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US Housing Loans

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PrimroseHill
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US Housing Loans

Postby PrimroseHill » Thu, 04 Jul 2013 4:21 pm

I am wondering if anyone knows which banks here in SG actually offers US housing loans.

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PNGMK
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Re: US Housing Loans

Postby PNGMK » Thu, 04 Jul 2013 6:22 pm

PrimroseHill wrote:I am wondering if anyone knows which banks here in SG actually offers US housing loans.


I suspect not a lot... US Citizens and US laws are not something Singapore banks like getting intimate with.

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Postby Girl_Next_Door » Fri, 05 Jul 2013 9:53 am

Non-american banks won't offer you a US loan. Most foreign banks don't really like americans (sorry to say this) because of the complexity involved in handling them. Too much regulation to comply to, for not alot of money. I work in an american bank currently and I don't think we do overseas loans (let alone US loan).

If you are a private banking customer, you might have a chance with a private american bank. Again, I can't say for sure as well.

If your intention is to transfer your existing US loan to Singapore, I would propose for you to retain the US loan, but service it out of Singapore, i.e. pay the monthly installment by transferring money from Singapore back to US on a regular basis.

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Postby scarbowl » Fri, 05 Jul 2013 9:58 am

And why would you think that a Singapore bank would offer a loan on a US property to a foreigner? Do you think a US bank would loan money for Singapore property to a non-citizen?

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Postby Girl_Next_Door » Fri, 05 Jul 2013 10:08 am

scarbowl wrote:And why would you think that a Singapore bank would offer a loan on a US property to a foreigner? Do you think a US bank would loan money for Singapore property to a non-citizen?


Non-citizenship doesn't mean that you cannot take a loan in Singapore. You may be a PR in Singapore or on a work permit/employment pass in Singapore. I do believe that Singapore banks (including US banks) will loan to PRs, as well as work permit/employment pass holders.

In Singapore, overseas loan is possible, i.e. loan to buy a property in London, Australia & Malaysia. A few banks does it. However, for US banks/property, it is more tricky due to the complexity in the US regulations. Given the small volume, it does not justify hiring experts to handle the complexity.

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Postby katbh » Fri, 05 Jul 2013 10:14 am

Go to a mortgage broker. The tax agent here who does your US taxes should be able to recommend someone.
Banks here regularly lend for UK, Australian etc properties but I do not know about USA

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Postby Strong Eagle » Fri, 05 Jul 2013 10:45 am

scarbowl wrote:And why would you think that a Singapore bank would offer a loan on a US property to a foreigner? Do you think a US bank would loan money for Singapore property to a non-citizen?


Why would you think they wouldn't? I know a fellow who had his property in Australia financed in Singapore. Only thing is, when you do something like this, and the home currency depreciates against Singapore dollars, then you may need to pony up some cash to ensure that the 80 percent loan restrictions are not violated.

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Postby scarbowl » Sun, 07 Jul 2013 7:50 pm

Strong Eagle wrote:
scarbowl wrote:And why would you think that a Singapore bank would offer a loan on a US property to a foreigner? Do you think a US bank would loan money for Singapore property to a non-citizen?


Why would you think they wouldn't? I know a fellow who had his property in Australia financed in Singapore. Only thing is, when you do something like this, and the home currency depreciates against Singapore dollars, then you may need to pony up some cash to ensure that the 80 percent loan restrictions are not violated.
If you don't have a presence in the USA it is difficult to register and enforce the mortgage lien. A Singapore bank loaning for a US property would want to be able to foreclose if payments aren't made. Additionally, their ability to find and enforce judgment against a foreigner no longer living in Singapore is limited. Both of these increase the risk of loss for a Singapore bank.

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Postby katbh » Sun, 07 Jul 2013 8:35 pm

And scarbowl, how is this any different to banks in Singapore that regularly loan on UK, Australian, NZ properties?

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Postby PNGMK » Sun, 07 Jul 2013 8:57 pm

katbh wrote:And scarbowl, how is this any different to banks in Singapore that regularly loan on UK, Australian, NZ properties?


+1. IF you can find a US bank here (with a presence) that can hold the mortgage you might have some success however as others have noted the amount of paperwork for loans to the US etc is much higher than Australia etc.

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Postby zzm9980 » Mon, 08 Jul 2013 5:57 pm

Citibank and HSBC are the only banks here with strong (or any) presences in the US. (And HSBC's isn't too strong in the US anymore)

I would suggest going to one of those two,but you'll likely need to be Citi Gold/HSBC Premier before they'll even talk to you.

You'd probably have a much easier time obtaining a loan in the US based on your Singaporean/other income.

Since I recall your posting history quite well, may I ask why you ask? Are you leaving Singapore already? Is the ink on your blue I/C even dry yet?

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Postby PrimroseHill » Wed, 17 Jul 2013 4:08 pm

zzm9980, we aren't leaving yet. Its just something that we are thinking about exploring as an investment, rental income and capital appreciation - to fund the ole pension.

Citi, no longer do US mortgage loans. HSBC, I believe are the only ones left that does, but some of their criteria are crazy - maintain a float of $100k at all times etc etc.

US banks here do offer, quite competitively too SG home loans. And via a mortgage broker, we managed to find a good deal on a hedging mortgage, SG branch of a angmoh bank that funded a purchase in London.

We also just bought and moved into our home here, so definitely not moving yet. We are here to stay for at least 10years


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