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-   -   Mortgage application & Credit History/Job (https://britishexpats.com/forum/usa-57/mortgage-application-credit-history-job-883036/)

MrSunu Sep 8th 2016 10:19 am

Mortgage application & Credit History/Job
 
Hi all,
Coming from London to NYC and looking to buy a place.
I'm seeking feedback on the minimum amount of time to be in a position to qualify for a mortgage from the following factors:

Credit score: Starting from nothing, got the point from other forum threads: Will use HSBC or Amex transferred account to get a credit card/bank account. What would be the minimum time to build enough credit history with bill/rent and credit card to qualify for a mortgage? (Rate could be so so if the credit score is not mint yet)

Job: Assuming new job, how long do you need to be in a job for to qualify for a mortgage?

(I understand that other factors would affect the mortgage application but let assume they are fine).

Pulaski Sep 8th 2016 11:01 am

Re: Mortgage application & Credit History/Job
 
If you are transferring or coming with a job already lined up, then it is perfectly possible to get a mortgage pretty much immediately and a number of peoplw have done so, notably through Wells Fargo (PetiteFrancaise has a contact with WF who has proved to be very useful in that regard), otherwise people have reported getting mortages in the 6-12 month time frame.

That said, as a practical point, arriving and immediately putting down roots in one particular area before you have had much chance to experience life here, work out what the commute is like, and decide what you do and don't like, may not be the best idea. Renting for 12 months gives you more flexibility to check out other areas, and work out what you like, before taking the plunge and buying a house.

MrSunu Sep 8th 2016 1:58 pm

Re: Mortgage application & Credit History/Job
 
Thanks Pulaski,
I'll do some research on the info you're sharing great. What you're saying is very true, and we were planning on renting for a while but we feel like we know if it's the right place or not after 4/6 months.

Thanks again.

Rete Sep 8th 2016 2:13 pm

Re: Mortgage application & Credit History/Job
 
Are you planning on buying in NYC [Manhattan] itself or thinking of the suburbs? If you are planning on Manhattan or Brooklyn (across the East River) you best be able to float a mortgage close to or well over $1,000,000 for a decent size apartment. Relatively few houses in Manhattan. Brooklyn does have houses, however.

petitefrancaise Sep 8th 2016 6:02 pm

Re: Mortgage application & Credit History/Job
 

Originally Posted by MrSunu (Post 12046726)
Thanks Pulaski,
I'll do some research on the info you're sharing great. What you're saying is very true, and we were planning on renting for a while but we feel like we know if it's the right place or not after 4/6 months.

Thanks again.

Renting for 4/6 months as a minimum is a very good idea. Although.... you will probably have to sign a rental lease for 12 months - this means you are liable for the rent even if you want to move out early, unless your landlord is ok with you terminating your lease early (unlikely imho).

I will pm the OP my contact's info at wells fargo. Due to lack of credit history in the US, they ask for in-depth financial information from the UK (or wherever) going back about 2 years. UK Salary information, bank/credit card statements, previous mortgage payment information. You may well need a hefty deposit too. My experience (and others' that I've heard back from) is that at the end of all that you get a really decent mortgage deal - one similar to what you would get with very good credit in the USA.

capin Sep 8th 2016 7:22 pm

Re: Mortgage application & Credit History/Job
 

Originally Posted by Pulaski (Post 12046577)
If you are transferring or coming with a job already lined up, then it is perfectly possible to get a mortgage pretty much immediately and a number of peoplw have done so, notably through Wells Fargo (PetiteFrancaise has a contact with WF who has proved to be very useful in that regard), otherwise people have reported getting mortages in the 6-12 month time frame.

That said, as a practical point, arriving and immediately putting down roots in one particular area before you have had much chance to experience life here, work out what the commute is like, and decide what you do and don't like, may not be the best idea. Renting for 12 months gives you more flexibility to check out other areas, and work out what you like, before taking the plunge and buying a house.

I rented for my first year here (contract ends on Sept 30th). I love the area I live in and am buying a house across the road (get the keys on the 19th :)). I was going to buy cash but then the UK decided to Brexit and the GBP took a bit of a tumble. I got a mortgage with Yadkin @ 2.875% fixed for 15 years. The house I am buying is slightly larger than the one I rent, My mortgage payment, property tax and insurance comes in at just under what I was paying in rent.


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