Home Buying in New York>Question Details

Jon Boness, Home Buyer in Queens, NY

I am a UK citizen, resident in the US with a L1 visa. I have spoken to Chase who require a 20% downpayment. Will this be the same for all lenders?

Asked by Jon Boness, Queens, NY Sun Aug 4, 2013

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Answers

10
your should really speak to a lawyer who specializes in helping foreigners buy real estate before you talk to banks. I have a couple of lawyers I work with who can give you a consultation free of charge.
First where are you looking and what is your budget?

Best regards,

Ella Chavers
Real Estate Sales Agent
Douglas Elliman
echavers@elliman.com
0 votes Thank Flag Link Mon Aug 5, 2013
Hi Jon,
Check with other lenders as well as mortgage brokers to know for sure, Wih your residency status, there might be restrictions that we as real estate professionals are unaware of and therefore may advice you incorrectly.

Janet
0 votes Thank Flag Link Sun Aug 4, 2013
Hello Jon It would be best to ask a mortgage broker where they would have a list of banks that they work with and help you to compare one program to another.
0 votes Thank Flag Link Sun Aug 4, 2013
Hi Jon. While I believe the mortgage pros on Trulia can give you a more specific response I did want to respond as well. What type of property are you looking to purchase? Most Coop building would require a 20% downpayment anyway as it's their own requirement, not the Bank. You'll need to consider post closing liquidity along with work continuity and your overall financial situation. Are you lookng in the Queens vicinity or Manhattan? You'll find very well priced property in Queens and if I can be of service, please don't hesitate to contact me through Trulia. Good luck.
0 votes Thank Flag Link Sun Aug 4, 2013
Even at 20% down you might have difficulty obtaining a mortgage should the building not qualify....here in Manhattan where the major housing stock consists of coops and condos sometimes sponsors own too many of the units or other non qualifying scenarios...there are many coops which require 50% or more to become a shareholder!
0 votes Thank Flag Link Sun Aug 4, 2013
Most loans originated right now happen to be with less than 20% down payment. You can get a loan with 20% down payment just as easy as a loan with 3.5% down payment. It's all about what one qualifies for.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Aug 4, 2013
Hi Jon,

In this market, it is very unusual to get more than 80% financing regardless of your status.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Sun Aug 4, 2013
Jon there are several other factors that come into play. I suggest you simply meet with another lender and see what they say. Residency status, almost always, doesn't dictate the down payment amount, it's part of you qualifying for a mortgage as an eligible borrower.

I have offices in Queens where we can meet at if you need a reliable Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Aug 4, 2013
Hi Jon,

It will be the same for all lenders. I had a similar situation with a client recently.

Call me if you need any assistance for the purchase process.

Best,
Akilah Williams
646-243-4516
0 votes Thank Flag Link Sun Aug 4, 2013
At least Jon!

Many require 50% down.

If you would like to speak further and work together to find your next home, please do not hesitate to contact me and let's make it happen!

JohnJourden
Mobile Office: 646-841-4164
Fax: 212-370-0490
The Spire Group
Licensed Real Estate Salesperson
0 votes Thank Flag Link Sun Aug 4, 2013
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