anyone's experience here first to see if it was worth pursuing. Thanks again.

[CaptHaddock]

Thanks for this valuable information. I will do just as you suggested. I wanted to check anyone's experience here first to see if it was worth pursuing. Thanks again.

As always, but especially in your case, APPLY TO MORE THAN ONE LENDER. Yes, it will cost you a few hundred dollars more and will be more time and trouble. But it is a large purchase and once you have two approvals you can dicker with them to get a better rate or improve the other terms. For some reason people will carefully compare coffee pots before buying but will take out a loan of several times their income without doing the full cost comparison that you can only do with approval.

[chiangmaibruce]

One issue that may crop up - and which you haven't mentioned in the OP - is whether you are a declared resident (for tax purposes) of Thailand or of USA.

This is not an area that I have experience in, and I would appreciate hearing from others who are knowledgable in this area. In the case of Australia for example, I think that if you have declared yourself a non-resident of Australia for tax purposes then you can't deduct the costs of maintaining your rental property in Australia. IF this is the case for US citizens then this MIGHT perhaps make you less attractive/more risky as a potential borrower. Can anyone clarify this issue?

[Thanyaburi Mac]

I have been living in Thailand for 3 yrs. I want to buy some rental property in the U.S. I am U.S. citizen and have property in the U.S already. Do you think there will be any problem getting a mortage loan in the U.S because I live in Thailand now? I have had solid income and solid imployment for 3 yrs in Thailand and also the U.S before that. Excellent credit. I just want to know if the banks will be pusing me away because I am out of the country. Thanks.

I'd think not a problem. I did that, did a new 1st mortgage on a house I'd already paid off in Oregon, used the funds for an addition on the house here. Did the entire deal by email and fax with my sister helping out with the bank. Did require toward the end my notarized signature down at ACS at the U.S. Embassy, faxed that in with hard copy to follow.

Took several weeks but went pretty smoothly in spite of the mound of paperwork from the bank.

Mac

[arak]

hi

you have to see real estate consultants for accurate and confirm information to proceed in usa now because the real estate consultants keep themselves updated for better services providing