I'm a US citizen, living abroad (perm.) I'd like to buy a property, am I 1st time buyer or investor?

I'd like to buy a property for rental income/security etc. I'd be a first time buyer, and I'd have a tenant live in the home. European banks can't lend to me for the purpose of buying outside of my EU country, so I'd like to find a smart, capable US bank.

Anyone have some advice?
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April 30 2013 - Ybor City
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Answers (3)

You really need to work on your "foreign national" financing first to see what your buying options are. 

Financing is not as easy as it used to be...and no you do not need to be an "owner occupant".  You would purchase this as a second home to rent out seasonally or an investor property that is 100% rented.

Eve
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May 02 2013
Where do you want to buy?
I think that Ron's information is a little misleading in that you don't have to occupy a home to purchase in the US whether you are a first time purchaser or not. 
And if it is purely investment property your minimum amount of equity (down payment) will probably need to be 25%. 20% would be more like a second home (vacation property) and not purely investment/income property.
You'll also need to demonstrate some experience in being a landlord to convince a lender that you are a suitable risk.

Back to the first question:  where do you want to buy?
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April 30 2013
First time home buyers must be owner occupied. If you're going to rent the property out you would need to put down 20% and the interest rate is normally higher than owner occupied homes. If you would still like to persue this investment our team has had great success working with  [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Team Pepka
Keller Williams Realty
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April 30 2013
 
Related Questions
I'm a US citizen, living abroad (perm.) I'd like to buy a property, am I 1st time buyer or investor?
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Latest answer by Mike &Eve Alexander - Buyers Broker
May 02 2013 | 3 answers
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