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JDArg asked this question 3 years, 2 months ago:

Help: Financing Home Purchase in Germany?

Hello, first post here, but I've already gone through quite a lot of the threads here and it seems like a great resource. My wife has an upcoming assignment to Ramstein for at least 3 years, and she and I have decided to buy a house for a multitude of reasons (want to be/return to Ramstein long-term etc.)

I've tried to read as many of the house buying posts on here as I can, and while I've found it very helpful, the one BIG question I haven't seen yet (may just be oversight on my part) is how does one finance the purchase?

From what I've read online, German banks seem to still insist on 20+% down payment on a home. My wife and I are both recent law school graduates and I obviously won't be able to practice law over there, so our assets are practically nil (actually worse b/c of student loans), but we definitely want to buy a house over there for several reasons.

Is this going to be a major obstacle? Has anyone else here gone through a home-buying process paying nothing or very little as a down payment? I've seen Robert Mitchell recommended in several posts, and I emailed him a few weeks ago (not about this, but just in general) but didn't receive a response. Does he do financing?

I'm just worried that my wife and I won't be able to buy a house b/c we have very little money to use as a down payment and that a German bank might not understand the fact that our mortgage is, say, $1200/month but we will always be able to cover it since her OHA is $1600/month, etc.

Basically, I'm just looking for any stories about people who have been able to/been prevented from buying a home in Germany b/c of a lack of money for a down payment. Thanks in advance!



3 years, 2 months ago

Quote by JDArg:
Hello, first post here, but I've already gone through quite a lot of the threads here and it seems like a great resource. My wife has an upcoming assignment to Ramstein for at least 3 years, and she and I have decided to buy a house for a multitude of reasons (want to be/return to Ramstein long-term etc.)

I've tried to read as many of the house buying posts on here as I can, and while I've found it very helpful, the one BIG question I haven't seen yet (may just be oversight on my part) is how does one finance the purchase?

From what I've read online, German banks seem to still insist on 20+% down payment on a home. My wife and I are both recent law school graduates and I obviously won't be able to practice law over there, so our assets are practically nil (actually worse b/c of student loans), but we definitely want to buy a house over there for several reasons.

Is this going to be a major obstacle? Has anyone else here gone through a home-buying process paying nothing or very little as a down payment? I've seen Robert Mitchell recommended in several posts, and I emailed him a few weeks ago (not about this, but just in general) but didn't receive a response. Does he do financing?

I'm just worried that my wife and I won't be able to buy a house b/c we have very little money to use as a down payment and that a German bank might not understand the fact that our mortgage is, say, $1200/month but we will always be able to cover it since her OHA is $1600/month, etc.

Basically, I'm just looking for any stories about people who have been able to/been prevented from buying a home in Germany b/c of a lack of money for a down payment. Thanks in advance!


Best bet... Talk to Robert Mitchell. He'll answer your questions and help you find something you can afford. http://mitchell-investment.de/

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3 years, 2 months ago

Quote by JDArg:
Hello, first post here, but I've already gone through quite a lot of the threads here and it seems like a great resource. My wife has an upcoming assignment to Ramstein for at least 3 years, and she and I have decided to buy a house for a multitude of reasons (want to be/return to Ramstein long-term etc.)

I've tried to read as many of the house buying posts on here as I can, and while I've found it very helpful, the one BIG question I haven't seen yet (may just be oversight on my part) is how does one finance the purchase?

From what I've read online, German banks seem to still insist on 20+% down payment on a home. My wife and I are both recent law school graduates and I obviously won't be able to practice law over there, so our assets are practically nil (actually worse b/c of student loans), but we definitely want to buy a house over there for several reasons.

Is this going to be a major obstacle? Has anyone else here gone through a home-buying process paying nothing or very little as a down payment? I've seen Robert Mitchell recommended in several posts, and I emailed him a few weeks ago (not about this, but just in general) but didn't receive a response. Does he do financing?

I'm just worried that my wife and I won't be able to buy a house b/c we have very little money to use as a down payment and that a German bank might not understand the fact that our mortgage is, say, $1200/month but we will always be able to cover it since her OHA is $1600/month, etc.

Basically, I'm just looking for any stories about people who have been able to/been prevented from buying a home in Germany b/c of a lack of money for a down payment. Thanks in advance!


There are a lot of ways to get a loan with or without down payments. Mitchell Consulting does offer financing solutions you should email them at info@mitchell-consulting.de / let them know you did not get a response just in case you email got lost in the shuffle or got filtered out as spam. They did my house and we very responsive then.

3 years, 2 months ago

Quote by Bergman:
There are a lot of ways to get a loan with or without down payments. Mitchell Consulting does offer financing solutions you should email them at info@mitchell-consulting.de / let them know you did not get a response just in case you email got lost in the shuffle or got filtered out as spam. They did my house and we very responsive then.


Sorry - the email is info@mitchell-investment.de

3 years, 2 months ago

Quote by Bergman:
Sorry - the email is info@mitchell-investment.de


I kind of figured this would be available at the website I posted. No? :afraid:

3 years, 2 months ago

Quote by JOFTAA:
I kind of figured this would be available at the website I posted. No? :afraid:


Probably, but I had the wrong email and wanted to correct it.

3 years, 2 months ago

Thank you for the responses. I e-mailed Mr. Mitchell twice over the last few months but did not receive a response, so I guess I will follow-up with another e-mail there, and I'll try to PM him through these forums as well. Thank you for your help.

