Mortgage Q

NEW -> Contingent Buyer Assistance Program
Stuff It_IHB

Stuff It_IHB

New member
<p>I'm new to this blog and new to the US but I want to purchase a house in Irvine/Tustin within the next 12 months and people seem to be helpful (assuming that you agree that the bubble has burst or is bursting)</p>

<p>I will need a mortgage and this may cause a problem. I will require a mortgage which is below the jumbo mark (417K) and less than 3x my salary. I also have a lot of equity to put into the new house (greater than 50%) but the issue is that I have only been in the US since the beginning of this year and have only worked here for 6 months. Will that cause any problems?</p>
 
<p>Yes it will.</p>

<p>You will be treated as a "foreign national". Normally, this is a person keeping a home here, but who's income is from elsewhere. You will need to document your former life.</p>

<p>Do you have credit here?</p>

<p>Foreign credit may be used, but it is complicated.</p>

<p>There is product, however.</p>

<p> </p>
 
<p>It's also further complicated by the fact that you are switching income sources.</p>

<p>Are you in the same line of work as before?</p>
 
<p>Wendy,</p>

<p>What about continuous employment, same line of work?</p>
 
Thanks for the info Janet





I am in the same line of work though my income in the US has been reduced by 40% from my previous income.





My partner is from the US who has good credit (720) but no current income and I have good credit from where I previously lived (owned a house there for 5 years but I sold it before coming to the US) and I have been trying to build a credit rating here by using credit cards (had a US credit card for 6 years but I have only recently started using it - so I may have a limited credit score)
 
<p>No score needed. Were calling realtors today and not one has not loved it. No score, no pmi, 100% financing </p>

<p>1st time homeowner must make under $86K and loan amount under $300K. You can have a down payment just can't go over $300K. It's pretty cool for condo's. Not good for anything else. With prices dropping were seeing more volume for this option. </p>
 
<p>OK.</p>

<p>Your current income will be used.</p>

<p>Your partner will not help without employment, since the primary borrower is always the person making the most money.</p>

<p>Previously, he/she could have gone No Doc, but that is gone.</p>

<p>You could still use foreign credit, as I said before.</p>

<p>It is extremely important to build credit here. We are at the point here where bad credit, or worse, lack of credit makes anyone a second class citizen. I don't mean that to be insulting - it is reality.</p>

<p>Unfortunately, one must both apply-for, and use, credit to obtain the needed history.</p>

<p>The smart thing to do is to take credit, and pay it off immediately.</p>

<p>Don't apply for everything all at once.</p>

<p>It will take several years to build a healthy profile.</p>

<p> </p>

<p> </p>

<p> </p>

<p> </p>
 
Wendy





Unfortunately my partner doesn't qualify, even though she makes less than 86K i.e. 0, because she has previously owned a home here. Whereas I have never owned a home in the US but I make greater than 86K
 
Thanks Janet, looks as though I will have to use my foreign credit. I would like to wait a couple of years before buying so i can build a credit history (since I can see the market going further south - will just have to find someone who is willing to accept a low-ball offer)
 
<p>Stuff It,</p>

<p>Love the handle, btw.</p>

<p>I wanted to clarify my remarks about credit:</p>

<p>Today, credit is important not only when you are asking for various loans/lines.</p>

<p>Your credit profile also determines whether or not you will be rented-to, insured, given employment, etc.</p>

<p>It is absolutely necessary in today's world.</p>

<p> </p>
 
<p>I'm confused - I thought your partner wasn't working.</p>

<p>I doubt any programs allow for that.</p>
 
<p>Oh! Wendy, I thought you were mocking the mortgage market when you provided details of your current product. Oops! </p>

<p>So there is nonprime credit available to those who are not looking to borrow much, huh? Are these CHAFA?</p>
 
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