Is having house loan debts in your home country will prevent you and your partner from getting a house together in the US in the future?

[KT283294 0]

Hi,

 

I’m from Thailand. Me and my SO are currently waiting for K1 Visa to get approved. It’s gonna take a long way to go for us to get a house together in the US in far future but we’re worried about it as I want to get a home loan in Thailand before moving to the US for my family. The house costs around 3.5m Thai Baht or around USD 120k. It would me on my name. I will have to pay for it monthly around 400$ a month but with helps from my sister and brother. So it won’t be more than $150 for me monthly to have to cover it for years.

Well in case I may have this mortgage loan follows me to the US. Let’s say in 5-10 years later when I have a good job and credit scores. Will it be effecting me and my SO much to joinly get a house together as I have debts in Thailand still? Or is it will prevent us to get big amount of loans to certain limits?

 

Thank you so much in advance for answers!

[Crazy Cat 41,918]

You will have to report it as a liability on your I-944 when you adjust status.  I see no real impact on getting a home mortgage in the US.

 

https://learn.simplecitizen.com/immigration-support/form-i-944-required-supporting-documents/#:~:text=the asset's worth.-,Liabilities %26 Debts,unpaid child support%2C or liens.

 

"USCIS requires documentation for all liabilities and debts for the immigrant beneficiary. The most common liabilities and debts are mortgages, car loans, education related loans, credit card debt, personal loans, unpaid taxes, unpaid child support, or liens."

Edited January 2, 2021 by Lucky Cat

[Mike E 11,739]

On 1/2/2021 at 11:21 AM, KT283294 said:

Well in case I may have this mortgage loan follows me to the US. Let’s say in 5-10 years later when I have a good job and credit scores. Will it be effecting me and my SO much to joinly get a house together as I have debts in Thailand still? Or is it will prevent us to get big amount of loans to certain limits?

 

 

When you apply for a mortgage in the USA, you will tell the bank about your current debts.

 

The $400 a month you pay on your Thai debt will be part of your debt to income (DTI) ratio: the total monthly debt payments divided by the total monthly income. The mortgage (principal, interest, insurance, and property tax) is part of the monthly debt payment. As are nay credit card payments.

 

If your DTI is too high, you will be denied a mortgage.

Edited January 12, 2021 by Mike E