US Mortgage
 

I am planning to hopefully move to the US soon. The current client I have is thinking about me moving over and we are in talks about this.

I live in the UK and have a great credit report.
I am wondering how difficult it is to get a US mortgage to buy a house in Texas/Houston?
What do I need to do to allow/enable me to get a US Mortgage?

I understand that it probably is best to rent it out to check out things but for me it is not quite the option. Besides I have been there a few times and kind of know where/what I want.

any thoughts?

Re: US Mortgage
 

Alas, it'll be worthless to you in the US.


Unless it's a permanent move, renting is still a better option than buying. Renting isn't just about deciding on where to live... it's about reducing your risk if the job goes tits up.

Ian

Re: US Mortgage
 

Your UK credit report means nothing to US mortgage companies they will look at your credit report here based on your Social security number.
So you start from scratch unless you have a US wife/husband who has excellent credit and get the mortgage based on that rating.

Re: US Mortgage
 

ah. thank you for that. Like I said - I dont know about these things :)

so really what you are saying is that it is not possible really to get a US mortgage (unless you are rich, have the cash and buy in cash) unless you work and live there, have SS etc.....

im curious to know why a US mortgage company asked for one though - he asked me for a UK credit report, which I sent him. maybe for his curiosity or something

Re: US Mortgage
 

Perhaps he has a private investor for your mortgage?

Re: US Mortgage
 

I guess we will find out next week :)

but yes from the sounds of it I would unfortunately have no chance :-/

so apart from the monthly repayments for the mortgage, what else does one have to pay?

Re: US Mortgage
 

It is possible. You have to know who to ask though. There is a couple that work as realtors is Houston that specialize in expats - the Websters. I have heard from a couple of folk, post credit crunch, that they have known where to go. This Has been for 200-400k mortgages.

Re: US Mortgage
 

I thought that you were "planning to get married to my current partner who lives in the US"

1. Acquire a US credit history
2. Be able to show that you have sufficient income
3. Have enough cash for the down payment

Acquiring the credit history will take time.

This question has already been covered in one of your other threads and I still don't understand why renting is not an option for you.

Knowing what you want is good - getting what you want it another matter - patience is a virtue :)

Re: US Mortgage
 

thanks md :)
I lack patience. been patient long enough with almost everything! never got me anywhere. LOL

reason renting is not an option for me:

1) you dont know what your landlord is going to be like. could be good. could be bad
2) that rent money can go towards the downpayments of the mortgage
3) I have ALOT of stuff to move. I dont want to be moving and moving and moving
4) I REALLY want to own a property - something I can call "my home" and make mods to it if I want, as with renting - you cannot quite do this.

Re: US Mortgage
 

You certainly have little chance of getting a really good deal on the finance.

The property tax payments are rather high in Texas.

Re: US Mortgage
 

Property tax - can you explain exactly what this is and how it works?

Re: US Mortgage
 

They send you a bill. You pay it or lose the house.

With a mortgage, it'll most often be paid as part of your mortgage payment.

Re: US Mortgage
 

Like the UK council tax. But expensive.

Re: US Mortgage
 

Up to 3% of the property value per year in/around Houston.

Re: US Mortgage
 

ouch. why oh why.