Financing in 78731>Question Details

Andy, Home Buyer in 78731

Can an international graduate student (on F1 student visa) get mortgage?

Asked by Andy, 78731 Sat May 26, 2012

I am currently a Computer Science PhD student on F1 student visa of UT Austin, and I am planning to buy a condo/house in Austin, TX.
I have 5 more years to finish my program, and I am now supported by a combination of fellowship and research assistantship (20 hours assignment). That is a monthly income of 2500.
So I think I can afford a monthly payment of less than 800.
Plus, I can find summer internship easily which can easily bring me a income of 20K in a 3 months window.
Besides, after I finish my PhD, I am pretty sure that I can find a job in the US to go on with the rest of the payment.
For the down payment, I have over 50K. And the properties I am looking at are all below 130K. So is there any chance I can get any mortgage approved?

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Selling Austin/Joe C., with $50,000-$70,000 down on a home worth $130,000 or less, there are always lenders/investors available if you're purchasing within the continental United States and the property appraises. With all due respect (as my father was also in the USAF and you are a fellow K.W. agent), I know you've only been a realtor for a few months, but after some time and experience, you will also find many lenders for many different situations. Joe
0 votes Thank Flag Link Mon May 28, 2012
LOL! I'd like to know what lender that guy works with! This isn't 2007 and I would say if you can get a mortgage without actual citizenship or being a resident alien you are fortunate.
0 votes Thank Flag Link Mon May 28, 2012
Andy, I just heard back from one of my lenders and he thinks you would be able to get you a mortgage with your current criteria. He would need to talk to you so if you could contact me and give me your contact info, I can have him give you a call and run the numbers, etc. If I do not pick up when you call, please leave your full name and phone number and email address and I will forward it to the lender ASAP. Thanks, Joe Jarusinsky, Keller Williams Realty, 512-261-4415
0 votes Thank Flag Link Sun May 27, 2012
Short answer is yes you can.
For your benefit i prefer not discussing sensitive financial information publicly but if you're serious I can have the right financial specialist call you and we can discuss the best options, and make sure you're well informed. Give me a call or send me an email to get started.

Real Estate consultant / Realtor
Team ranked top 20 nationally: The Wallstreet Journal
0 votes Thank Flag Link Sun May 27, 2012
Andy, just an FYI that there is more than one game in town. I just left messages with two of my lenders who work with clients like you and I'm hoping to hear an answer back soon, although it is a holiday weekend. Feel free to give me a call or send me an email with your direct contact information and myself or one of my lenders will get in touch with you as soon as possible with a more definitive answer. I'll do my best for you! Thanks, Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, 512-261-4415

By the way, if you're not yet working with a Realtor, I'd be happy to assist you at no cost to you. I'm a Residential Specialist, and work with many foreign students and investors from all over the world. I have a great team of lenders, inspectors, title people, etc. that you can have at your disposal. Joe
0 votes Thank Flag Link Sat May 26, 2012
Yes, you can certainly buy a property but there is other criteria like credit scores etc. I suggest, however, that you have your 50K in US funds and not wait for funds be transfered internationally. Let me know if I can assist.

Tom Hess
Real Estate Broker/PLR
Certified ECO Broker
Cell: (512) 567-8522
0 votes Thank Flag Link Sat May 26, 2012

You don't actually need a credit score, but you do need income that will continue uninterrupted into the future and I'm not sure the income you have will be perceived that way. Regardless, the only game in town for a foreign national (one without 2 years of U.S. credit history) to get a mortgage is Shelly Molina at BBVA/Compass. Her contact info follows my signature line. Call her and discuss your details, then let me know if I can help you purchase the place you're looking for.

Jeffrey Schnabel

Shelly Molina
NMLS# 227533
Mortgage Banking Officer
5800 N. MOPAC Expwy.
Austin, Texas 78731
Cell: 512-659-6700 Fax: 205-524-0468
Apply online:
Hablo Español
0 votes Thank Flag Link Sat May 26, 2012
You may have the necessary income. But, to get a mortgage, you'll need some credit history. What's your credit score?
Web Reference:
0 votes Thank Flag Link Sat May 26, 2012
My credit history is less than a year and I have never checked my credit score. Now I have one credit card. And every month I can pay the balance (around 1000) on time.
Flag Sat May 26, 2012
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