Financing in 92115>Question Details

H.J.Wang.Hun…, Home Buyer in San Diego, CA

Looking for mortgage lenders provide loans for foreign national (F-1 visa) with low down payments and interests rates.

Asked by H.J.Wang.Hunter, San Diego, CA Wed Apr 11, 2012

Hello Loan Officer,

I hope you can help me with getting a better mortgage loan. Here is the overview of my current credit situation:

Credit Score: 700
Credit History: 10 Month
Employment History: 9 Month
California Residence: 5 years
Immigration Status: Student (F-1)

My goal is to purchase 3 to 4 small-size condo at about 70K each, or about 300K combined. One of them will be the home of my own in San Diego, and the other ones will be the investment properties in San Diego or Los Angeles county.

By the end of this month I will have about 110K dollars cash available. Due to my credit situation, my current lender requires at down payment of at least 40% for private residence, and 30% for investment with a relatively high interest rate. It also sets the limitation on the total budget (250K to 300K). However, if you have any resources to obtain a loans with lower down payments and lower interest, please feel free to contact them to me.

Thanks again for your expertise.

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Gregorio Denny’s answer
You are not going to find financing on an F-1 visa because you cannot work in the US on that Visa. Foreign National financing may be available but not for someone on a student Visa. If your current lender has a program for you, you should take that offer.
0 votes Thank Flag Link Fri May 25, 2012
I have a lender that could do 10% loans for foreign nationals, but on properties higher than 350k. Good luck,

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91913
efax 619-270-2516
0 votes Thank Flag Link Fri May 25, 2012
Good morning Mr. Wang!

My advice to you is to listen to your current lender. You are not going to find many lenders offering a lower down payment or lower interest rate to a non-resident with a limited credit and work history.

The mortgage crisis has reduced your financing options to what you have been quoted as most all portfolio lenders who used to cater to foreign nationals like yourself are no longer in business.

You are are doing the right thing by buying up SoCal real estate as you see we have hit the bottom of this real estate cycle and although the recovery will still have ups and downs, they are minor compared to the upside potential to make some great investments.

Good luck and keep investing in America!

0 votes Thank Flag Link Thu Apr 12, 2012
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