buying a house in the USA

bha.fatboy

Hi all,

I am a newbie at this and what I basically need to find out is if I can buy a house in the USA by getting a mortgage over here as I have a good credit rating here but will not have anything over there and wil not be a citizen until after I get married but still want to buy a property over there. Can anyone advise me if this can be done?

Many thanks

David

JoeK_3

bha.fatboy wrote: »

Hi all,

I am a newbie at this and what I basically need to find out is if I can buy a house in the USA by getting a mortgage over here as I have a good credit rating here but will not have anything over there and wil not be a citizen until after I get married but still want to buy a property over there. Can anyone advise me if this can be done?

Many thanks

David

Hi David, you can't do it that way round as UK lenders will not lend on USA properties.

You require a specialist UK mortgage broker who understands the USA mortgage market.

I have posted the USA lending criteria for your perusal:

Mortgages for Property in USA: Includes USA Residential Properties

Mortgages available for the majority of Nationalities for either House Purchase or re-financing for Home Improvement purposes only.

Type of Loan: Repayment Mortgage only.

Minimum: $60,000, No Maximum, but cannot exceed 80% of valuation or purchase price (whichever is the lower).

Proof of Income: Required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status loans are currently not available.

Mortgage Term: Maximum 30 years

Currency: USA Dollars & Sterling only PLEASE NOTE, THAT AT THIS TIME, STERLING LOANS ARE ONLY AVAILABLE IN THE WHOLE OF FLORIDA. Current Interest Rates from approx 1.50% Variable in US Dollars or from approx 7.75% Variable in Sterling (IN FLORIDA ONLY, BOTH STERLING & US DOLLAR LOANS ARE AVAILABLE - SEE ABOVE).

Example in US Dollars: Repayment Mortgage of approx $100,000 over a period of 30 years at a Variable Interest Rate of approx 1.50% = approx $347.00 capital & interest per month = a total approximate amount payable over the term of approx $128,680 including capital, interest, arrangement & survey fees.

Hope this helps

JoeK

bha.fatboy

Thank you JoeK. I did not expect it to be easy but I can look at this info and see what is going to be the best way forward for me.

epz_2

arent us interest rates lower than the uk's also you would be exposing yourself to the fun of the exchange rate, basicly the pound is likely to get stronger against the dollar meaning unless you earn in pounds your monthly payments will keep increasing.

it seems like a pretty extreme risk to take versus renting for a few months and building up a minimal credit history, then paying over the odds for a couple of years on a poor credit mortgage.

Melissa177

Credit history is *everything* in the US.

If you are marrying an American woman, would she have credit history in the US already?

Also, you can't get a bank account now in the USA without having a social security number. These laws came in after the 9/11 attacks. Without a bank account, you can't really function in the US.

To get an SS number, you need to provide relevant documentation on your immigration status/citizenship, proof of identity and age. Link is here: http://www.ssa.gov/pubs/10002.html

Things have changed since my parents and I moved to the USA in 1993 (they still live in the US, I live back in the UK now), and it can be quite a nightmare! Also, be warned, once you are a US citizen, you need to declare your worldwide income to the US authorities for the rest of your life - fine if you're going to stay in the US, not fine if you want to go and work in low income tax Dubai, where the Americans will tax you on the money instead!