Hi, I have a few questions as far as buying Real Estate are concerned:

1. How much worth of house should I go for?
2. Can I sell eventhough I am still paying mortgage? If yes, how?
3. What is the monthly that i will have to pay?
4. What kind of taxes and other expenditures am I looking into per year after having bought a house?
5. On selling, what kind of taxes/expenditures can I expect and how much?

Thanks

Your asking a blanket question that cannot be answered.
Answers to all of the above depend on many,many factors including what state,county,and city you are in.

Find and contact a local r.e. professional in your area that can answer specifics.

Alright, to give you a little more information. I want to buy a house in Edison, NJ 08817. I am willing to buy the property for around 200K. This is not for investment purposes but for my personal use. I do not want to keep paying rent and want a house of my own. However, since I am on work visa, I will have to go back to India after the expiration of my visa after 5 yrs. In other words, I will be selling this property after 5 years.

With these details in mind, please give me your best advice. Thanks!!

If you make a mortgage with a bank, you will have to pay them, with out regard as to if your living in the house or not.

Many lenders have very sever lending requirements for those in your situation. Most will require a valid residency visa and usually a B 1 or 2, E 1 or 2, G 1 to 5, I, J1, K1, O1, and R1. You may Not be on an A type or F1, F2, or M1 type visa. Visa Termination date is also critical. You need to pre arrange your mortgage qualifications before you consider selecting property and have an exit plan/ disposal plan for the property to have it paid off by the time you leave or sale it. You will have to have a Tax Payer ID number if you sale as taxes will be withheld.

You need to talk with a qualified mortgage broker and if you can find one, a real estate agent familiar with dealing with foreign buyers. It is more complex than if you were a perminent resident but not one that is impossible if you have the correct visa.