F-1 and property

[Akhnaten]

Hi. I'm a Canadian student on F-1 visa-equivalent status in the USA. Due to being a graduate student in a well-funded field and judicious use of CPT, I am in a position to buy a home...if I could qualify for FHA or FM guarantees. My employment prospects after graduation are good.

Do you know anyone who has managed to qualify or buy property as a primary residence in the USA? Is it possible/easy for Canadians to switch to other visa status in order to do this if the F-1 is an obstacle (as it may well be)? Any funding options via Canada? I can't afford 20% down, but 5-10% down, maybe.

 

[HKAndy]

FHA loans guideline varies with locations. You will have to talk to your local lenders about it. Your big hurdle for FHA wouldn't be citizenship so long as you are here legally. However, the lender usually requires steady income for at least the past 3 years for FHA to guarantee your loan. If you have been on F1 for the preceding 3 years, you may not have had enough income to qualify.

I am not a mortgage expert, so really, you should talk to you local lenders. You can try LendingTree.com and see if they can give you some information.

While 20% down is the norm, I think it is still possible to do a 10% down, but only your lender can give you that info based on your credit scores, history and income to debt ratio. Note: If you are qualified, FHA loans may get you as low as 3% down.