Mortgages

Old Feb 26th 2021, 7:29 pm
  #1  
Just Joined
Thread Starter
 
Joined: Feb 2021
Posts: 1
Ukincal is an unknown quantity at this point
Default Mortgages

Hi - new to these pages and was hoping to get some advice, info or hear any experiences people have had regarding getting a US mortgage.

Moved to the US in Dec-20 on a spouse visa. My wife lived in the US for the majority of her life apart from the last 3 years in the UK with myself. We both are now employed in the California and want to get an idea how long it would take for us to get a joint mortgage.

we are hoping to be able to buy in 18-24 months (should comfortably have the deposit we need by then), could probably afford what we’re looking for in 9-12months. We are assuming it will take a while before I would be eligible to get a mortgage, just trying to figure out how long. I have already established credit over here - American Express set me up with a new card and I can see from their app that I can access my score.

would there be any other factors as to how long it would take I.e not being a US citizen, do I need to have been paying taxes for a certain time, or anything else.

just trying to get an idea as we make longer term plans.

if anyone has a better idea or has experiences they could share, would be great to hear.

thanks
Ukincal is offline  
Old Feb 27th 2021, 6:38 pm
  #2  
BE Enthusiast
 
Joined: Feb 2017
Location: Newnan, GA
Posts: 734
robtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond reputerobtuck has a reputation beyond repute
Default Re: Mortgages

You could get one now if you wanted to - it will just be a case that the Underwriting process may take a while and they'd ask for lots of evidence from your UK finances, extra confirmation of ID etc. I think once you have three tax returns (which is likely given your timeline), you'd be using your USA credit file alone. I received a mortgage offer after only 16 months in the USA, with by my wife and myself being on L Visa's - needed to get bank statements, proof of funds, birth certificates, letter from employer (to confirm my role & income), pay stubs, got stuck a bit while they verified the SSN.
robtuck is offline  
Old Feb 28th 2021, 9:23 am
  #3  
Often not so civil...
 
civilservant's Avatar
 
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,448
civilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond repute
Default Re: Mortgages

The American Express app provides Vantage Score 3.0.

This is not a credit score that any credit granter in the US uses, and it can be vastly (up to 100+) different from your actual credit scores. (Transunion, Experian & Equifax)

Download the Experian app and see if that can generate a score for you. This is a FICO 8 score and is one that is used by many lenders, but not mortgage companies. Mortgages use the legacy 2,4 & 5 FICO scores. Experian will provide your FICO 2 score along with your 8 for free once a month.
civilservant is offline  
Old Mar 1st 2021, 4:12 pm
  #4  
Sad old Crinkly Member
 
Joined: Oct 2003
Location: Tallahassee, Florida
Posts: 720
excpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond reputeexcpomea has a reputation beyond repute
Default Re: Mortgages

My experience is probably somewhat out dated.
Same situation as yourself.
Arrived October 1998.
Secured a mortgage on a property in April 2000.
FHA mortgage, high interest rate 7% and a mandatory insurance. We put down 20 % iirc.
We refinanced into a Credit union mortgage 2 years later, 4% no insurance 15 year term.

This was 20 years ago, I'm sure the situation is vastly different nowadays.
excpomea is offline  
Old Mar 1st 2021, 5:35 pm
  #5  
BE Forum Addict
 
BenK91's Avatar
 
Joined: Feb 2015
Location: Denver, CO.
Posts: 1,523
BenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond reputeBenK91 has a reputation beyond repute
Default Re: Mortgages

I recently obtained a mortgage with my partner, she is a US citizen but I'm not.

Our down payment was 22.33%, we secured an interest rate of 2.75% (we leveraged my father in laws bank/union, Commerce Trust Company based in KCMO, as he has a pretty significant wealth management portfolio with them). We have no PMI due to the down payment amount. My credit score was around 740 and my partners was 730ish I believe. I've been in the US since late 2016 and started working in early 2017, so I was able to provide finance/tax records since then and my partner provided the same.
BenK91 is offline  
Old Mar 1st 2021, 8:36 pm
  #6  
BE Forum Addict
 
tom169's Avatar
 
Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,339
tom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond repute
Default Re: Mortgages

The rules for getting the loan depends on the type of mortgage - conventional, FHA, VA, etc. It's this way because they get bundled up and sold.

There is also a category of mortgage referred to as portfolio where they don't necessarily need to conform to all the rules as the lender is going to retain the loan.

This is what I did with a local credit union. From me they just wanted a signed letter that I am planning on residing in the USA for the duration of the loan. I was in the usa 7 months at the time. My wife however is a US citizen and had a long term relationship with them.
tom169 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.