Financing in 94015>Question Details

Raylam2288, Real Estate Pro in 94015

H1 status, and i make 60000k /years, what types of fiancing out there right now that will suitable for my status?

Asked by Raylam2288, 94015 Thu Feb 2, 2012

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I have a loan program that will lend to foreign nationals but they need to put down 30%. The rates are in the low 3% range. I and not fmailiar with all of the codes but if H1 status alows you to have a social security number, we can do a regular mortgage..
0 votes Thank Flag Link Tue Mar 19, 2013
Hello Ray, real estate loans are based on four(4) factors. 1. income/employment 2. your credit rating 3. How much money you have in the bank 4. loan to value(80% or less loan is best). All these factors and more will determine your interest rate for the loan you need. Also, you need to know how the loan is going to affect your monthly expenses and what tax advantages you receive from mortgage interest. I would be glad to seat down with you and help you understand these factors. You can call and leave a message at 650.295.9527 and I will schedule a FREE meeting to assist in these real estate loan matters. alvin@loans-realty.com
0 votes Thank Flag Link Fri Feb 3, 2012
There is many types of loans out there for buyers. I don't do loans but I do represent clients in real estate of course. When looking for a lender I would interview at least three. Ask all three for good faith estimates. Make sure you compare apples to apples and look at fees and points from the lender not so much escrow & title because they don't control those fees.
Then you need to ask for references. I can not tell you how many times I had clients use a lender because they were the cheapest only to end up loosing the house because the lender couldn't perform. Contracts have time-lines and if your lender can't perform to the contract then you can't. You never want your deposit at risk.
Good Luck!
Web Reference: http://www.laura4homes.com
0 votes Thank Flag Link Fri Feb 3, 2012
Have you filed taxes for 2 years? You should be OK on the loan.
0 votes Thank Flag Link Fri Feb 3, 2012
The programs you can apply for under H1 status are either FHA or Conventional financing. Granted you have to meet the other requirements as well but those are the programs your visa allows access to.
0 votes Thank Flag Link Fri Feb 3, 2012
Hi Ray,
As you may know, banks will look into your debt ratio, your income, your credit score and your savings.
The FHA program will allow you to buy a property with 3and 1/2 percent down. If your savings are consistent that's better.
If you are planning to purchase a property, please call me (650) 291-9792, I will introduce you to a loan agent who will do the math for you and provide you with the pre-approval letter that will determine the $ value of the property you can purchase.

I highly encourage you to do so, we have several properties offered for sale - in San Mateo County - at an affordable price. I am sure you will be happy with your decision.

Hope to hear from you.
Juliette Najjar
DRE #01118110
Coldwell Banker
San Mateo
0 votes Thank Flag Link Thu Feb 2, 2012
Good evening Raylan,

The answer to your question requires more information than just income. You need to take into consideration what you might owe such as car loans, credit card debt, student loans, etc. Most lenders use what is called a debt to income ration and depending on the loan product, the amount you are putting down, and your credit scores that ratio will vary. As interest rates are at their lowest levels ever you will qualify for more loan/home than at any other time.
0 votes Thank Flag Link Thu Feb 2, 2012
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