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I am selling a condo and am currently trying to target apartment dwellers with the $8,000 tax credit. The condo only costs $114,900 now so that would be a great boon to someone, I would think.
Many, many of the people who live in the apartments near me are East Indian. Is it difficult for legal immigrants to get a mortgage? Are they allowed to buy a house? If I could offer seller financing for a year, say, would they be better able to refinance (and pay me off) if they already own the home? I am guessing that their problem (if there even is a problem, maybe they just really like to rent) is not poor credit, but an inability to get a mortgage. I can help with that for a year, but I'd like the rest around then. Of course, I would insist on a large down payment
Any foreigner can buy a property in the USA. Even on a tourist visa and being in the country only a few days...it doesn't matter. As long as the foreigner can proof the money is coming in this country legally. If they can get a mortgage that is all different in all cases.
It is not difficult for legal immigrants to get a mortgage, and they are allowed to buy property.
Lenders look at the past 2 years of employment and income for giving out a mortgage.
Dont know about all immigrants, but for many immigrants from India and China, there is an uncertainty of their visa status since they have long backlogged queues (currently about 8 years) to wait to become legal permanent residents (Green Card Holders).
So instead of waiting for about 8 years to get a Green Card and then buy a house, they prefer to go ahead and buy one in their home country as an investment.
Sources of above information: Indian and Chinese colleagues and friends
I agree with DDevil. Immigrants can buy homes here. Non-immigrants can buy homes. Illegal immigrants have bought homes here...
I think the visa issue is one, but there are also cultural issues with some Indian and Asian clients in terms of house orientation. Sometimes the home has to face a certain direction for cultural/religious reasons.
No, but they do ask your status as a resident alien or citizen or whatever.
And "legal immigrant" (whatever that means) is that you are here legally, as in you have your immigration status as opposed to illegally, wherein you enter this country w/o that status.
All she was trying to convey was these people who she is targeting in her advertising aren't illegal immigrants so they shouldn't be afraid to try to apply for a mortgage and risk being "found out."
No, but they do ask your status as a resident alien or citizen or whatever.
And "legal immigrant" (whatever that means) is that you are here legally, as in you have your immigration status as opposed to illegally, wherein you enter this country w/o that status.
All she was trying to convey was these people who she is targeting in her advertising aren't illegal immigrants so they shouldn't be afraid to try to apply for a mortgage and risk being "found out."
Nope that is incorrect. Bank of America never asked me for a resident alien number or proof of Citizenship when I applied for a mortgage. They did ask me for my social security number so they could pull my credit. (Something you wouldn't have if you were "illegal").
And why is the OP targeting "East Indians" in their "advertisement" as you call it - instead of a specific income class or first time buyers? Some how East Indians might have some cultural norms that favor renting???
If you're really questioning this, then read up the following before you get yourself in trouble.
Nope that is incorrect. Bank of America never asked me for a resident alien number or proof of Citizenship when I applied for a mortgage. They did ask me for my social security number so they could pull my credit. (Something you wouldn't have if you were "illegal").
And why is the OP targeting "East Indians" in their "advertisement" as you call it - instead of a specific income class or first time buyers? Some how East Indians might have some cultural norms that favor renting???
If you're really questioning this, then read up the following before you get yourself in trouble.
Well, my mortgage is also with Bank of America and right here on it asks if you are a resident alien or a citizen on the mortgage application. So I'm not sure why they didn't ask that on yours.
Do you really believe that illegal aliens don't have Social Security numbers? LOL!
She wasn't targeting East Indians in her advertising. She was targeting apartment renters that were close in the vicinity of her condo. She was merely trying to find out if there was some reason they wouldn't be able to get a mortgage BEFORE she wasted THEIR time simply based on the fact that they were not citizens but were LEGALLY here. Pretty respectful, I'd say.
Additionally, why would I be getting myself in trouble? LMAO. Wow. Chill out, dude. No one was picking on East Indians.
Nope that is incorrect. Bank of America never asked me for a resident alien number or proof of Citizenship when I applied for a mortgage. They did ask me for my social security number so they could pull my credit. (Something you wouldn't have if you were "illegal").
And why is the OP targeting "East Indians" in their "advertisement" as you call it - instead of a specific income class or first time buyers? Some how East Indians might have some cultural norms that favor renting???
If you're really questioning this, then read up the following before you get yourself in trouble.
I don't think the OP is targeting East Indians. I think OP is making an observation that there is a large community near him/her
The comments after that show some ignorance and assumptions. I can see why you are all over the assumptions the OP is making, but I think the questions are innocent and not with mean intent.
The OP just doesn't know so this is a great opportunity to educate.
I think what MsFancyPants was getting at was FIRPTA. The Foreign Investors in Real Estate Property Tax Act. Whether or not you are a resident here matters. Citizenship is irrelevant, but residency matters for tax purposes.
I think some of the issues with Indians in purchasing a home, is that they work is contract work. So they move around a lot. Any time a contract ends, they look around the country to find a new project and then have to move on a moment's notice. Many of my friends don't even have mattresses in their apartments or any furniture because they don't know when their project will end and they will have to move again.
That's just my two cents. I'm Indian myself and have many friends who are too.
btw, I didn't find this offensive at all! chill out people! lol.
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