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Natural born Filipino now an American dilemma
Hi! I have a client who is a Natural born Filipino who is now an American citizen, wanted to purchase a house and lot. He has the financial capacity to purchase however, when he applied with the bank for a housing loan. The bank answered that he may be allowed,however he needs to apply for dual citizenship before a loan will be guaranteed to his account. Both he and his wife are now American citizens. The wife even told the bank personnel if would it be okay if she will be the one to apply for dual citizenship instead of her husband. But she was advised that this is not possible because as of this time she is not currently employed. My question is, is there any way wherein their bank loan be approved? Is there any law as basis for the bank's policy with regard to loan approval with those who were former Filipinos?
Thanks once again for your helpful ideas! :)
They may try to check if their US Bank will allow a loan for a property outside of America...
You may also "try" if an international bank like Citibank or HSBC will allow them as Filipino Americans to take out a loan.
You may also ask the developer if they can just have a special long term in-house loan...
These are all suggestions and are not guaranties..
This very well have a good knowledge useful for everyone, very sticky.
I should bookmark this thread. thanks!
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