alfista1

Bit off topic but related to L1 visa.

Can I get a mortgage on a house in USA with a L1 visa?
I would be starting with zero credit rating I guess.

But our down payment will be a significant amount. Maybe 70% cost of the home.

Brat1

You possibly could get a mortgage if you went to the right lender, there's nothing to stop someone on an L1 getting mortgage. If you take my advice though, if you go ahead with the L1, and get everything sorted out regarding your fiance and your son's visa's, then you would be much better renting for the first year or two. It will allow you to decide whether you have picked the right neighborhood or would like to move somewhere else. Also, if you're getting an L1, you should also ask them about incorporating a date into the contract, by which they'll apply for your green cards. Huge risk buying a house before you get your permanent residency, take it from me, I've done it and have night sweats wondering if we've done the right thing, so a lot for you to think about

Noorah101

Yes. You will need to shop around for a lender, since you won't have any US credit history.

Rene

Bink

Yes, as Noorah101 pointed out though you may be more difficult to find a lender due to your lack of credit history. I know of people that have done it with help and recommendations from their company (multinational), so it is possible.

With a downpayment of 70% though I would think you would be okay, even with mainstream lenders. It provides a lot of security when you have that kind of equity in the house.

Nutmegger

But this begs the question, 70% of what? Are you up on the prices of homes in the good neighborhoods of the place you are prospectively moving to? 70% down payment in a nice town in CT is going to be very different to 70% down payment in a nice town in KY, for example.

fatbrit

70% down is a game changer.

You might be better with a broker than a financial institution since you are unlikely to fit in to the restricted niches of the products offered by the big boys.

Bob

So many threads on this.

Answer depends on where you are looking to buy and the local market.

Having 70% definitely helps get you a mortgage in most locations though.

It is a shit idea though all the same, certainly till you've been here a few years, certainly till at least the greencard application is in the works, but really better to wait till you've got to the point where you aren't tied to your employer. Much more pricey flogging a place here than in the UK if things don't work out and also more hassle flogging a place from across the pond.

alfista1

Thanks for all the advice guys.

Actually be coming from Uruguay (Brit expat here).
Initial work contract will be 2 years min and then extended.

Looking at houses 200-250K USD around Keller, Southlake or Grapevine area of Texas.
Seen some around 150K in Grapevine.

We'd be coming with about 160K in the account.

Yes maybe short term renting initially would be a good idea.

big_j

You'll find Grapevine much more affordable than Southlake; Southlake is comparatively expensive, I'm surprised you can find anything for much less than $400k. We've lived in Grapevine for over 10 years. Love it!

Most mortgage lenders issue loans which conform to FNMA or FHLMC guidelines, so the loans can be sold to those bodies. That requires a credit score in the 600s depending upon the type of mortgage. You'd need to find someone who will sell you a non-conforming mortgage. They exist, but aren't that easy to find and I don't know what kind of rate you'd get.

Good luck!

captainsensible

If you're intent on buying, do a search for Mortgage Master.

alfista1

Thanks.

I think we've decided to rent the first 2 years while we rent our own place out here to cover the costs while we settle in.
Nothing confirmed yet, just investigating.