TedCash

Hi All,

As Greencard Lottery winners we are emigrating to Texas (from UK) within the next 4 months.

We are in the process of buying a newly built home, but we are having
difficulty finding a suitable mortgage - as we need to start afresh with
US credit rating etc.

A bit of research on this forum had forum members - redlobster, Pulaski and Fatbrit talk about mortgages for new emigrants.

We have 20% - 25% of the down payment for the total mortgage of the
property we want to buy.

What do forum members think will be the best mortgage for us?

(1) Stated income?
(2) No documentation?

If anyone has first hand experience or recommendations of any tried & tested
mortgage brokers please point us in the right direction


Regards,

TedCash

PS. I've re-posted the above help request, I earlier posted under the "US immigration" section but was advised by Bob that I'll "probably get more help posting in the US lifestyle section of the forum"

Big D

where in TX are you coming to? There are brokers that advertise on the radio all the time here for special circumstances - they might be worth a shot?

snowbunny

I'm in Austin....

Are you using a realtor? They are supposed to be experts in finding the best mortgage for their clients, though I'd do my own research.

One route I'd take is to look in the San Antonio area because well-off Mexicans tend to do their banking there. The cheapest way to finance is usually via the Internet where you never see the mortgage company; you only go to the *title* insurance company to sign paperwork.

Do you have pointers to an FAQ for how American (and Texas) mortgages work? If not, let me know and I'll have a look for you.

Amy

AdobePinon

Yeah, they're experts in finding clients for their best buddies, so do be careful.

snowbunny

Wow, for once the Brit was blunt and the Yank "polite" -- but yeah, as with everything else in which there are a chain of middlemen involved, I investigate thoroughly. If there seems to be a discount in volume for such "kickback" business, then I'll take it, else I'll go put together my own group of more reluctant co-participants.

AdobePinon

Got an avatar to live up to, you know.

snowbunny

Me too. And you stole my smiley!

Okay I just gotta say this:

doesn't look like an older version of :scared: who just doesn't have anything to get up any more?

TedCash

Thanks Big D,

Heading for Missouri City, Houston.
I'm still in the UK, so can't tune into Tx radio, maybe by the Net?

regards
Tedcash

snowbunny

Mind if I ask why Missouri City?

There are a fair few expats in Houston -- even on this forum.

Google on:

resident alien mortgage primary residence

Add the words houston or texas to the above search if you want it to be more specific. You may wish to change your thread subject to "Mortgage in Houston, Texas" because it's more likely to attract more attention by those well-versed in expats obtaining mortgages and those local to Houston.

Jabba1

If you won the greencard lottery, then I'm assuming your from northern Ireland.

Perfumdiva1

Hi Ted

I am a Brit living in Houston, and we bought our house 5/6 years ago..

If I can help, I would be glad to do so

Send me a PM with your questions

I also have to ask, why Missouri City??

My friends sister also won the green card lottery, and now lives in San Francisco

Good luck to ya

PD

Yorkieabroad

Ted,
Just noticed this one - not got a lot to advise on the mortgage I'm afraid, but if you haven't already seen it, check out the Houston Association of Realtors website www.har.com. Apart from lots of info on houses, they also have links to service providers such as mortgage companies. We were in a similar position to you, and used a mortgage broker that had been recommended to us - he got us a reasonable rate, and no complaints - drop me a PM if you want the contact details.

Congratulations on the green card!

fatbrit

It's a big assumption...

TedCash

Hi PD,

Thanks for your reply,
We visited Houston twice last year, looked at several newly built developments, in the end it was a choice between "The Woodlands" in the North and "Sienna Plantation" in the South, so we opted for Sienna Plantation, which I believe forms part of Missouri City.

Sienna Plantation offers everything, we have hoped for, Swimming Pools, Golf, etc.

PD thanks for the offer - I shall write to you with my questions.

Regards
TedCash

PS. Sense of Humour - we chose Houston over San Francisco because of the reasonable house prices and cost of living : )

snowbunny

Just watch out for the po-lice in Montgomery County (The Woodlands) is all I have to say. Bout as heavy handed and rednecked as it gets. Good news is that they guard those suburban enclaves. I'm not having a go -- I live in the Austin 'burbs -- but just don't get uppity with the sheriffs. Or a security guard for that matter.