# US mortgages for non US citizens



## Nigj_smith (Apr 17, 2009)

Hi All,
I'm just wondering if any of you guys that have made, (or are making the move from the UK to the USA), might be able to offer some assistance regarding the whole US mortgage scenario... I was hoping that maybe you might be able to suggest some companies that either specialise, or are willing to offer mortgages to people from the UK.. I assume that some of you will have mortgages, and may have set these up prior to moving, and/or have holiday properties in the US... Any pointers towards reputable mortgage lenders/brokers that may be able to assist would be greatly appreciated

Thanks

Nigel


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## Fatbrit (May 8, 2008)

Nigj_smith said:


> Hi All,
> I'm just wondering if any of you guys that have made, (or are making the move from the UK to the USA), might be able to offer some assistance regarding the whole US mortgage scenario... I was hoping that maybe you might be able to suggest some companies that either specialise, or are willing to offer mortgages to people from the UK.. I assume that some of you will have mortgages, and may have set these up prior to moving, and/or have holiday properties in the US... Any pointers towards reputable mortgage lenders/brokers that may be able to assist would be greatly appreciated
> 
> Thanks
> ...


The only thing I know about UK mortgages for US property is that you had to get them before you left. After and it was too late.

Getting a US mortgage fresh off the boat with no credit record, US work history or even permanent residence is going to be a tough deal in today's market. Of course, put 50% or more down and I could probably get my dog a mortgage....at a crappy interest rate, though. And the husky, not the Australian shepherd or the mutt.

Where is your intended in all this? Job, credit history etc?

One place you should go if you have no idea of the US mortgage market is here: Mortgage Professor. Give yourself a week or so to study the big differences in the Us products and terminology.

The final thing I'd say is that finding the best mortgage is more to do with the people you encounter rather than the companies behind them. You might run in to someone who knows how to get it through for an odd sub prime paper like yours, or then you might meet someone who hasn't a clue but will never tell you that and leaves you hanging. Also be aware that one name can encompass many products and each person selling you the mortgage may only have access to a few of them. For example, the products available from Wells Fargo to an independent broker are different from those of a personal banker, home mortgage specialist or private banker. So if someone says they were in your position and got a great mortgage at Wells Fargo, it really doesn't help you very much if they used a broker in Oregon, and you're trying through a mortgage specialist in California.


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## Bevdeforges (Nov 16, 2007)

Due to the situation of a friend, I asked at my local bank in the US about mortgages for immigrants. (This was, admittedly, before all heck broke loose last fall - but all my bank statements and my local bank website have been promoting the fact that "we are still making mortgage loans!)

My local bank is a small, independent bank. They will make mortgage loans to non-citizens who have visas. Standard mortgages are available to green card holders, but for those with other categories of visas, they will consider making loans for the duration of their visa terms. Obviously, they are only going to make a loan on property located within their area.

I would be very wary of mortgage brokers (especially in the US) as they get paid to get the loan accepted and we've seen the unfortunate consequences of that practice. Try working with a local bank - not one of the big chains - and see what you can arrange. Obviously, they are interested in getting your overall banking business - checking and savings accounts, credit cards, etc. - and have every reason to work with you rather than just for a one-time commission.
Cheers,
Bev


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## twostep (Apr 3, 2008)

The market has changed drastically during the last 24 months. Money and credit are getting very tight. Going the regular route with no US credit/employment history will probably not be successfull. Do you have an employer willing to support the credit?


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## Nigj_smith (Apr 17, 2009)

Fatbrit said:


> Where is your intended in all this? Job, credit history etc?
> 
> .


Thanks for the reply fatbrit... I think that the above was a question, but I'm afraid I don't quite get you, could you elaborate... Sorry for being dumb, I just don't want to be one of those posters that don't reply to those that have been kind enough to offer their advice and exerience.

Thanks

Nigel


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## Nigj_smith (Apr 17, 2009)

Bevdeforges said:


> Due to the situation of a friend, I asked at my local bank in the US about mortgages for immigrants. (This was, admittedly, before all heck broke loose last fall - but all my bank statements and my local bank website have been promoting the fact that "we are still making mortgage loans!)
> 
> My local bank is a small, independent bank. They will make mortgage loans to non-citizens who have visas. Standard mortgages are available to green card holders, but for those with other categories of visas, they will consider making loans for the duration of their visa terms. Obviously, they are only going to make a loan on property located within their area.
> 
> ...


