I Am A Foreign National On A H1-b Work Visa And I Would Like To Buy A House In Ny? How Do I Go Get A Mortgage?
Hi, my brother goes to school at Hofstra University in Long Island, NY and I would like to buy a house for him to live in, so that he can rent out the other rooms that will hopefully cover the mortgage payments and give him some extra spending money, while the property appreciates in value as he finishes college.
I was working in Texas before on a H1-B (work) visa but I had to leave last month due to the death of my father. My visa is still valid but the company I was working for will be sold soon and my visa will probably be cancelled. FYI i have a british passport. however, the salary that I paid there wasn’t very much, about $36K a year. The houses that I will be trying to buy will be at least $350K to max $500K because NY real estate is just expensive in general.
My main concern is getting a mortgage. My past income isn’t nearly enough to qualify on its own but I do have money that I have inherited (high seven figures) recently in foreign bank accounts. My question is, will those bank accounts be enough to get a mortgage or will there be other stuff I need to provide as well? I do have a US social security number and my FICO score is 750 but the only credit given to me is a Capital One credit card with a $500 limit. Yes you read that correctly. My question is mainly how I would get a loan. How much can I expect to put down, given my circumstances.
For those of you familiar with the area, Hofstra is in Hempstead, NY which isnt a particularly nice neighborhood but the city of Westbury is close by and much nicer and I would think that it would be a safer investment. There is also a good deal on a house in Uniondale but it [uniondale] ranks somewhere betweeen Hempstead and Westbury in my opinion. Please advise on the mortgage or on buying in the area if you’re familiar. Thanks!!
House Damage, Insurance Check & Mortgage Company Rules? Some Stuff Not Included Under Mortgage.?
Survived Hurricane Ike with a lot of damage. Nearly 20K. Because of the amount is over 20K the mortgage company tacks on a LOT of rules – one is Licensed Contractor, the county I live in doesn’t require that. You aren’t allowed to DIY. Also they will only give out 1/2 and then you have to wait for their inspector to come out once EVERYTHING is done. Two items put my insurance claim over the DIY limit – a Shed & a building we were in the process of building & wasn’t part of the original mortgage.
With all the mortgage companies going down, my thoughts is bucking this & at worst find an escrow company.
My mortgage company is Saxon & doing some research, seems they have many complaints regarding releasing insurance funds AND paying out escrow (taxes & insurance). They weren’t my original mortgage company, but mine was sold 3? times…. I just want my money to fix my property – some things like PAINTING I can do myself, jez….
Thoughts? Is this LEGAL (requiring a contractor for everything)? Anyone? I’m in Texas