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Mortgage Denial After Conditional Loan Approval
My credit score is over 620 and I meet the mortgage lending requirements lenders ask. But then say I cannot be approved. My foreign earned income falls on the W2 line, and a previous underwriter said it needed to be amended – what can I do?
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1 Reply
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Such cases can be frustrating. However, some solutions are available for you:
- Foreign Income Earned.
- The reported income is a concern for other issues.
- Who receives the foreign income, and how is it accounted for?
- Lenders take such information only to the extent that foreign-earned income is incorporated in the tax return to line W-2.
- This is because it is only excluded from providing other information that carries more weight than a statement made.
Respondents Provided The Following Responses Regarding Challenges:
Supply more documentation:
- Approach your employer and request more information on how your earnings are structured in relation to the foreign tax credit.
- Any salary increment, housing office, or other amenities.
- That would give the loan giver a wider perspective about one’s earnings.
Consult a tax professional:
A tax professional may assist you in deciding whether it is worth going for the amendment. Or whether there are other methods without going for another amendment. Contact a specialist in offering mortgages:
- Exploit the possibility of getting with lenders or banks who give mortgages to immigrants or people earning foreign income.
- They tend to be more sensitive when finding solutions to your problem.
- Or contact us at Gustan Cho Associates.
- The team at GCA Mortgage Group are experts in helping foreign nationals and ITIN borrowers.
Another option is the FHA loan:
- FHA options have been considered less scrutinizing regarding outside income.
When they make you aware of all the reasons for the loan holder, be sure to bolster these:
- Indeed, it would help if you also tried to understand the reasons for the denial.
- Please provide the lender’s opinions on your application.
- It would be appropriate to appreciate their anxieties, knowing that their time comes when one seeks to for them.
Staying calm and persevering: This may be different with other people working abroad, as earning income and acquiring mortgage approval can prove much harder for them. Understanding the situation may require additional time and effort to find a suitable lender.
Self-initiated modification, when given such a suggestion, is appropriate, though, to the extent that it redeems the form and spirit of the task at hand. Are there any of these problems that you would love to have further elaborated on?