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-   -   Mortgage For Brand New Immigrant? (https://britishexpats.com/forum/usa-57/mortgage-brand-new-immigrant-897843/)

Tawn26 Jun 10th 2017 10:59 am

Mortgage For Brand New Immigrant?
 
Has anyone had experience getting a mortgage "fresh off the boat" so to speak?

I am a US citizen and have maintained my US credit as I've worked for a US company while in the U.K. and kept a few credit cards and a bank account going etc. But my husband (the UK citizen who will have IR-1 permanent resident status) will obviously land and have no credit to speak of and will seek work immediately but won't have any history to meet the 2/2/2 standard I've read about.

For school district concerns, continuity and security for the kids, and personal preference we would like to use the money from the sale of our UK home which would be about 20% deposit on a house in the US as soon as he is in full time employment in the states.

We will do the obvious things like open whatever lines of credit he can get (store cards, intro cards etc) and a bank account as soon as he lands. But I guess I'm asking is it realistic to think we could get a joint mortgage about 4 months after landing without being killed on the interest rate?

Is there any major advantages to waiting and renting I'm not aware of (like incentives for first time buyers as we will technically be 1st time buyers in the USA)?

Are there any banks or credit unions that will take into consideration hubbys UK financial history (credit score employment history etc)?

Please forgive me if I seem to be missing something obvious but while we are well versed in getting a mortgage here in the U.K. I feel woefully uneducated about the process in the states especially with regards to a new immigrant.

Edited to add we will be moving to WA state.
Thank you!

petitefrancaise Jun 10th 2017 1:30 pm

Re: Mortgage For Brand New Immigrant?
 
It's possible. There was a family on BE last year that bought a house before they moved, ready to move in.

However, they knew the area they were moving to. In your case, if you also know the area very well then why not buy a house quickly. If you don't, then just waiting for 6 months will let you figure out which streets are good and don't turn into rat runs for school runs or getting to work etc.

We got a mortgage quickly with almost no US credit history, the rate was as good as a regular person would have got and we still have it, no better deal has come along to tempt us 3 years on.

Contact Wells Fargo mortgage division - I now believe you can just phone them and they'll put you through to the people who will know how to handle people in our situation. If you need it, then I have a contact (pm me).

WF will use all your financial information from the UK - bank statements, mortgage statements showing payment history, credit card payments etc.

Having a 20% deposit is great. That will really help.

abbiecowan Jun 10th 2017 5:40 pm

Re: Mortgage For Brand New Immigrant?
 
I was looking for similar information! We have been here just over a year but not got a high credit rating because we did not focus in on doing that in the first year - we took out a car lease only as I have a corporate credit card and did not think of getting other lines of credit especially after my husband was declined for a Macys card (we did not want to harm our rating further). We had a very strong credit history in the UK and have a 25% deposit so were also hoping we might be able to still get a mortgage. Thanks for the advice petitefrancaise!

malch Jun 10th 2017 6:05 pm

Re: Mortgage For Brand New Immigrant?
 
With a 20% down payment this should be possible. I would:

* Consult with a broker as well as directly with some lenders.
* Bring whatever documentation you can to demonstrate your financial solvency and responsibility. Previous mortgage payment history, savings/retirement account statements etc.
* Strongest possible letters confirming secure US employment and salary.

It sounds like your history is very supportive -- the more enlightened lenders will see that.

Also, keep in mind that on arrival you are likely to drive a large number of credit inquiries (car, housing, credit cards, utilities etc). This may raise some red flags but they're legit so just be prepared to explain.

CreditKarma.com is a good free way to view and track your credit record. Just ignore all of the "recommendations" (i.e. adverts) and focus on the facts.

ChrisK Jun 10th 2017 10:10 pm

Re: Mortgage For Brand New Immigrant?
 

Originally Posted by petitefrancaise (Post 12270026)
Contact Wells Fargo mortgage division ....


We got our first US mortgage with Wells Fargo - at the time they seemed to be the only ones willing to provide mortgages to newbies. However, this first mortgage took over 13 months to sort out (!) - and just refinanced with them and that took 3 months (with perfect payment record, etc). Oh, and BTW, Wells Fargo ended up last in the 'most respected companies' (Wells Fargo is last in survey of 'Most Respected Companies' | Fox Business)... .


(By comparison our two mortgages in the UK took less than a hour to sort out!)


My 2 cents - use a broker... .

Tawn26 Jun 12th 2017 6:07 pm

Re: Mortgage For Brand New Immigrant?
 
Thanks for the advice and personal experiences! It looks like there's nothing for it but to move there, get hubby in full time work then just shop around and see what's possible and what's not! Doesn't help my obsessive need to plan ahead and know where we will be living after we land though 😉

petitefrancaise Jun 12th 2017 6:17 pm

Re: Mortgage For Brand New Immigrant?
 

Originally Posted by Tawn26 (Post 12271429)
Thanks for the advice and personal experiences! It looks like there's nothing for it but to move there, get hubby in full time work then just shop around and see what's possible and what's not! Doesn't help my obsessive need to plan ahead and know where we will be living after we land though 😉

You'll have to find a rental surely? Just treat your rental search like a housebuying one.
Identify school areas first - better - find out which are the very best high schools in your area, even if your kids are in elementary because once they've settled at school you won't want to move them away to a better school as they get older.

what sports/activities do you like? Make sure they are reasonably close or you will be spending your life in the car.

Tawn26 Jun 12th 2017 6:36 pm

Re: Mortgage For Brand New Immigrant?
 
We will be moving in with my dad who has 3 spare bedrooms initially and were just wondering if we can get a mortgage and buy from there or if we will be forced to rent. i know the area very well as all my immediate family lives in a 15 mile radius but unfortunately my dad is one street outside of the desirable school district lines and is in a really poor one instead so sorting this out asap is ideal

As you say, i don't want to start my daughter in one school by being in a rental and then be forced across another school line due to buying a year or 2 down the line. would just prefer if possible to buy from the get go to guarantee continuity etc.

boltonreddave Jun 12th 2017 8:38 pm

Re: Mortgage For Brand New Immigrant?
 
We got one with Advancial Credit union within 2 weeks of arriving but we did have a 60% down payment


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