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Foreigner trying to buy a condo to live, not for investment

Chicago, IL |


I'm a foreign professional working in finance field in Chicago. I'm thinking of buying a 1 bedroom condo around or less than $250k. I'm not buying for commercial use, but buying to live there myself.

I went to university within USA, began working from July 2011. Just got SSN when I started working, so I don't have a good track record for credit scores. But I do have regular income of 60K and bonus income of 50K to 100K.

1. Is it possible for me to buy a condo?
2. If so, Is it possible to get a good mortgage rate without a co-signer?
3. Are there any further complications for me apart from regular buying procedures for citizens?
(Apart from FIRPTA, since I will buy something definitely lower than 300K)

Thank you.

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Attorney answers 1


Great question. There are several questions to be answered here, most of which cannot be properly addressed in this forum (qualifying for a mortgage, etc.).

Can you buy a condo, financing issues aside? Absolutely. There are some cautions with the amount of equity that is deemed tax exempt in the event of your passing (there are different exemption rules for foreign nationals), which can be addressed through some estate planning. However, the necessity of any complex arrangement largely depends on your intentions.

Please feel free to contact me. I can answer any detailed questions you may have and I can help you shop for real estate.

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