Has anyone done a regular loan with a foreign credit report? I have a borrower who’s been living in another country for about 2.5 years and now they’re looking to buy here. They’re U.S. citizens. It seems possible as a manual underwrite, but I’m not sure what to expect.
Do you have an underwriter you can ask about this? I wouldn’t confirm anything until an underwriter gives the go-ahead.
Why is it considered a foreign credit report?
If they’re U.S. citizens with Social Security Numbers, doesn’t it just come back as a regular credit report?
Nova said:
Why is it considered a foreign credit report?
If they’re U.S. citizens with Social Security Numbers, doesn’t it just come back as a regular credit report?
We pulled it under their mailing address, but the home they own is overseas. So I’m waiting to hear from an underwriter about how to proceed.
Just a heads-up… you can’t use DU or LP with a foreign address or P.O. Box. It has to be done manually. If the loan is for investment, I don’t think manual underwriting works. Not sure about a second home, though.
What’s their status here in the U.S.? Are they citizens living abroad but with U.S.-based credit? Or are they foreign nationals, or coming over on a visa? You don’t always need a credit score for DU approval if they meet certain requirements. It’s rare, but it can happen. Just trying to get a better picture of their situation so we can give more accurate advice.
There’s a lot of unknowns here. Best thing to do is check directly with an underwriter.