You will benefit from establishing US Credit first. Otherwise you will be restricted to specific programs which will require larger down payments than what you have available - and they will also have higher interest rates. Establish your credit in the US over the next 6-12 months. This will also allow you some time to become familiar with the city and the possible areas that you may want to consider purchasing a property.
I would be happy to walk you through the process and answer any questions that you may have
Senior Vice President of Mortgage Lending
o: 773.290.0455 / m: 312.217.4030 / f: 773.516.6056
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 224518
As others have indicated, it's best that you speak with a lender directly. Feel free to contact me directly. I am happy to help.
Vice President of Mortgage Lending
While banks now are required to follow stricter guidelines these new guidelines protect you the consumer as well as the tax payers. Work with
Mary Kay Laurent
Associate Vice President of Mortgage Lending
She is excellent.
As others have indicated, you will need a specialized loan to fit your circumstances. Normal conventional financing is going to require that you first establish legal residency here and start working.
There are foreign national programs available, but every program I know of requires a hefty down payment of 25%-30%. The other area of concern I have is that $55,000/year is really not that much income to be considering that expensive of a condo. Besides just the mortgage payment, there are condo dues, property taxes, and insurance that you need to account for. Plus you need to account for your other living expenses like transportation and food.
I'm not trying to discourage you from buying or saying it can't be done, but I deal in sound advice and I'm just saying you should think about all these things before making a big decision. Just because you can doesn't mean you should. Don't make yourself house-poor and if renting is a better fit then don't feel like you need to buy.
Best of luck in this as well as the new job!