International Student - Issues Financing 1st Property

[Fred Diederichs]

Dear BP Community, 

Originally from Belgium, I moved to sunny Miami some weeks ago to pursue my degree. I'm a 23 year old Real Estate grad student at FIU (Florida Int. University) looking to get into the real estate game in South Florida asap. I've been closely following BP for a while now and RE is my field of study, so I understand the industry fundamentals/dynamics. 

I'm currently in the US on a Student Visa (F1), which limits my ability to pursue certain endeavors. For example, employment is extremely restricted. However, the Law seems to suggest that I'm eligible to invest in real estate, and even use the property as a rental to generate income. GREAT! 

Like most students, capital is not my richest resource (yet). Also, because we don't have credit scores in Europe, banks won't even consider issuing me a loan before I can prove at least two years of stable income in the US. 

I'm not waiting another two years before purchasing my first property, and I refuse to believe this is my only option (like some have told me). I've been thinking of ways to surmount these hurdles (co-signer, partnership, private lender,...) and would greatly appreciate any advice! I'd love to hear from those who have successfully gotten out of a similar situation, or anyone with experience relating to this matter. Who should I approach first/last? Any other options on the table? I'm all ears. 

Looking forward to all your replies! Go BP!

Fred

[Nick Belsky]

@Fred Diederichs

You do not have to wait 2 years.  You need to work with a mortgage broker.  You are the perfect example for a foreign national program.

No FICO or income needed.

You do need to have funds to close in a US based bank.  The property you are going to purchase must have positive cash flow (not always, but its easier).  

Since you are here as a student, I assume you have an address that you are currently renting as your primary or are you in student housing?  If you can provide a lease, I work with lenders who will go up to 75LTV on purchases for foreign nationals.

Sounds like you need a broker who can pair you up with the right lender.

Cheers!