US mortgages for non US citizens

[HarryAshley]

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

[tomben]

Originally Posted by HarryAshley

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

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¢

[Fatbrit]

Originally Posted by HarryAshley

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.