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allen303

Member Since 2009-05-14
Offline Last Active 2012-04-16 17:34
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In Topic: Mortgage For (Thai) Wife; Amount Versus Income?

2011-08-14 04:35:37

View PostRAZZELL, on 2011-08-13 23:33:34, said:

Many thanks, a very thorough reply :thumbsup:

Are the bank using your other "paid up" house as security?


RAZZ


No, we are in the process of selling the other house in Ubon and paying off the house in Bangkok. Also, we paid the large amount down so the lady selling the houses would take another 100,000 off the actual price of the house. That was my sister-in-laws work!

There is an interesting story with the Usufruct on the house in Ubon. When it became time to get all the documents in order to sale the property in Ubon something came up the last minute. I was on the land document (I guess the Usufruct we did). I had to go to the US Embassy and give a power of attorney for my sister-in-law to sell the house on my behalf. We paid a lady near the Embassy to walk the documents through the Thai system and then give to my sister-in-law.  I had to be back in Florida in 2 days when the land office in Ubon pointed out the problem.


In Topic: Mortgage For (Thai) Wife; Amount Versus Income?

2011-08-13 00:04:40

View PostRAZZELL, on 2011-08-11 14:00:00, said:

View Postallen303, on 2011-08-08 07:12:43, said:

View Postallen303, on 2011-08-08 05:15:06, said:

My wife and I just financed a house in Bangkok for 4.7 mil. She is a Thai citizen but has lived in the US for the last 20 years. I have a very good job and excellent credit rating and my wife has a good job to which would cover the amount required for the lone.  The best we could get is 50%. UOB took our application and we never heard from them again. Several banks would not give us a loan. We finally had to settle for a 50% lone. We will be closing around the 1st of  Sept. They just considered my wife's income and stated because we both did not live in Thailand all we could get is 50%. The bank we are using is Siam bank and they did a good job other than the 50%.



Sorry, loan

Interesting...you are saying your wife got a loan based on her overseas income? What proof did they require etc etc? :)

(Apologies to the OP and his wife who are based in Thailand)


RAZZ

They required 6 months of her pay statements, her bank statement from the US and our bank statement from Bangkok bank (I was not on her bank account in the US) her Thai ID card and Thai passport. She has lived in the US for approximately 25 years and has dual citizenship with a US and Thai passport. They did not take my income into consideration, but all my information was submitted with the original loan package (6 months bank statements, work information of mine). It took approximately two months for the loan to go through. When I say 2 months I mean all the paperwork, appraisals and such to give the exact amount of the house value and loan.The loan application was started on a town house with the seller of the town house starting the loan packet. It came back for 50% on the town house. My other sister-in-law,who is a principal at a school in Bangkok, had just bought one of the town houses under construction. So I am unsure if that had any influence on the original loan. I found out a long time ago she has some influence when it comes to dealing with government and banks in Bangkok. We had decided by then to buy a house. We (the seller of the house complex and us) contacted the bank that offered the 50% and they gave the same percentage on the house even though the house was 2.5 mil more. As I stated UOB never got back to us after we completed all the paper work.

We both live and work in the US, so yes they considered her US job income. We also have a house in Ubon that is paid for. They made a copy of the land document from Ubon and attached it with the loan application. They come back within a week and said 50% on the house. My other (not the school principal) sister-in-law was working(working as in the house loan, she is very business savvy) with the lady that is selling the houses in the complex and the loan officer. They asked the loan officer for 60%. This was occurring while we were back in the US. The loan officer went back and tried but his boss said 50% was it. My sister-in-law drew 300,000 THB out of the bank and sealed the deal.  We are happy with the final deal. The lady selling the houses came down on the price of the house and as is done in Thailand submitted the house price to the loan officer with our packet.

Sorry if there is too much detail, but I hope this answers all your questions.

In Topic: Mortgage For (Thai) Wife; Amount Versus Income?

2011-08-08 07:12:43

View Postallen303, on 2011-08-08 05:15:06, said:

My wife and I just financed a house in Bangkok for 4.7 mil. She is a Thai citizen but has lived in the US for the last 20 years. I have a very good job and excellent credit rating and my wife has a good job to which would cover the amount required for the lone.  The best we could get is 50%. UOB took our application and we never heard from them again. Several banks would not give us a loan. We finally had to settle for a 50% lone. We will be closing around the 1st of  Sept. They just considered my wife's income and stated because we both did not live in Thailand all we could get is 50%. The bank we are using is Siam bank and they did a good job other than the 50%.



Sorry, loan

In Topic: Mortgage For (Thai) Wife; Amount Versus Income?

2011-08-08 05:15:06

My wife and I just financed a house in Bangkok for 4.7 mil. She is a Thai citizen but has lived in the US for the last 20 years. I have a very good job and excellent credit rating and my wife has a good job to which would cover the amount required for the lone.  The best we could get is 50%. UOB took our application and we never heard from them again. Several banks would not give us a lone. We finally had to settle for a 50% lone. We will be closing around the 1st of  Sept. They just considered my wife's income and stated because we both did not live in Thailand all we could get is 50%. The bank we are using is Siam bank and they did a good job other than the 50%.


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