To buy a 250,000 home, you need a minimum down payment of 12,500 plus closing costs. You would need a proof of employment for 70,000 annual salary and a credit score of 650. With those specs you will have no problems getting a mortgage.

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I am confused about the situation that i have in hand. 1. my dad retired early due to medical reasons and now i plan to buy a house for him(not in usa) 2. i am getting married this may 3. i want to buy a house after i get married(in usa) i never predicted situation 1 and have saved for 3 years for 2 & 3. i have $30000 out of which my wedding expense will come around to $15000. i was thinking of using the remaining to buy a good townhome near my work for $250000. now due to situation 1 i inquired in my parents home town and i found out i can buy a good house for them for $50000. i cannot get a mortgage or a personal loan her of that amout to buy a property in a foreign country. but i inquired in banks there and based on my income here they will give me a personal loan for 10.5%(i know this is high but this is the prime in that country). i need a good financial advice on how to best achieve all 3. also i need to do 1 before i do anything else. now i have thought about this solution but i am not sure the risks it involves and i need some advice. i am planning to take a $60000 loan from the foreign bank at 10.5% which will help me buy the house and will cover most of my wedding expenses. this will lead to a $600 per month installments(as i am told by the banker) then after marraige i will buy a house here in atlanta and now i will be able to make bigger downpayment. i will keep enough savings that i can make the $600 payments for the foreign loan and my mortgage payments can be made from my paychecks. because i made good downpayments to the house i should be able to get a home equity line of credit to repay my foreign loan. i dont know how long and how much equity i need to gain to do this.

Not sure if you work in your country or if you work in the usa.... If you work in your country but have never lived here you are going to have an uphill battle trying to obtain a mortagage due to your lack of LOCAL credit history. Since you have a decent job it will be a bit easier but for all purposes USA, you probably have NO credit history.... Does your dad know you want to buy him a house? I think that that is awesome....you sound like a great child. You might need to have him actually purchase the house and you make or help him to make the payments. This is an option if you get turned down by the local banks. This will allow you to skip the personal loan and obtain a housing loan at a better interest rate. Must you spend 15k for your wedding? why not scale it down just a bit since the money could be better spent helping your dad and creating an emergency fund. I don't really see where you need help other than to factor in the cost of closing on a house. Often times you will need a few grand to 'close' on both of the houses...this amount covers title insurance and other stuff the mortgage company here requires.....My last house closing was about 1500 bucks (but my house was cheaper than 259k so it might be more depending on the house since part of that money was to prepay the taxes for the escrow account-there are workarounds to this however) The only thing I would do slightly different is look for a place slightly cheaper since it is a buyers market here you could probably find a townhouse for 200k... It sounds like you have a solid plan but most important you have a great heart. you will make an aweome spouse and all that are a part of your life are blessed. To recap Plan on spending a bit more for your dad's house...talk to him about HIS benefits and see if some of his retirement could contribute to a slightly more expensive home in his name and assist him with the payments 2. See about downsizing the wedding just a bit 15k for one night (I dont care if IT is the biggest night of your life thus far) is worth it. You can have an awesome wedding for around 8k or less. (have a buffet for the food with servers for the dinner could probably cut 2k off of the food) 3. You can find a cheaper townhome (I THINK, depending on where you want to live) than 250k since the us housing market is experiencing a quasi recession. 4. Consider other financing options 10.5 is quite high for a housing loan-maybe if your future bride has established credit the interest rate will be less but investigate this.