Mortgage in California (LA)

[Neil_and_tash]

Hi to everyone :-)

Me (neil) and my wife natasha and daughter Isabella are moving to california! (we're very excited)

I'm applying for an E2 visa and we're looking at buying some property in los Angeles where we intend to live.

It's a 2 bed condo for $500K

I'm having a Major headache finding a decent mortgage broker who can help me as I do not (yet) live here or have a visa for here. I have properties etc in the UK and a 15% deposit.

Has anyone got a contact for a broker who could help?

All suggestions very welcomed

Neil and the fam

[twostep]

Neil - it will probably stay a major headache. You are basically looking for an investor willing to spend 500k minus 15% down payment but do not have an approved visa. Loan sharks may be interested but no broker. You are not high risk but extremely high risk.

[synthia]

I think you are jumping the gun, as there is no guarantee that you will get the visa, or how long it will take. If you want to buy the property as an investment, whether your visa is approved or not, that's a different issue.

You will probably find it difficult to get a mortgage since you essentially have no credit rating in the US.

[mikew]

The mortgage market here is in the process of restructuring itself - all of the "Riskier" Sub-prime mortgages have been withdrawn (Ours was two days before we were due to close on our new house).

As a Brit - you would possibly be able to get a mortgage through the High Street (Bank of America etc) if you speak to the right person - seems crucial over here. and you can supply at least a 30% deposit.

This also needs to be done within a short time after you arrive (don't think they will accept the application before you get here) so they can use some of your UK history.

That was the information we were given when we tried.

Good luck with the move