Question


prushnix

Is there a way to get a loan around $320000 to buy a house in Southern California?

The problem is we can't show good credit history or employment history as we have been here only for 3 1/2 years but is willing to pay a down payment of 20-25%. We have a fixed income from a foreign country where we earn more than in the U.S.A. Also we can easily afford 1500 mortgage as we are already paying that much for our rent. The only problem is there is no way we can show good employment history in the U.S as we earn most of the money from outside. Co-Signing by a relative is also out of the question

7 months ago - 3 answers

Best Answer

Chosen by Asker

It may be possible but it depends on how your income is earned. Does it come from a trust?

Source(s)

I'm a mortgage banker/broker

by Noneya

7 months ago

Asker's Rating: 

Other Answers

that was last year

by vangoexp- 7 months ago

You have to be able to document and prove your income. You are basically in the same position as a US citizen who is self employed. We have to give up some deductions we are used to taking for a couple of years so we look as though we make more on our tax returns! In turn, we get to pay tax on that! ugh! You are going to have a hard time, because what you are describing is a low doc or no doc loan as far as verifying your income. They don't do that anymore.

by †Ask Me Anything†- 7 months ago