If anyone else has any advice or recommendations about the home-buying, financing aspect, I'd be happy to hear. Thanks.

3 years, 2 months ago

Quote by JDArg:
Thank you for the responses. I e-mailed Mr. Mitchell twice over the last few months but did not receive a response, so I guess I will follow-up with another e-mail there, and I'll try to PM him through these forums as well. Thank you for your help.

If anyone else has any advice or recommendations about the home-buying, financing aspect, I'd be happy to hear. Thanks.


I don't know what the deal is with Robert and his not returning calls. As of a few months ago, I've been hearing mixed reviews of his service.

You may just want to contact a Realtor in the area. They are usually versed on how to deal with Americans and home purchases.

3 years, 2 months ago

Good evening Jdarg! I just checked and your emails are in my spam box! I'll be sure and write back in the morning! Thank you for the PM and sorry about that!

Robert

Quote by JOFTAA:
I don't know what the deal is with Robert and his not returning calls. As of a few months ago, I've been hearing mixed reviews of his service.

You may just want to contact a Realtor in the area. They are usually versed on how to deal with Americans and home purchases.


Hey Sam, that's odd we've been taking care of about 4 guys from here the last couple months and they're pretty solid right now. I was in the states doe 4 weeks so if I was slow to respond to them that may be why:-). Other than that it's business as usual and it's been going very well.

Hope all is well on your end!

3 years, 2 months ago

Quote by Robert Mitchell:
Good evening Jdarg! I just checked and your emails are in my spam box! I'll be sure and write back in the morning! Thank you for the PM and sorry about that!

Robert



Hey Sam, that's odd we've been taking care of about 4 guys from here the last couple months and they're pretty solid right now. I was in the states doe 4 weeks so if I was slow to respond to them that may be why:-). Other than that it's business as usual and it's been going very well.

Hope all is well on your end!


I am happy to hear you are alive and well. I had heard from several people (during my trip in November and online here) that they were having problems with getting a return call. I even texted you a link to a post here with someone who was looking for you.

3 years, 2 months ago

Quote by JOFTAA:
I am happy to hear you are alive and well. I had heard from several people (during my trip in November and online here) that they were having problems with getting a return call. I even texted you a link to a post here with someone who was looking for you.


I'll be the first to admit that I personally can be hard to reach (especially on my cell). We're lucky to have a lot of business and that means less time to be on my phone and sadly on here. Fortunately as of 4 January we have two more people full time in the office helping out with the day to day tasks so it's been a relief. Still only one of me however!

3 years, 2 months ago

Quote by Robert Mitchell:
I'll be the first to admit that I personally can be hard to reach (especially on my cell). We're lucky to have a lot of business and that means less time to be on my phone and sadly on here. Fortunately as of 4 January we have two more people full time in the office helping out with the day to day tasks so it's been a relief. Still only one of me however!


I'm not giving your cell to people, anymore. I either give the link to your website, or the office number. I suppose that in the past, I have given your cell to people, but not lately. I figure if I give your website/office number, someone will either answer and take a message, or there will be a way to leave a message.

3 years, 2 months ago

Quote by JOFTAA:
I'm not giving your cell to people, anymore. I either give the link to your website, or the office number. I suppose that in the past, I have given your cell to people, but not lately. I figure if I give your website/office number, someone will either answer and take a message, or there will be a way to leave a message.


you know what happens often, I get a call on my cell thats unknown and I cannot return it or i get a call and they don't leave a message. With all the calls coming in if there is no message I often don't return it if there is no number or message left. If I know the number or its saved in my phone I will call back. It may be hard for people in that manner but ill get about 50 missed calls a day to my cell phone while in meetings!!

3 years, 2 months ago

Quote by Robert Mitchell:
you know what happens often, I get a call on my cell thats unknown and I cannot return it or i get a call and they don't leave a message. With all the calls coming in if there is no message I often don't return it if there is no number or message left. If I know the number or its saved in my phone I will call back. It may be hard for people in that manner but ill get about 50 missed calls a day to my cell phone while in meetings!!


Sounds like the perfect reason to have someone answering your phone for you, live. An answering service, perhaps? One customer will probably pay for a year of answering service.

3 years, 2 months ago

Quote by JOFTAA:
Sounds like the perfect reason to have someone answering your phone for you, live. An answering service, perhaps? One customer will probably pay for a year of answering service.


I had my cell forwarded to the office for a while as it got crazy! I need to have a time selectable call forwarding... Im sure if i was android I could do that?!

3 years, 2 months ago

Quote by Robert Mitchell:
I had my cell forwarded to the office for a while as it got crazy! I need to have a time selectable call forwarding... Im sure if i was android I could do that?!


Yes, you could. You don't have to have an Android, though. It'll work with (company that shall not be named). You need a service such as Google Voice. The issue there is it would be a U.S. number. This may actually be a good idea, since you probably get calls from the U.S. This would permit you to give your clients a stateside number to get in touch with you.

Or, if you go with PhonePower, you can get a German number and set the forwarding rules. I am not 100% sure if this applies to a German number, but you can always check their website.

By the way, that is an affiliate link, so if you should decide to go this route, please do me the solid of using the link provided.

I've been using PhonePower since I returned to Miami. Excellent service.

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