# Moving to usa



## mousem (Jun 22, 2011)

Hi we are moving to the USA. We are Canadian citizens with work visa. My question is do you need 20 percent down for a mortgage in the states? Or can you have less?


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## twostep (Apr 3, 2008)

mousem said:


> Hi we are moving to the USA. We are Canadian citizens with work visa. My question is do you need 20 percent down for a mortgage in the states? Or can you have less?


You will find it extremely hard to find a lender at all. 20% down is the threshold for PMI (mortgage insurance). I assume you have no US credit history, no US employment history and your visa allows a temporary stay (no matter how long) in the US.


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## tcscivic12 (Jul 2, 2008)

mousem said:


> Hi we are moving to the USA. We are Canadian citizens with work visa. My question is do you need 20 percent down for a mortgage in the states? Or can you have less?


20% down is usually more than sufficient, but being a foreign borrower is going to make it real hard to obtain a loan for a mortgage especially if you are in a states like California, Florida, or Michigan where the real estate market is heavily depressed at the moment. Good luck though.


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## twostep (Apr 3, 2008)

tcscivic12 said:


> 20% down is usually more than sufficient, but being a foreign borrower is going to make it real hard to obtain a loan for a mortgage especially if you are in a states like California, Florida, or Michigan where the real estate market is heavily depressed at the moment. Good luck though.


When and in which market did you get your last mortgage in the US?


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## mousem (Jun 22, 2011)

Hi thanks it seems we are lucky in the fact that the bank we deal with in Canada also has branches in the US, they are able to take our history here into account.


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## tcscivic12 (Jul 2, 2008)

twostep said:


> When and in which market did you get your last mortgage in the US?


Currently no Mortgage, but I work for Chase Bank and in the Mortgage Business for the last eight years.


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## twostep (Apr 3, 2008)

tcscivic12 said:


> Currently no Mortgage, but I work for Chase Bank and in the Mortgage Business for the last eight years.


Then you should be aware of the issues.


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## tcscivic12 (Jul 2, 2008)

twostep said:


> Then you should be aware of the issues.


Well aware of the issues having worked for the largest failed bank in US history(Washington Mutual) and now one of the more smarter and larger banks. Our economic indicators are not looking good at all for at least another two years.


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## JohnSoCal (Sep 2, 2007)

twostep said:


> When and in which market did you get your last mortgage in the US?


I just refinanced my home last week in one of the areas hardest hit by the housing crisis. Appraised value has dropped from $650,000 to $280,000 since 2006.

I had no trouble getting a standard conventional 30 yr fixed rate mortgage at 4.25%. The Loan to Value for my refi is exactly 80% ( 20% down ). I could easily have gone to 95% Loan to Value but would have had to pay PMI.


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## mousem (Jun 22, 2011)

Thank you so much johnsocal. That is the info I finally received from someone else. I was starting to get very discouraged I believe I will have the 20 %, but was concerned if I turned up a little shy.


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## twostep (Apr 3, 2008)

JohnSoCal said:


> I just refinanced my home last week in one of the areas hardest hit by the housing crisis. Appraised value has dropped from $650,000 to $280,000 since 2006.
> 
> I had no trouble getting a standard conventional 30 yr fixed rate mortgage at 4.25%. The Loan to Value for my refi is exactly 80% ( 20% down ). I could easily have gone to 95% Loan to Value but would have had to pay PMI.


How long have you lived and work in the US?


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## JohnSoCal (Sep 2, 2007)

twostep said:


> How long have you lived and work in the US?


I have lived and worked in the US since 1959 ( 52 years ) except for 4 years in Mexico, 2 years in Venezuela, and 16 months in Canada.


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## JohnSoCal (Sep 2, 2007)

mousem said:


> Thank you so much johnsocal. That is the info I finally received from someone else. I was starting to get very discouraged I believe I will have the 20 %, but was concerned if I turned up a little shy.


I need to point out that both my wife and I have FICO scores ( Credit scores ) above 800 and we have excellent debt to income ratio.


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## mousem (Jun 22, 2011)

Our FICO scores are great as well, and we will have no outstanding debt here in Canada when we leave. I did get in touch with a US mortgage rep and we will not have any issues getting a mortgage. Even if we are short of the 20 percent we are still goig to be ok. So thanks .


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## JohnSoCal (Sep 2, 2007)

mousem said:


> Our FICO scores are great as well, and we will have no outstanding debt here in Canada when we leave. I did get in touch with a US mortgage rep and we will not have any issues getting a mortgage. Even if we are short of the 20 percent we are still goig to be ok. So thanks .


Congratulations. From what you had said, I didn't think you would have any trouble. So many people just listen to the press which exaggerates everything. If you have good credit then you will have no trouble getting financing. People with lower FICO ( < 750 )scores can still get mortgages but they will pay a higher interest rate and maybe an extra fee.

Good luck with your move here. Where are you going to be moving to?


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## mousem (Jun 22, 2011)

We are moving from Toronto Ontario,to Alabama. Big changes ahead for us  thanks again.


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## JohnSoCal (Sep 2, 2007)

mousem said:


> We are moving from Toronto Ontario,to Alabama. Big changes ahead for us  thanks again.


You are welcome. That is a pretty radical change, climate wise, culturally, politically. etc. The cost of living is much much lower in Alabama than Toronto. I am not saying Alabama is bad, just different. I hope you like it. I would rather live in Alabama than Toronto. I have spent time in both places.


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## david_benhur (Jul 11, 2011)

*Movers help*

Hi 
I was looking for movers, how can help in moving.


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## Fatbrit (May 8, 2008)

mousem said:


> Our FICO scores are great as well, and we will have no outstanding debt here in Canada when we leave. I did get in touch with a US mortgage rep and we will not have any issues getting a mortgage. Even if we are short of the 20 percent we are still goig to be ok. So thanks .


It's not over till the fat lady sings. And she often starts moaning on closing day.


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