Mortgages

[daveholman]

My intention is to buy a home there this year, but when I saw that mortgages are now coming back online I thought I might be able to buy 2 or 3, live in one and keep the others as rentals.
Then I saw somewhere that one of the terms of these new loans is they have to be paid off by the time the borrower is 65. Is that right? Am I shut out of the mortgage market, since I'm all of 64 years old?

 

[Uncle Wong]

My intention is to buy a home there this year, but when I saw that mortgages are now coming back online I thought I might be able to buy 2 or 3, live in one and keep the others as rentals.
Then I saw somewhere that one of the terms of these new loans is they have to be paid off by the time the borrower is 65. Is that right? Am I shut out of the mortgage market, since I'm all of 64 years old?

You can't get a mortgage I am told unless you have your dni and you have local income declared on your taxes. I think it has to be a normal job. Not sure we as foreigners can get them.

 

[Finance Prof]

My intention is to buy a home there this year, but when I saw that mortgages are now coming back online I thought I might be able to buy 2 or 3, live in one and keep the others as rentals.
Then I saw somewhere that one of the terms of these new loans is they have to be paid off by the time the borrower is 65. Is that right? Am I shut out of the mortgage market, since I'm all of 64 years old?

If you have a DNI and are paying taxes and declaring all your income. I was told you can be self-employed, an employee or stable income to qualify. You are right that you can't be more than 65 when you start it and not over 75 by the end of the loan term. So if you're 65 the maximum loan time is 10 years.

 

[lemonade]

If you have a DNI and are paying taxes and declaring all your income. I was told you can be self-employed, an employee or stable income to qualify. You are right that you can't be more than 65 when you start it and not over 75 by the end of the loan term. So if you're 65 the maximum loan time is 10 years.

I asked a lawyer and he told me you have to have a good job here for at least a year and foreigners were exempt. They said local income. Nuts people just pay cash mostly to buy here.

 

[daveholman]

If you have a DNI and are paying taxes and declaring all your income. I was told you can be self-employed, an employee or stable income to qualify. You are right that you can't be more than 65 when you start it and not over 75 by the end of the loan term. So if you're 65 the maximum loan time is 10 years.

That sounds better. I'd likely only want a 7 or 10 year term anyway.

 

[Betsy Ross]

My intention is to buy a home there this year, but when I saw that mortgages are now coming back online I thought I might be able to buy 2 or 3, live in one and keep the others as rentals.
Then I saw somewhere that one of the terms of these new loans is they have to be paid off by the time the borrower is 65. Is that right? Am I shut out of the mortgage market, since I'm all of 64 years old?

If you are going to be here for the long term then buying is a good idea. Most of the expats that have to leave Argentina are ones that never bought anything and get stuck moving around every year or two which is a hassle. But until you know you want to stay here for the foreseeable future might not be smart to buy either.

Prices have jumped up a good bit from last year. Mortgages are pushing up prices now. I have a rental property in the USA that I draw cash flow from but I don't report that income to Argentina. I think I will sell it this year because it is going to need a new roof soon. If so then I will buy an apartment to rent out. My neighbor that was doing Airbnbs in the building just converted to long term rentals but has asked if I wanted to buy her apartment so I may buy that.

 

[Betsy Ross]

That sounds better. I'd likely only want a 7 or 10 year term anyway.

Do you have income here? If not then you probably can't get a mortgage anyway. The banks want to see employment or local income. Maybe that is going to change but before when I checked they said it had to be local income and also declare it with AFIP. @daveholman also beware of interest with the UVA loans.