Home Buying in Daly City>Question Details

Naw Lu Lu, Home Buyer in San Mateo, CA

I am from Germany, If I have $30,000 and regular income ,can I buy a house in CA near around San Fransico?

Asked by Naw Lu Lu, San Mateo, CA Tue Mar 3, 2009

I just want to buy the house to rent out for purporse.

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I believe you are talking about buying a home for investment purposes. In that case,you would need at least 20% down and would not qualify for FHA. German citizenship would not prevent you from getting financing and would not even be an issue if you have your green card.(I used to be married to a German citizen)
1 vote Thank Flag Link Wed Mar 4, 2009
I think from how I read you live in San Mateo. It's OK if you are not a U.S. Citizen, you can still get a FHA loan as long as you are permanent resident alien. $30,000 is plenty for the down payment, it will all come down to what your salary is and how much other debt you have (car loans, credit cards, student loans).
0 votes Thank Flag Link Sat Mar 7, 2009
Nowadays most lenders require home buyers to put down at least 20% as down payment. One exception is FHA loan, which requires 3% down payment. 2 Bedroom houses around San Francisco, eg. Daly City, Pacifica, etc. normally cost $400,000. If you can settle down with a condo, of course lower in price.

Bear in mind besides down payment, you still need to have reserve for mortgage payment , closing cost, and some repair work. I am not sure whether you can get prequalification from a lender. Speak to a lender to find out your status.
0 votes Thank Flag Link Tue Mar 3, 2009
It's possible, Naw. You need to get in touch with a lender, though. If you've cleared citizenship, you'll have a lot of more options for financing.
0 votes Thank Flag Link Tue Mar 3, 2009
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