House buying 101

[GeoffM]

Hi, newbie here, married to a Filipina 11 years, initially we were in the UK and are now in the US. Late 40s so not retiring any time soon.

We plan to move to Bacolod later this year - she's familiar with the area, though dated knowledge. She's an RN in the US but when we move she will become a stay-at-home mother - at least initially. I am self employed and can work anywhere with internet. My income alone is plenty for the Philippines; conservatively around 200-250,000PHP/mo.

How will that work in terms of a mortgage when I'm not able to own land, and she is not working?

Is a mortgage of 3-5M PHP doable with 10% down?

Thanks.

[Dave Hounddriver]

2 minutes ago, GeoffM said:

Is a mortgage of 3-5M PHP doable with 10% down?

I do not know of anything even close to that.  Mortgages with low down-payments are rare except in the instances of short term "inhouse" financing (like over 6 months to 2 years) or with low income, entry level, Pagibig mortgages for the low salary filipinos.  And the "inhouse" can end up costing a lot in interest, percentage wise.

If you up it to 25% and take time to get in friendly with a local bank manager then have a good chance.

[GeoffM]

Thanks. I guess we'll just look at renting for starters and build up a bigger deposit and credit rating.

Sadly she never paid into the Pagibig fund so doesn't have the time requirement, and you can't backpay to make up for it.