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Fannie Mae and Freddie Mac, two of the most prominent mortgage agencies in the United States, have specific guidelines for borrowers employed by foreign sources. This is particularly relevant for Georgia residents who receive their income in foreign currency. Here’s what you need to know:
1. Acceptance of Foreign Income: Both Fannie Mae and Freddie Mac accept income from foreign employment, provided it is paid in foreign currency. This is great news for international workers residing in Georgia who are looking to invest in property.
2. Tax and Documentation Requirements: To qualify, the income must be declared on U.S. tax returns. Additionally, any supporting documentation, such as verification of employment (VOE), must be translated into English. This ensures that all financial information is clear and accessible to the agencies.
3. Income History Requirements: One key difference between the two agencies is the required history of income receipt. Fannie Mae requires a two-year history of this income source, ensuring stability and consistency. On the other hand, Freddie Mac is slightly more lenient, requiring only a one-year history. This flexibility can be crucial for newer residents or those who have recently transitioned to foreign employment.
We are experienced mortgage brokers who work with both Fannie Mae and Freddie Mac. Our expertise allows us to provide mortgage approvals where conventional lenders might not. We understand the intricacies of foreign income and are committed to finding the best mortgage solutions for our clients in Georgia.
Contact us for more information about obtaining financing for your property.
