Financing Options with No Job

[Chauncey Glenn]

Hello Invester Friends,

I am living abroad in South Korea. I have two options and questions: 

1. Upon completion of my teaching contract, I’d like to return to the U.S. to purchase a small multi family home in Buffalo or Atlanta. 

How would I go about public (bank) financing with out having an immediate job? I do have U.S. working history, a college degree, on par credit and some savings.

2. I’d like to purchase a home in the U.S. while still living and working abroad, granting a parent, with Power of Attorney. 

Could I use my foreign income to purchase a home in the U.S. if I gave someone Power of Attorney?

Thanks,

Chauncey

[James W.]

I've done this, living in Japan and buying. A few key things:

1-Your taxes will be a big deal--make sure they are done properly, and only buy after that years are done or if you can finish before April 15 (despite the fact you are overseas and have an automatic extension).

2-There are a few people who are especially good at this within banks, in my experience. Find one (PM me if you want a couple of recommendations).

3-Figure out what US address you will work with for the mortgage company--there will be stuff after signing that you want.

4-The power of attorney might work--depends on the state. I had to do one in person that I did not expect over the last several years.

5-Do you have enough cash for 25-30% down? You are much likely to get that with "hmm, you're abroad, we want to take most of the risk out."

Anyway, good luck--been there and done that.