stepowell

Hi Guys,

1st post so I will say Hi. We are looking to move to the states early next year. Heres my problem, we stand to make $70,000 off the sale of our house so that would leave me with an outstanding balance of say $60,000. Our major problem is that I wil not be able to work until my visa comes through and that could take 6 months. My wife wil be ok as she is american, so what I need to know is will a mortgage company lend us the money if only 1 of us has a job ? Or even better as my wife wont have a job for a few weeks of getting their, wil they lend me us the money is we are putting so much money down ? Any help/links would be appreciated.

thanks

NC Penguin

I assume that you'll want both names on the Deeds for the house. It's a good thing that your wife is American.

For starters, it's probably worthwhile getting a copy of her US credit report and FICO score. This is so you prepare yourself prior to shopping for mortgages.

I hope your wife didn't close all her accounts, cancel her credit cards whilst she lived abroad. If she used her US credit cards, even irregularly whilst living abroad, this would have kept her US credit history ticking over.

Mortgage providers will pull your wife's US credit report and FICO when deciding on whether to loan you money as well as the rate of interest.

I am a UKC married to a USC and living in the US. We bought a house this year almost exactly two years after moving to the US.

MightBe

Many Brits get mortgages in the State of Florida and they do not even intend to live here. You should have no great problem

Roightmush

I work on an H1-b
My wife can't work (on an H-4)
No problem getting a mortgage in both names.
In fact her FICO score is better than mine

stepowell

cheers guys. In answer to your questions, no she didnt close her accounts and has been using her credit card so this is a good thing. Think we are looking at Clearwater but we need to sort out how we can pay the mortgage with only 1 working , could be a while before I can work

MightBe

If you wife is a legal resident of the UK, you will be using DCF to get you here, with this system you arrive with your green card already sorted
a quick trip to ths SS for your SSN and you can look for work.

scrubbedexpat099

I have heard people bemoaning delays in getting SSN's, and then of course you need to track down a suitable job.

Mortgage Co's can get International Credit Reports, but takes a month or so. So I would get that underway as soon as you can.

I am sure that they will need to see some income, wo'nt you want to have a look around? It may be that you need to consider just doing it in her name and the quit claiming it to both of you.

AdobePinon

It can certainly be done. The key thing is, shop around for the mortgage, and don't be afraid to tell the broker that they are full of shite - mortgage brokers owe you no fiduciary duty.

If you have to do it on your wife's income alone you can file a quit claim at closing to put the house in both names.

I see Boiler beat me to it. Also, some key things in getting a mortgage (the easy way, not the 'creative' way):
- credit history for all parties buying (this one alone might make you put it in your wife's name)
- proof of a sustained bank balance (underwriters get suspicious if the account gets loaded the week before you apply for the mortgage - they like to see a high balance for at least a few months)
- proof of income (1 or 2 pay stubs will usually do it)
- if you are going to be named, the underwriters may wish to see proof of residency (but some won't, so shop around if necessary).

If it looks like it might be tricky, you might want to look at opening an account at a local (not national) bank or credit union that has enough financial clout to underwrite its own mortgages - then you'll actually be talking face to face with the people providing the money.

BritGuyTN

check out www.bankrate.com

as AdobePinon sais, borkers are full of shite - the website above will let you see how good their offerings really are

I found www.patelco.com to be good for loans

they gave me a loan on a used car at 4.2%

a 3/1 arm is still about 4.25% with them (no points)