Buying or Selling a Home/Common Property owners

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Expert: Jim Root - 1/20/2010


Question
Hi

I am a non-resident here on H1B work visa. I was wondering if

1) I can buy a home here
2) Can I have a common ownership with other freinds
3) If in case I have common ownership, will I be able to avail tax breaks that I would get through my loan
4) If I do not have very good credit history, will i still be able to secure some loan.

Thanks,

Answer
ORKGINAL RESPONSE:

Homeownership is possible, BUT with the Real Estate & Mortgage Markets as "weak" as they are these days--defaults and foreclosures galore--one must have an EXCELLENT CREDIT HISTORY to be approved for a Home Loan!

FOLLOW-UP TO YOUR COMMENTS ABOUT ANSWERING ALL 4 QUESTIONS:

My statement "Homeownership is possible" WAS my answer to Questions #1,2 & 3. If you are here legally, there are no special restrictions that would preclude your getting a purchase money mortgage, with or without a legal Co-Borrower, and with any/all "Tax Breaks" that go with a Mortgage.SO, "HOMEOWNERSHIP IS POSSIBLE!"

As for Question #4--IF YOUR CREDIT SCORES ARE VERY LOW; YOUR CREDIT HISTORY IS POOR,SECURING A HOME LOAN IN TODAY'S MORTGAGE MARKET IS UNLIKLEY.

good luck!

--JIM

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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