US Mortgage
#1
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Joined: Aug 2009
Posts: 107
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?
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?
#2
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
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
I understand that it probably is best to rent it out to check out things but for me it is not quite the option.
Ian
#3
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.
So you start from scratch unless you have a US wife/husband who has excellent credit and get the mortgage based on that rating.
#4
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Joined: Aug 2009
Posts: 107
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
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
#6
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Joined: Aug 2009
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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?
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?
#7
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.
#8
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Joined: Mar 2008
Location: Santa Cruz, CA
Posts: 4,913
Re: US Mortgage
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 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?
- Acquire a US credit history
- Be able to show that you have sufficient income
- Have enough cash for the down payment
Acquiring the credit history will take time.
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.
#9
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Joined: Aug 2009
Posts: 107
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.
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.
#10
Re: US Mortgage
The property tax payments are rather high in Texas.
#11
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Joined: Aug 2009
Posts: 107
Re: US Mortgage
Property tax - can you explain exactly what this is and how it works?