Home Buying in San Francisco>Question Details

Kim, Home Buyer in SF Bay area

How can a foreigner buy a condo in San Francisco with 40-50% down payment, meaning that the other 50-60%?

Asked by Kim, SF Bay area Tue Jun 10, 2008

needs to be from a mortgage? I'm a permanent resident and willing to cosign if my foreign relative can get a mortgage or I'm willing to be on the mortgage by myself. Then, is it possible for me to get a mortgage for someone else's house or do I need to be a co-owner of the condo? Eventually, I will pay the mortgage anyway no matther if it's under my relative's name or mine. If I pay the mortgage for someone else's house, is it considered as a gift and do I need to report it to IRS?

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Hi Kim:

Yes, you definitely can help your realtive buy a house in the Bay Area - I have a few clients who do that differently (on title, gifts (which has a limit) , none gifts, etc).

Let me know if you need a mortgage broker to give you more details (I am a Realtor and will not be able to give you all the detailed, up to date information about how to get the loan for situation like yours.

Sylvia
0 votes Thank Flag Link Wed Jun 11, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Yes, foreigners can buy houses and get mortgages in the States. No, you can't mortgage someone elses house - no bank will give you a loan on a home you don't own. Most of the rest of your questions like the one about "gifts" should only be asked of a tax professional, however, if you are on Title, and you pay 100% of the mortgage, you should be able to claim 100% of the tax deductions.

On the other hand, if you're paying the mortgage and not an owner... you are technically a renter and can't claim home ownership related deductions. But again, please consult a tax professional for tax questions. If you want to start a home search try http://www.automated-homefinder.com
Web Reference: http://www.SFisHome.com
0 votes Thank Flag Link Wed Jun 11, 2008
typically a foreign buyer needs to have atleast 25% downpayment - you may feel free to contact me should you want to proceed. Sam Pilli - http://www.samuelpilli.com 650-278-0333
0 votes Thank Flag Link Tue Jun 10, 2008
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