Thanks bev, 
I'm looking into local companies as per your advice... see if I can't get somewhere

Cheers
Nigel


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## Nigj_smith (Apr 17, 2009)

twostep said:


> The market has changed drastically during the last 24 months. Money and credit are getting very tight. Going the regular route with no US credit/employment history will probably not be successfull. Do you have an employer willing to support the credit?


Hi twostep,

I'm currently employed in th UK, and am looking at two options, either an intercompany transfer, or via a K1 route... I'm just seeing about the possabilities of getting something in place to make the move that much simpler... So as far as an employer to support the credit, if you mean a US employer, then the answer is currently no...

Thanks for your feedback, Appreciated as always


Nigel


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## Fatbrit (May 8, 2008)

Nigj_smith said:


> Thanks for the reply fatbrit... I think that the above was a question, but I'm afraid I don't quite get you, could you elaborate... Sorry for being dumb, I just don't want to be one of those posters that don't reply to those that have been kind enough to offer their advice and exerience.
> 
> Thanks
> 
> Nigel


Sorry for being unclear. Your intended is your fiancée. Does she have a suitable credit history, work experience etc to shoulder a loan?


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## twostep (Apr 3, 2008)

Nigj_smith said:


> Hi twostep,
> 
> I'm currently employed in th UK, and am looking at two options, either an intercompany transfer, or via a K1 route... I'm just seeing about the possabilities of getting something in place to make the move that much simpler... So as far as an employer to support the credit, if you mean a US employer, then the answer is currently no...
> 
> ...


Some expat contract have mortgage options:>) Your K1 route will need very good credit on her own. It may be more beneficial to move, work, rent for a while and explore the local market for real estate/mortgages/your needs and get your credit history going. Your UK employment/credit is worth the cash you bring with you. Take your time; do not rush the decision and you may not only get a better bargain but you stay flexible for starters.


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## Busybee (Aug 7, 2008)

We moved to the US in November last year, and we got our mortgage with Wells Fargo. It was quite simple, we had to provide a UK credit report from Equifax, our bank statements, confirmation from my husbands employer here in the US. It was all done and dusted with 3 weeks. The only difficulty we had was before they would allow the closing on our home, my husband had to provdie at least one pay slip from his US employer. We just stayed with friends for 2 weeks until he got this. Also the Hsbc bank were prepared to give us a mortgage because we had an account in the UK with them, only went with Wells Fargo as their closing costs were lower. We did have to pay to have our Equifax report converted to the american scoring, but wells fargo took care of this for us and charged us about $25 for doing it. They will also fax your current bank in the UK to check that the statements you have provided are correct. Hope this helps


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## HarryAshley (Nov 16, 2007)

I would strongly suggest that when you move over here, that you rent for a few months before buying, this will give you the opportunity to check out the local area and get a US credit rating. Go and buy a car on credit, even if you don't need to, making the monthly payments and then paying it off will start the credit rating process, you can also get a pre-paid credit card who will report your payments to the credit reporting agencies, enhancing your credit score.

These steps will allow you to buy a house in the USA with your US credit score and make interest rates and down payment lower.

Regards


Harry Ashley

Broker Associate


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## tomben (Dec 31, 2008)

HarryAshley said:


> I would strongly suggest that when you move over here, that you rent for a few months before buying, this will give you the opportunity to check out the local area and get a US credit rating. Go and buy a car on credit, even if you don't need to, making the monthly payments and then paying it off will start the credit rating process, you can also get a pre-paid credit card who will report your payments to the credit reporting agencies, enhancing your credit score.
> 
> These steps will allow you to buy a house in the USA with your US credit score and make interest rates and down payment lower.
> 
> ...


This is a good idea IMO. I moved to a tourist area in the summer season so could not find a rental so i took advantage of the companies relocation offer that included 3 months in a hotel. Somehow i managed to buy a car and get a bank account and credit cards either by using the hotel, work or PO box addresses. 

I got my first mortgage through a guy that ticked the box that said US citizen even though i was on a H1B visa  At that time he said said all they care about is your credit score and pay check. 

I do remember having to pay PMI of about $200 a month (private mortgage insurance) as i had put less than 5% deposit down. Not sure what the rules are now. 

Just my 2¢


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## Fatbrit (May 8, 2008)

HarryAshley said:


> I would strongly suggest that when you move over here, that you rent for a few months before buying,


Takes more than a few months to hit a regular FICO score -- the standard algorithm won't produce a number until it has at least 6 months of data to chew on. And it'll take 2 or 3 years to get the right credentials for an A paper.


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