I Am New To The United States, How Do I Eventually Get A Mortgage??
Dave has some great information here for borrowers who have recently located to the United States. Just because someone is new to the Country, doesn't mean that they are unable to purchase a home. Check out Dave's post.
When coming over to the US, you have a couple items to pay attention to so you can eventually get a Mortgage. I will go over the specific things to address when you move to the United States and how to be better prepared for eventually getting a Mortgage. Here they are:
Your Visa- Most likely you will be here on a Visa. You want to make sure that Visa is an approved Visa to get a mortgage. For the list of Visa's: Immigration Visa. If Your Mortgage Lender denied you for a mortggage because of your Visa, but it appears on this list, Contact Me.
Your Credit- When moving to the US, your mortgage lender wants to see stability and a payment history. Even thou you may have credit in your prior country, it will not show up on an American credit report. Unless it was an American account. So you will want to open at least 3 credit accounts. The easiest way to do this is to open a credit card account with stores such as Target, Best Buy, Conn's or a secured credit card from your bank. Use this credit card monthly, but make sure to pay it off monthly also. Or leave a small balance. If you can, getting a car loan will also be helpful. But make sure the Car loan will be reported on your Credit Report.
Job- If you are getting transferred to the US with the same job, that is great. We will just need to verify that you are going to make the same income. If you are starting a new job, we need to have 30 days worth of paystubs. If you did not work for a long period between your last job and the new one, you may have additional guidelines
Money- If you plan on moving money from your past country to the United States, you will need to document that. So if you transferred money to your bank here, we will need proof of the last 60 days of your prior bank account. Bank Statements would work. If you have cash before and are transferring that to the US, you will need to have that money here in the US for 60+ days before applying for your mortgage.
Rent- When paying your rent pay with a check. Many times a lender will want to see a payment history of your rent payments. This way you will have a record of your payments.
Conclusion: Every lender has different rules for situations like this. And this article is a general overview so you will be better prepared for any lenders requirements. Your Visa must be on the list. For Credit, it is best to have 3 credit tradelines for 12mths. But, sometimes I can get someone approved with less. Like I mentioned every lender may differ in their specific guidelines. I suggest finding a Great Mortgage Banker as soon as you move here and ask him to make a specific plan for you. That way when it comes time to buy a home you are prepared and able to get approved for your mortgage.
If you are thinking of Moving to Texas, I am Dave Your Mortgage Guy.
David Krichmar
Mortgage Banker/Broker
AmericaHomeKey, Inc
Blogger For Realtor Magazine
Approved MCE Instructor
Office:832-689-6012
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