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Elda, Home Buyer in Seattle, WA

International Student wants to Purchase an Apartment in Seattle

Asked by Elda, Seattle, WA Fri Dec 28, 2012

Hi, I am an international student in Seattle. I have been in US more than 4 years. I have a credit score around 670 last time I checked (mainly due to short length of time I have been here, but no late payment otherwise). I want to purchase an apartment worth around $100,000. I can put around 25% down payment. I am a PhD student in UW. I have been paying rents last 2 years about $950 per month. I want to start putting these payments rather for my mortgage instead of rent. My parents in a foreign country are going to support me to pay the mortgage if needed to. I am also a major shareholder in a foreign company, so I have earning from there too. But my earning here is about $37K per year, part of which goes to my tuition each year and around $23K would be the remaining.
I am not sure if the best place to start with is going to be my main bank or any other place that works more with international students. Please advise me on this matter or if you do you think even if it is possible.
T

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Your plan may be feasible, but here's something to think about: Are you sure you're going to be staying in Seattle after you get your PhD? If not, then selling the condo could be a major problem when you want to leave, depending on the market at that point in time.

Decades ago, when I was an undergraduate, I bought a condo, and if I'd left Seattle after graduation I would have been selling at a loss, and that may have been true even after law school (not sure).
1 vote Thank Flag Link Fri Dec 28, 2012
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Better Homes & Gardens Real Estate
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0 votes Thank Flag Link Sat Dec 29, 2012
I suggest you start with the real estate broker first; the relationships we have with our preferred lenders make the process a lot smoother than starting with the money people first.

There isn't a lot of selection, with inventory being as low as it is, but I think you've got a good chance of making this happen.
0 votes Thank Flag Link Fri Dec 28, 2012
If you look at my website you will see that this is one of my specialties, if not the one I focus on the most. click on the photo to open up my personal profile.
You'll need to work with a small local bank, not Bank of America, Wells or Chase. I can make some referrals for you.
I've lived in the Ravenna neighborhood for over 30 years so know this market very well.
I look forward to hearing from you via email.
Web Reference: http://www.nwhome.us
0 votes Thank Flag Link Fri Dec 28, 2012
Elda,
I think it may be possible. It will likely come down to how a lender considers your income and if you have much other debt. Your first stop could be a Realtor or a Lender, but the lender will be the necessary step for pre-approval. Rather than walk into just any lender a great Realtor will have recommendations to lenders who have served them well and may have the ability to arrange the financing.
0 votes Thank Flag Link Fri Dec 28, 2012
Thanks!
Flag Fri Dec 28, 2012
Elda,
I'm one, so are the others answering the question. You can look at our profiles, our websites and our other answers to find one you feel confident in. I'm sure we would all be happy to help.
Dan
425-868-7653
Flag Fri Dec 28, 2012
Thanks, Can you advise me on how to find the Realtor?
Flag Fri Dec 28, 2012
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