Teacher program - as long as the income does not exceed $69,100, it's 3% down, no PMI, all funds including Down Payment can be gifted. Maximum loan amount of $271,050. Can not own any other property at time of closing (you would not be able to be on the loan for qualifying purposes).
First Time Home Buyer - no income limit, 5% down, no PMI, all funds including Down Payment can be gifted, maximum loan of $417,000, minimum credit score of 680, first scheduled mortgage payment is delayed an additionsl 3 months after closing (interest free). Again, if he can qualify without your income, this would be acceptable.
I'm in the Dallas area. email@example.com... more
This all sounds good....
Call me and I will recommend a great loan officer for you.
We work with a lot of international clients and while almost every loan officer I've ever met will tell you they can do the loan, most call screaming the day before the loan is ready to close only to tell you they didn't realize this visa, or that length, or XYZ won't work for them.
The lenders I use are used to working with international clients so will either tell you up front they can do it or they can't and not string you along allow you to waste money only to tell you at the 11th hour they can't do it.
Also we always always always recommend you use a realtor when purchasing a new home. Lots of things can and do go wrong and you want someone there in your corner fighting for your rights who is experienced when they do.
Keller Williams Realty... more