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First Time Buyer, Early 20s Help!
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Posted 1/24/2009 5:05 AM (#1919)
Subject: First Time Buyer, Early 20s Help!
I am in my early 20's and really want to start researching what steps I need to take to becoming a homeowner. I really am in the dark here, but am feeling around so I can get on the right path. Currently I work abroad as and English teacher in South Korea. I would love to get to the point where I can buy property in the US and rent it out while working abroad. While my monthly salary is very low (approx. $1,816 at the current exchange rate) due to the cost of living and the fact that my company pays for my apartment, I am able to save a considerable amount of my monthly income. I save at least $1000 a month. The thing is, I look so bad on paper with my low salary, but really within 2 year, I will have probably saved at least $20,000 for a down payment, which I don’t think is too bad. The thing is, will a bank give a loan to, firstly, someone who is working abroad and secondly to someone who has such a low monthly income even if I can actually give a large percent of it to mortgage payments? Thanks so much for your help!

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