Can IMGs on H1b / J1 Visa buy a house in USA ?

The American Dream has plenty of definitions, and plenty of critics..including the now cliched line by humorist George Carlin "It's called the American Dream Because You Have to Be Asleep To Believe It" ....lol, well it does not have to necessarily apply to one of the definitions - owning your own home !

Q. Can you purchase and own a house in USA on a H1b Visa ?

A. Yes you can !

Q. Can you purchase and own a house in USA on a J1 Visa ?

A. Yes, you can !

Not that I am trying to sound somewhat like President Obama here ;) , but the truth is, you can even buy a home even on a student or Tourist visa (to believe me read about these future-thinking Chinese tourist group planning to buy homes for their kids ;-)) ....and wuts more, you don't even have to be in the USA to purchase a home or any property..we all heard of outside firms snap up properties in US, have't we ?...!

All you need is either cash or a good loan, if you need a loan, then you need the "Three good C's" :

1. Credit History

2. Cash Flow (Includes current income or future income prospects - which happens to be pretty good for medical residents)

3. Collateral

I personally know both H1b and J1 residents who purchased lovely homes in small midwest towns at pretty locations. As for me, the economy was beginning to tank logarithmically by the time I was to begin residency...plus reselling would have been a problem in the current scenario, hence decided to chicken out and live out a cool apartment instead. There are plenty of "rent versus buy calculators" that you can google out to help you decide...and don't forget the maintenance headaches, taxes, security headaces..etc

So because you can, you don't have to - do google all the risks associated ! Now....and wasn't that a cleverly disguised disclaimer ;-)