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If a US person works overseas and would like a construction loan, how is their foreign income viewed? Does the suitability of a borrower depend on foreign exchange rates?


The BIDaWIZ Team's Answer:

Every lender has a different set of criteria that they use to evaluate construction loans. However, US citizens and residents are taxed on their worldwide income and as such will report it on their US tax return. The borrower can show their tax returns to the lender as well as pay stubs from their foreign employer in US dollars. Exchange rates are only a factor in that the income reported in local currency must be translated to dollars for the lender to evaluate the borrower.

The BIDaWIZ Team



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