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Answers (15)
- keen2know
- Contributions:1
what are the best options for somebody whose going on f1 after being on h1 to buy a house in the us?
- Pasadenan
- Contributions:21450
Just wondering... have you checked with a bank headquartered in your country of origin, but that has a branch somewhere in Southern California?
If your dad qualifies for a sufficient loan in your country of origin, it is possible that a bank headquartered there that has a branch here could arrange for it to happen. Anyway, it seems to me like it would be worth checking into from both ends. For some reason, I highly doubt that you would get present U.S. mortgage rates though.
If your dad qualifies for a sufficient loan in your country of origin, it is possible that a bank headquartered there that has a branch here could arrange for it to happen. Anyway, it seems to me like it would be worth checking into from both ends. For some reason, I highly doubt that you would get present U.S. mortgage rates though.
You really thought I wanted a definition of foreign national? Wow! Greg, I know bofi lends to foreign nationals, the f-1 complicates that. It's like saying that wells fargo will loan to a 500 credit score for FHA. While that is true, a person with a 30 day late in 12 months will be disqualified just as a person with a f-1 will be because they can have no income. Bofi does not lend to every foreign national because they say the do foreign national loans. They still have guidelines for foreign nationals. Please excuse the punctuation because I get lazy on an iPad.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Foreign National is not a status, it is simply a term for "an individual who is a citizen of any country other than the United States."
LINK
Someone here on an F-1 Visa is indeed a foreign national.
LINK
Someone here on an F-1 Visa is indeed a foreign national.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Chuck,
BOI is very clear that their program is for Foreign Nationals that desire a 2nd home in the states. This borrower would not qualify due to low down payment and low loan amount. As Ray mentioned, they require 50% down and minimum loan amount is $300,000. Besides Private Money I don't see any other options for the OP.
Happy funding, Rudi
BOI is very clear that their program is for Foreign Nationals that desire a 2nd home in the states. This borrower would not qualify due to low down payment and low loan amount. As Ray mentioned, they require 50% down and minimum loan amount is $300,000. Besides Private Money I don't see any other options for the OP.
Happy funding, Rudi
- Ray Blindauer, "SigmaWealth"
- Contributions:246
B of I won't require a Visa of any type. I don't have a link, but here are the guidelines:
Foreign Nationals:
· The borrower has no Green Card and no VISA.
· No Fico required…four credit references required – alternate credit from country of origin is okay…international credit reports are also acceptable.
· Max 50% LTV; Second Homes okay.
· Not necessary to have U.S. tax returns…tax documents from country of origin is okay.
A foreign national is not the same as a person on an F1 Visa. While a person on a F-1 is a foreign national, usually a person on an F-1 returns to their country of origin unless they take advantage of OPT or are sponsored by their employer on an H-1B after completing studies. While BofI does have foreign national programs, I see nowhere that they say they will lend to a F-1 student Visa.
Do you happen to have a link. It's not that I don't believe you, I would just like to see it for myself.
Thanks.
Do you happen to have a link. It's not that I don't believe you, I would just like to see it for myself.
Thanks.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Yep, Bank Of The Internet is one of them. We have a couple of branches on the Hawaiian islands and we use them a lot for things most lenders can't do, such as condotels. Their foreign national program requires the home to be a second home and 50% down, also for the borrower to have at least applied for a TIN or SSN.
But there are others that allow for it to be a primary residence and as little as 30% down.
Greg
- Ray Blindauer, "SigmaWealth"
- Contributions:246
Bank of Internet are the ones with a liberal foreign national policy. I would imagine if you have half down and your borrower stops making payments, you're in a very good equity position on the property.
And I would imagine that from the borrower's side, if he or she puts $150,000 or more into a home, they would try a bit harder to make the payment than with less.
And I would imagine that from the borrower's side, if he or she puts $150,000 or more into a home, they would try a bit harder to make the payment than with less.
I am curious how the people that say this can be done, do it. An F1 visa does not allow you to work in this country except for limited circumstances. How exactly, even with 50% down, would someone approve you for a mortgage without income?
You say your father has income, so will he be on the mortgage? If so, that's a different question.
You say your father has income, so will he be on the mortgage? If so, that's a different question.
- Bart Gabe, "BartGabe"
- Contributions:14
We offer a TRUE foreign national loan in all 50 states. A 30% down payment is required along with a US bank account, and is available to anyone from a US friendly country purchasing a home in the US for $300,000 or more. If you would like to discuss the program in more detail, feel free to call me at [edited by Zillow moderator to remove contact information. Please refer to Good Neighbor Policy]. Thank you.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
There is at least one correspondent lender who can do this, but their minimum loan amount is $300,000 and you'll need 50% down. It's not private money (high interest rate, high fees), the rates are in the 4's and 5's.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Generally speaking the answer is no, most banks will want your to be a resident alien, but that doesn't mean there is no one that will do it. You're probably going to have to put at least 30% down and the terms will not be very pretty but I'm sure there is a loan out there for you.
Sincerely,
Greg
Sincerely,
Greg
- ckaiyuu
- Contributions:2
Thanks a lot.
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
Absent paying 100% cash I don't see this working. You are not eligible to be a borrower in the U.S. with most lenders on a student Visa.
Can international student with F1 visa buy house? Are they able to get loans?
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