The Client
Our client was a U.S. expat living in Tokyo for over 20 years. He had been abroad for so long that he no longer maintained U.S. credit. He was considering retiring in a few years and wanted to buy his dream home in Hawaii, which he would rent before retirement. He went to the U.S. bank with which he had a bank account for more than 20 years only to find out that, as he no longer maintained U.S. credit, they were unable to approve him for a mortgage loan.
How We Helped
Our America Mortgages loan officer based in Bangkok working in the client’s time zone was able to structure a loan using his Japanese credit which was well established. He was treated as a “foreign national” to qualify for the loan. The smart structure to this, he would only need to have a foreign national loan for a couple years until he was able to build sufficient U.S. credit history. Once he established U.S. credit again, he could refinance the loan into a U.S. citizen / expat mortgage.
Monthly servicing was structured with a 10 year fixed interest only (regardless of borrower’s age) which converts to a 30 year fixed without an adjustment in rate. This loan gave the client the flexibility to refinance if rates went down or keep the fixed payments for the next 40 years.
Loan Details
| Nationality | Property Value | Loan Amount | LTV | Rate |
| U.S. Citizen [Expat] | $1,600,000 | $1,120,000 | 70% | 8.25% |
| Term | Address | Property Type | Purpose | Loan Type |
| 30 Year Fixed Interest Only | Honolulu, HI | Single Family Home | Purchase | Residential |
