i am a permanent resident with no income but I can pay upto 20pc down and monthly payments from my native country income pl advice how i can purchase

Asked by Shahidur Rahman, 02421 Wed Jul 28, 2010

a multi family income property

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William Patt…, Agent, Boston, MA
Fri Aug 6, 2010
Hello Shahidur,
I suggest that you visit the closest bank to the property that you are looking at. The local, smaller, banks have slightly looser lending regulations and are more comfortable making loans in their market (area).

Good luck!!!

Bill P
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Wed Aug 4, 2010
Hi Shahidur

Good question and good responses on the board.
A normal lender on an investment property is looking for twenty five to thirty percent down.
While tough it will be doable, Ting has some ideas and if they don't pan out do get in touch with a
Hard money lender.

Based on what you described about 95% of the lenders will not be interested in your business.
If the multi unit is more than four units it will be even tougher, as those become commercial loans and with no income
Are tough

Best regards
Web Reference:  http://Www.ruthandperry.com
0 votes
Tean Wong, Agent, Boston, MA
Wed Aug 4, 2010
I met with a mortgage broker today who had just got a mortgage for an alien who has no credit and no source of income in this country. The interest will be a little higher and you option can be limited but definitely is something worth looking at. If you need to meet with this guy please let me know. I don't want to post his contact info on the web with out his permission.
Web Reference:  http://www.inbostonnow.com
0 votes
Spirit Messi…, Agent, Tucson, AZ
Mon Aug 2, 2010
FYI, talk with a lender. However, things have changed the past couple of years. To give you an idea, stated income can't get a loan right now, and they are actually making money. I highly doubt you can get a loan, but talk with a lender and find out for sure, it is free for you to do. Good luck.
0 votes
Jessica Kraj…, Agent, Boston, MA
Mon Aug 2, 2010
It is very tough to get a Mortgage if you have no income. Think about it, would you loan money to someone who has no poof of income? is there any way you can prove consist income form you native country and that it will continue?
0 votes
Elizabeth He…, Agent, Agawam, MA
Thu Jul 29, 2010
Hello, Shahidur!

About 7 weeks ago I attended an international real estate seminar regarding buyers who wanted to purchase real estate here in America with foreign funding. Obtaining financing in this country with no American source of income is going to be difficult, you might want to obtain the financing in your home country and have the funds transferred here. DEFINITELY consult an experienced international real estate attorney!

If I can be of any further assistance I am a member of FIABCI/ International Real Estate Federation and can be reached via elizabeth@elizabethherbert.com
0 votes
Christine Mo…, Agent, Wilbraham, MA
Wed Jul 28, 2010
You need to start with a bank and get information on which type of loan you qualify for.
0 votes
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