Comments on: Good news, eh? Foreigners return to real estate http://www.trustidaho.com/good-news-eh-foreigners-return-real-estate/ Helping Boise Idaho Home Buyers and Sellers Stay Informed Tue, 27 Jul 2010 17:20:29 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Matthew Le Baron http://www.trustidaho.com/good-news-eh-foreigners-return-real-estate/comment-page-1/#comment-60 Matthew Le Baron Fri, 22 Jan 2010 01:25:22 +0000 http://www.trustidaho.com/?p=308#comment-60 Tenley, Thank-you for the comment! Obtaining financing has become very difficult as of late with all of the new restrictions. However, I do know that foreigners are able to obtain financing as long as guidelines are met. From what I understand, any US Citizen must file a tax return even if the citizen is exempt from paying taxes. That may have been an issue since guidelines require all borrowers to provide form 4506T for which allows any lender to verify tax information. No, I do not agree with this requirement yet understand the added restrictions initiated due to the mortgage fraud of the past. There is no evidence that foreigners are a "default threat"--it just comes down to the lender guidelines. Finally, I do not feel that abandoning the requirement will create a higher influx of 2nd home purchases yet am a strong proponent of fair lending practices. Last May a home was sold to a US Citizen that works in N Korea as a teacher. He was able to obtain financing through First Mortgage Company of Idaho. I would highly suggest that your friends from Dublin contact Marc Mitchell at this firm to discuss options. Contact info is below: Marc Mitchell First Mortgage Company of Idaho 208-475-5319 mmitchell@firstmortgageco.com Tenley,

Thank-you for the comment!

Obtaining financing has become very difficult as of late with all of the new restrictions. However, I do know that foreigners are able to obtain financing as long as guidelines are met. From what I understand, any US Citizen must file a tax return even if the citizen is exempt from paying taxes. That may have been an issue since guidelines require all borrowers to provide form 4506T for which allows any lender to verify tax information.

No, I do not agree with this requirement yet understand the added restrictions initiated due to the mortgage fraud of the past. There is no evidence that foreigners are a “default threat”–it just comes down to the lender guidelines. Finally, I do not feel that abandoning the requirement will create a higher influx of 2nd home purchases yet am a strong proponent of fair lending practices.

Last May a home was sold to a US Citizen that works in N Korea as a teacher. He was able to obtain financing through First Mortgage Company of Idaho. I would highly suggest that your friends from Dublin contact Marc Mitchell at this firm to discuss options. Contact info is below:

Marc Mitchell
First Mortgage Company of Idaho
208-475-5319
mmitchell@firstmortgageco.com

]]> By: Tenley Bedard http://www.trustidaho.com/good-news-eh-foreigners-return-real-estate/comment-page-1/#comment-59 Tenley Bedard Thu, 21 Jan 2010 18:29:51 +0000 http://www.trustidaho.com/?p=308#comment-59 Matthew, I recently had friends in town from Dublin; one of them being an American who was raised in Boise. They were looking into purchasing a place in the north-end as an investment property, but were unable to acquire a mortgage loan as neither has paid taxes in the US within the past year. Do you agree with this requirement? Is there any evidence which shows that foreigners have been or ever will be a major default threat? Furthermore, would abandoning this requirement create a greater influx of second-home-buying? Regards, TB Matthew,

I recently had friends in town from Dublin; one of them being an American who was raised in Boise.

They were looking into purchasing a place in the north-end as an investment property, but were unable to acquire a mortgage loan as neither has paid taxes in the US within the past year.

Do you agree with this requirement? Is there any evidence which shows that foreigners have been or ever will be a major default threat? Furthermore, would abandoning this requirement create a greater influx of second-home-buying?

Regards,

TB

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