When to buy property in the US.

Closed Thread Subscribe

Thread Tools

Apr 29th 2014, 2:19 pm

#31

Bob

BE Site Lead

Joined: Aug 2004

Location: MA, USA

Posts: 92,172

Re: When to buy property in the US.

Quote:

Originally Posted by hungryhorace

When I looked to secure a mortgage on an L-1A with an annual income of around $175k no bank was interested. I had to wait until I was green carded before they would entertain offering me a mortgage.

The missus knows someone pulling $30K a month and someone sitting on $2M cash with $160K passive annual income, both with no real credit history for various reasons get turned down for mortgages, not even big ones.

Lenders can and are very fussy in our neck of the woods.

Apr 29th 2014, 2:48 pm

#32

MCDesi

Forum Regular

Thread Starter

Joined: Apr 2014

Location: MA - Metrowest

Posts: 77

MCDesi is an unknown quantity at this point

Re: When to buy property in the US.

Quote:

Originally Posted by Bob

Wow

Apr 29th 2014, 2:56 pm

#33

hungryhorace

Banned

Joined: Apr 2013

Posts: 5,154

hungryhorace has a reputation beyond repute

Re: When to buy property in the US.

Quote:

Originally Posted by Bob

If I had that kind of money sitting around, i'd be buying a home for cash :-)

Apr 29th 2014, 3:15 pm

#34

Bob

BE Site Lead

Joined: Aug 2004

Location: MA, USA

Posts: 92,172

Re: When to buy property in the US.

Quote:

Originally Posted by hungryhorace

If I had that kind of money sitting around, i'd be buying a home for cash :-)

The first wanted $75K loan to build up personal credit, was dropping $650K cash on a house.

The second, wanted $200K loan on a commercial property after dropping $450K cash.