Giantaxe

I bought before I even arrived in the country (those were the days...) and it actually worked out well. But on subsequent moves in the US I've rented for at least a year before buying. I'm glad I did on both occasions as it allowed me to get a far better idea of where I wanted to live.

Jerseygirl

We looked to buy before we actually moved. Glad we didn't because it gave us time to look round and move into a great area. With selling costs being so high in the US it would have been an expensive mistake.

MMcD

Even after all the practical aspects are sorted - it may well take a year, more or less, to find a home you love.
It did for us - so rented and looked (100 different properties ) till finally we found the "perfect" place. But not everyone is so looney

MCDesi

So many things to consider - much more than I even knew to ask about. So glad I posted this question and thank you so much everyone for the advice. I think I will just take my time and see how things go once I am there and will take the plunge when I feel like the time is right and circumstances line up.

WEBlue

The husband & I rented for 18 months before feeling ready to buy a year ago. Even with all that 'looking' time, the decision to buy wasn't easy. And we were very glad we'd given ourselves that much time to get the lay of the land.

Initially we were enthusiastic about the house we rented, which seemed to fulfill all our needs, and which the landlady was eager for us to buy. Now we're extremely happy we didn't jump right into that purchase.

We pay slightly less in monthly terms now that we've bought, but then there are upkeep expenses, so it's not a simple calculation....

The citydata forum has good info on each state. People moving to an area can post questions about buying, renting, what kind of towns are nearby. Start reading up now on possible areas.

MCDesi

Great - I'll check it out. Thanks

Bob

In MA, without a greencard? I wouldn't buy a place.

As for how easy to get a mortgage, depends on where in the state. Banks are much more pickier in Boston and the burbs as they can be, but else where, not as much hassle but for a reason.

Even out in the burbs, you could be dropping $10-13K a year on tax, for not very much house, if the school district is very good.

Guindalf

Just a word of warning. If anyone is thinking of buying property as an investment, be aware that it may not be all sweetness and light.

I was indexing a Foreclosure deed this morning (we provide software and services for courthouses to record Real Estate documents). The property, in a mountain resort area that is often purchased by Atlantans for second homes, was bought in 2007 for $615k, was sold in foreclosure this month for $213k!

bewildering

60% drop - early 2007 was the height of the bubble, but that sounds extreme!

FHA mortgage is a bad route to take now. These loans became a substantial part of the market 2008-11, and they started to fail at a high rate. The FHA tightened the rules, increased the mortgage insurance, and the interest rate is about a point higher than other mortgages.

You can put 5% down and get 417,000 on a private mortgage.

The main issue for the OP is that they have no credit history, and therefore will not qualify for good rates.

MCDesi

Yes I've seen that and I was shocked to see that kind of tax in the Boston burbs. These are exactly the areas we are looking to live in since we need access to good schools.

MCDesi

So I will need at least 1 year or more anyway to build this up right?

hungryhorace

There is no 20% deposit requirement to purchase a property in the UK.

Personally, unless you're a millionaire, I wouldn't purchase a home in the US until you had your green card approved.

hungryhorace

>=24 months negates the requirement to stump up 20% deposit with most lenders i've spoken with.

MCDesi

Thanks - yes that's what I will do.

hungryhorace

When I looked to secure a mortgage on an L-1A with an annual income of around $175k no bank was interested. I had to wait until I was green carded before they would entertain offering me a mortgage.