Short answer
Yes, with extra paperwork. Fannie Mae and FHA can count income paid in foreign currency by a foreign employer or government if it shows on your last two years of U.S. tax returns. Savings held abroad can be used for Fannie Mae loans once they're converted to U.S. dollars and moved into a U.S. or state-regulated bank before closing. Foreign documents must be in English or translated.
How is foreign income counted?
Fannie Mae's Selling Guide (B3-3.2-02) defines foreign income as pay from a foreign corporation or government in foreign currency. You need signed U.S. federal tax returns for the most recent two years showing it, documents in English or with complete translations, and all income converted to U.S. dollars.
HUD's Handbook 4000.1 is similar for FHA: the income must have been received for the previous two years and be reasonably likely to continue, the lender gets two years of complete tax returns, and it averages the income over those two years.
Can I use savings held outside the U.S.?
For Fannie Mae loans (B3-4.2-05), the lender must document where the money came from, and foreign assets must be exchanged into U.S. dollars and held in a U.S. or state-regulated financial institution, with the U.S. dollar balance verified before closing. A large deposit from the transfer is reviewed like any other large deposit, so keep the records of the exchange and the wire.
Tips for a smoother file
- Move funds early, so statements show the money in your U.S. account before closing.
- Get complete, accurate translations of foreign pay records, bank statements and gift letters.
- Keep the wire confirmations showing the money leaving the foreign account and arriving here.
- If you're not a U.S. citizen, see mortgages for non-U.S. citizens.
See also letters of explanation for large deposits and IRS Form 4506-C.
Sources
- Fannie Mae Selling Guide, B3-3.2-02, Standards for Employment-Related Income (03/04/2026)
- Fannie Mae Selling Guide, B3-4.2-05, Foreign Assets (05/04/2022)
- HUD Single Family Housing Policy Handbook 4000.1, Update 18 (August 2026), Foreign Income
Checked November 2, 2026. Rules and dates change, so confirm current details before you rely on them.
General information only, not tax or legal advice. Program availability, eligibility and terms vary by lender and are subject to change and to underwriting approval. Not a commitment to lend.