Real estate for foreigners

**G.M.** · 08-26-2008, 10:30 PM

Hi!

I will describe my situation shortly, and I would be very thankful for getting some comments on it, because I really do not know what to do and what to start from...

I am an international student, and at the moment I'm taking graduate program at the university in Michigan (I have F-1 visa). I opened an account in the bank (53 Bank) a week ago or so, because my parents and I are very interested in buying reаl estate here in America... I will study here, in Michigan, for the next year and a half, and hopefully get my degree by winter 2010. Then I'm planning to move to Austin, Texas for taking PhD program... I already know that I will live in Austin, so I'm interested in buying the house in Austin or close to it.

I don't know anything about how to take a loan from a bank, and if it is possible for foreigners to get money from the bank, what are the main rules? I would like to buy the house in 6-12 months, I don't want to hurry, but at the same time I do not want to wait for too long, so I started searching for houses already... What I found out is that is too difficult to find a good house in a good area of Austin (at least, because I don't know the city well enough, though I have been there few times), so I will definitely need a realtor/person who could help me and assist through the whole process of finding/buying/paying, etc.

1. Could you recommend me an agency or a place where I could go to? Can I buy a house being in Michigan? I have good friends in Texas, and their family could also help me with obtaining the house, even if I am here, in Michigan.

2. What documents/proofs should I have for having a possibility of taking a loan from a bank?

Thank you very much in advance for any information,
Gala

**Codythebest** · 08-27-2008, 06:23 AM

America is not open for business like in the past unfortunately, thanks to Bush. You'll have just a hard time...unless you have the cash. I think you might get something with at least 20% down, or you go owner financing.
If you a newer foreigner here, forget mortgage and stuff, it just won't happen. Get a SSN and build a credit history. It will take between 12 and 24 months to get something. And I challenge any mortgage broker here.
To increase your score, you need to know the how to. Just by paying your bills on time, all the time, will stuck your score at about 685 ish...
And you'll need at least 720 to have a door open. Ask a mortgage broker tips and trick on how to increase it. But again, you're a foreigner...
I'm a foreigner here since 1994 and I know the full aspect of you question...U.S. citizens have no or little clue about it because they don't have to experience this.
Good luck!

**jamesww** · 08-28-2008, 03:37 PM

Cody is correct on how difficult it can be to get a loan right now for foreigners. A big reason for this is that most lenders are afraid that the buyer can just pick up one day and move home with little or no recourse.