Korean Job Discussion Forums

[Tiger Beer]

I'm thinking of setting a goal of saving enough money for a down payment on property back home or elsewhere.

Is it possible to get property in this way? With a down payment? Or do you also need a stable job back in the home country?

In addition.. is it 20% of the house you need to have for a down payment? Or is 10-15% acceptable (particularly from someone earning their money abroad)?

[Captain Corea]

I've been wondering about loans and such to people living overseas.

[crazykiwi]

Where are you from??

Anyway, looked into this when i was home (nz) last. At certain banks i was told i only needed 5% of the house value, but my mortgage repayments would be more. the more you have the less you have to pay back really. my wife and i are looking to have around 15-20% deposit before we commit to anything. as for the job overseas part, as long as you can show them proof of earnings such as payslips or a contract for the year coming, stating your wages, you should be fine. they apprroved me pretty much straight away, for around 400 grand, but thats in nz. dont really know about your country, but good luck.

[Yo!Chingo]

In the States you could buy a house with as little as 0 money down. You can go to a bank and get an 80% loan and turn around and get a heloc(home equity line of credit) for the remaining 20% to not pay Personal Mortgage Insurance. Many lenders will make you pay PMI if you don't put the 20% down to protect themselves. As long as you're employed with a solid credit history you shouldn't have a problem getting a loan.

[Tiger Beer]

[SuperFly]

Verifiable income, I think at least three years in your profession or something like that...
You can do at least 3% down pmt.
dont foget your Closing costs.

http://www.countrywide.com

click on purchase and do the workout for yourself.

[deessell]

You can also apply for mortgages through International banks like citicorp and HBSC. These are geared towards ex-pats.