SoCal Realtors/Lenders: 1st time home purchase
08-17-06, 11:06 AM
#1
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SoCal Realtors/Lenders: 1st time home purchase
Any Realtors in SoCal?
haha..actually.... "who ISN'T a realtor in SoCal?"
Any of you on CL? Need some quick advice on purchasing a home. Please PM me.
Me and the girl are interested in buying our first home within the next several months. Our budget will be in the 500-600K range and we prefer to stay in the South Bay or Cerritos areas. The only potential issue is that my gf is not a US resident and is here on a student visa. I am positive there are some particularities involved with lenders regarding non-us residents, which is why i'm asking you guys
Looking for any quick advice to point me in the right direction. Thanks in advance!
haha..actually.... "who ISN'T a realtor in SoCal?"
Any of you on CL? Need some quick advice on purchasing a home. Please PM me.
Me and the girl are interested in buying our first home within the next several months. Our budget will be in the 500-600K range and we prefer to stay in the South Bay or Cerritos areas. The only potential issue is that my gf is not a US resident and is here on a student visa. I am positive there are some particularities involved with lenders regarding non-us residents, which is why i'm asking you guys
Looking for any quick advice to point me in the right direction. Thanks in advance!
08-17-06, 01:00 PM
#2
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Any Realtors in SoCal?
haha..actually.... "who ISN'T a realtor in SoCal?"
Any of you on CL? Need some quick advice on purchasing a home. Please PM me.
Me and the girl are interested in buying our first home within the next several months. Our budget will be in the 500-600K range and we prefer to stay in the South Bay or Cerritos areas. The only potential issue is that my gf is not a US resident and is here on a student visa. I am positive there are some particularities involved with lenders regarding non-us residents, which is why i'm asking you guys
Looking for any quick advice to point me in the right direction. Thanks in advance!
haha..actually.... "who ISN'T a realtor in SoCal?"
Any of you on CL? Need some quick advice on purchasing a home. Please PM me.
Me and the girl are interested in buying our first home within the next several months. Our budget will be in the 500-600K range and we prefer to stay in the South Bay or Cerritos areas. The only potential issue is that my gf is not a US resident and is here on a student visa. I am positive there are some particularities involved with lenders regarding non-us residents, which is why i'm asking you guys
Looking for any quick advice to point me in the right direction. Thanks in advance!
JAY
08-17-06, 08:58 PM
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Real Estate Agent on board.....
Each loan type has different guidelines for citizens of other countries. FHA requires that the home you are buying in this country is your primary residence. You must have a Social Security card, as well as all of the other documentation required for FHA buyers. Fannie Mae requires that you have permanent resident alien status - a green card. If you are a nonpermanent resident alien, an additional down payment, as well as permission to work in the United States for extended periods through a work visa is required, and you must occupy the property. Freddie Mac underwrites loans for permanent and nonpermanent residents alike, with no special requirements for the latter. It is important that you make an appointment with your lender before you select a home so that you will be aware of the financing available for your particular situation. The great news is that homeownership is encouraged for everyone in this country.
Each loan type has different guidelines for citizens of other countries. FHA requires that the home you are buying in this country is your primary residence. You must have a Social Security card, as well as all of the other documentation required for FHA buyers. Fannie Mae requires that you have permanent resident alien status - a green card. If you are a nonpermanent resident alien, an additional down payment, as well as permission to work in the United States for extended periods through a work visa is required, and you must occupy the property. Freddie Mac underwrites loans for permanent and nonpermanent residents alike, with no special requirements for the latter. It is important that you make an appointment with your lender before you select a home so that you will be aware of the financing available for your particular situation. The great news is that homeownership is encouraged for everyone in this country.
08-17-06, 10:04 PM
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Non-practicing Realtor here.
I can tell Cali_Girl knows her stuff about these loan policies. I'm gonna make some suggestions on a practical level. No lender will deny non-residents from taking out a loan. Problem is if she is here on a student visa, she cant have a work visa, which means she has no documented income. If she is in fact not earning any income, and you will be the one paying the monthly payments, you should just take the loan out under your name. Maybe your folks can be guarantors to make it easier to obtain financing. The lender basically just wants to be sure you make enough money to be able to make the monthly payments on time. So income is a big factor, not citizenship status. If she is working cash-only places where she does not report any income tax, and her income is needed to purchase this home, then you can try private lenders that require no income documentation. You pay a much higher interest rate, but you pretty much are guaranteed to get the loan since the home will be collateral for the loan. Also, the more your down payment, the less risk it is for the lender, and as a result, you get a better interest rate. Makes sense?
I can tell Cali_Girl knows her stuff about these loan policies. I'm gonna make some suggestions on a practical level. No lender will deny non-residents from taking out a loan. Problem is if she is here on a student visa, she cant have a work visa, which means she has no documented income. If she is in fact not earning any income, and you will be the one paying the monthly payments, you should just take the loan out under your name. Maybe your folks can be guarantors to make it easier to obtain financing. The lender basically just wants to be sure you make enough money to be able to make the monthly payments on time. So income is a big factor, not citizenship status. If she is working cash-only places where she does not report any income tax, and her income is needed to purchase this home, then you can try private lenders that require no income documentation. You pay a much higher interest rate, but you pretty much are guaranteed to get the loan since the home will be collateral for the loan. Also, the more your down payment, the less risk it is for the lender, and as a result, you get a better interest rate. Makes sense?
08-17-06, 11:59 PM
#6
Pole Position
Not a US citizen? There's always Wells Fargo Home Mortgage. They no longer require proof of citizenship. I know that was a big debate during the whole immigrant fiasco not too long ago.
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