Rete

For the information of people reading this, where is here?

ubernathan

Sorry, Boston commuter belt. My take away is that if one's in a high ex-pat density population, local banks may be helpful.

carlar6

I am moving to the US (Marietta, GA) in one month and we are looking to buy property but I am finding it difficult finding a mortgage lender. Can anyone advise on experience with obtaining an 80% mortgage as an E-2 visa holder?

Pulaski

Are you an E-2 investor/self employed, or an E-2 employee of a larger E-2 treaty investor business?

If the former you likely won't be able to get a mortgage from any lender.

carlar6

An E-2 investor

Pulaski

With no credit history, no trading history for your business, and without the certainty of income that employment brings, I don't think you will be eligible for a mortgage.

Sorry.

carlar6

Oh no.
I do however, have a property in the UK (£100,000 equity)
and setting up my own business in US projected to make $150,000 profit first year, would this help my situation?
If not, do you know what would my max mortgage would be as an E2 Visa Holder?
thanks for much for responding x

ubernathan

No. the potential value of a future asset counts for zero.

Pulaski

You mean if you were an employee of an E-2 corporation, with your own E-2 visa, an employment contract and salary? ..... similar to the UK (the precise calculation is different from the UK), around 3-3.5× your gross salary.

In your situation as an investor you might be able to find a mortgage if you can put down 40%+, and I think that is fairly common for self-employed home owners, to have a much larger deposit. It will likely mean that you will need to rein-in your dreams of a McMansion for a few years.

sparky82

Thank you petitefrancaise for taking the time to pm me. Unfortunately as Pulaski posted, I have been unable to read your pm as I do not have the minimum 3 posts to access the message system. I have however been able to get a mortgage with a local broker that accepts my E2 visa status and does not require a green card to proceed. He was also able to give me a very good rate, so I am glad that I have cleared this hurdle.

I have limited experience with this broker but happy to share contact details.

carlar6

Ok thanks for all the useful information...would you be able to provide me with details for Wells Fargo please?
My husband, also has an E2 Visa and employment contract, would that make any difference to our mortgage options?

carlar6

would I be able to have the contact details for the local mortgage broker who managed to help you please?

Pulaski

I wish I could help you, but I never had the contact details for Wells Fargo's "international" mortgage specialists - PetiteFrancais could help you, but she has gone AWOL.

agent welsh

We ended up going with Coldwell Banker for a mortgage. We had been in touch with Wells Fargo, however they were taking to long to do the pre approval. They keep saying in 48hr...3 weeks later.

The mortgage will be only in DH name, he got a spousal visa.

carlar6

thanks both xx