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My husband is currently considering taking a job offer in New York which means we have to relocate from Australia. We are Australian citizens and wondering how hard it is to get a mortgage over there? I’ve heard you need as much as 60% down payment to get a mortgage over 1 million. That seems crazy. One would think 20% would be enough with a proper salary. Currently looking at Pelham which seems like a nice suburb for a young family, but I have a feeling we won’t get the space we want having 3 kids and “only” US$450 000 in deposit. Are there any banks who accepts 20% from foreign byers?
Will hubby come here on an E-3 work visa? This is a temporary work visa, which will not qualify you for preferred mortgage rates and down payments. I suggest renting. Also the NYC area housing market is in a bubble and you'd be buying at the height of the market.
Exactly where will hubby work? If it's on the east side of NYC, then Westchester County and north and east (Connecticut) of there is a good location for commuting. If it's on the west side, then New Jersey and Long Island are better for rail commuting.
Take a look at available housing in Westchester County to see what the situation is.
Yes it’s an E3 visa and he will be working in lower Manhattan. We will be renting the first 6 month or so anyway, but of course we would prefer to have our own place if possible. I will look into transferring my nursing registration as well and maybe get a more permanent visa. I looked into the housing market prices. It looks more affordable then Sydney at least and it looks like the houses are having a hard time to sell? Lots of price cuts and the prices looks the same as when they last sold years ago. Maybe I’m not getting it right, but it looks like a good time to buy.
For the financial district in NYC, I'd suggest looking into renting a house or townhouse in New Jersey. See link below and also ask in the New Jersey forum.
If his job is in the financial district then commuting from New Jersey is easier than from Connecticut or Westchester. Whether you end up renting or buying look at places like South Orange, West Orange, Maplewood, or Montclair, which are all on good commuter lines to Penn Station and all of which are upscale and diverse towns with strong schools. Ridgewood and Millburn are two other such NJ ‘burbs you should consider, though they’re a bit further out from NYC, but still a doable daily commute.
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Last edited by citylove101; 08-13-2018 at 10:45 PM..
Thanks. Montclare looks nice. However I have to say the rental prices are very high compared to what some of the owners just recently paid for the property... But what can you do if the banks won’t lend you money just because you’re a foreigner...
This might not be reality, but when I search on google there seems to be banks that does lend money to temp residence. The only difference is you have to have a min of 40% deposit for under 1 million loans and 60% for between 1-2 million loans. They will also charge you higher interest rate. If that’s true it might just as well be a better option then paying someone else’s mortgage and more.
This might not be reality, but when I search on google there seems to be banks that does lend money to temp residence. The only difference is you have to have a min of 40% deposit for under 1 million loans and 60% for between 1-2 million loans. They will also charge you higher interest rate. If that’s true it might just as well be a better option then paying someone else’s mortgage and more.
You are not counting property taxes, which are ridiculously expensive in NY and NJ. Add $1,000 to $2,000 per month to your potential mortgage payment. Don't delude yourself that you'll be able to double your money when you sell the house. As I said, this area is in a real estate bubble.
Jersey City will be your easiest and fastest commute to the financial district via the PATH train. Lots of very nice townhouses and luxury apartments for rent there.
Jersey will probably be our first stop, but there is certainly a very short period of time where I will stay sane with 3 kids under 5 in a small unit or townhouse even though it’s all done up nicely. So far lower Westchester looks wonderful, but I understand the commute might be painful...
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