I want to check my assumptions about qualifying for a mortgage in my situation.
Scenario: 35 year old non PR American married couple on the 10 year path to PR (7 more years to go). Income 4 mil yen annual. Have decent net worth, not Fat fire money but Fire money mostly in US.
Goal: Want to buy a 60 mil yen mansion using the most amount of financing.
Assumptions:
1. In general 8x annual income would be maximum I could qualify for. So around 32 mil yen loan.
2. I would need to pay the remaining 28 mil yen + closing costs and taxes in cash.
3. My relatively low income (compared to price of property) doesn’t matter as long as I can put 28 mil yen down.
4. I’m currently on a 1 year humanities work visa (3rd year in Japan, fist year as a student, last year worked). This may further limit the banks willing to work with me compared to someone on a 5 year work visa.
5. Even though I’m married, both of our incomes won’t be combined toward the maximum loan we can qualify for. mainly because my wife is on a dependent visa and for tax purposes is my dependent.
by Effective_Worth8898