Financing in 10030>Question Details

Jean, Home Buyer in 10030

I am a non-resident living in the US (E2 visa). What will be my minimum down payment & interest rate when buying a home.?

Asked by Jean, 10030 Tue May 24, 2011

4 years living in the USA;
Excellent credit score;
Income low (build my company and re-invest most of the money plus not so good results since crisis period although not losing money);

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in my company you can still buy a home if interested please contact me at 9173704312
0 votes Thank Flag Link Wed Jun 1, 2011
Hi Jean

Great questions, you should be able to get a loan with 3.5% down.
You need to work with lenders such as Citi bank or those on. http://Www.bank rate.com

Good luck.
Perry
0 votes Thank Flag Link Thu May 26, 2011
If your income is low and you have an excellent FICO credit score. If you have sufficient funds, then the limiting factor will be you income...which must be verified.
The lower the income, the smaller the mortgage.
Go to mortgage department in an international bank and get Pre-Approved.
0 votes Thank Flag Link Thu May 26, 2011
Alternatively you would also be fine to get FHA financing since you have a valid SSN/good credit, would occupy the property as your primary residence, and are eligible to work in the U.S. (Employment Authorization Document is required, on an E-2 Visa you generally need a renewal every year, so if you have had a past history of getting renewals then you should be fine as long as that can be documented).

You would be looking at a minimum 3.5% down payment, 4.5% interest rates, and in the NYC area they can go up to $729,750 on 1-unit properties (scheduled to be reduced to $625k later this Fall).
0 votes Thank Flag Link Wed May 25, 2011
You are buying a main residence which generally is seen as the lowest risk for a bank. If you have a good credit score there are several banks who will consider extending you a mortgage. That mortgage will be at market rate and there will most likely be no or no significant difference to an American borrower. The deposit will depend on various factors such as the type of property you want to buy (condo or coop), if it is a new building and the amount of the mortgage you seek. The range differs between 20% and 50%. The larger problem for you will be the low income as banks qualify you based on your ability to repay. As a rule of thumb, about a quarter of your income will be counted towards the repayment of the loan. On apartments bought with us (I am a real estate broker, not a mortgage broker) we do work with a few private banks that are a bit more flexible, you can always email me at nyres@mac.com.
0 votes Thank Flag Link Tue May 24, 2011
As for down payment, much will depend on the price of the property and type of loan; therefore visit with any qualified loan officer, regarding mortgage qualification; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Tue May 24, 2011
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