Buying a House

[Caladan 19]

So, we're thinking of buying a house. We bought a car two years ago, so C. has a short but good U.S. credit history. My credit is excellent; when we pulled his a year ago it was excellent but obviously short.

Does anyone have a sense or recent experience with mortgage loans and short credit history? I know they can pull his Canadian history but I'd prefer that they didn't (he doesn't have any active accounts there beyond a bank account, so it won't help our case.)

[Flames9_RN 358]

If the USA Spouse has excellent credit rating, your (CDn) may not be required! When we bought back in 2005, didnt even use my Credit rating! I was not on the mortgage, BUT was on the deed. When we refinanced a few yrs later to get a better interest rate, I was on that application as I had excellent credit too! But since you have been here for a few yrs, ur credit could be great too.

What we were told, was for the 1 bank to check our credit rating---which we did--and they gave us our credit scores from the Main 3 credit companies! So when we contacted other lending institutions---We said not to check our credit rating as we already have the current scores! They were fine with that--With the understanding that if we did go with them, they would of course have to check! Ensure they give you a Good faith Estimate! Easier to compare Apples to Apples!! Each Lender has a different name for everything! So that GFE, makes it easier to comnpare! If it sounds too good to be true, well it just may be! I played hockey with a Fellow that owned his own lending Co. He told me he could do better then what I was going to get from another lender. Sure it sounded better--but then realized I had to pay points (which costs $$$) So in the long run it was a lot worse,lol

Interview Realtors until you find one that you are comfortable with! It is YOUR money, so take your time and find one that LISTENS to what you want! Yes that sounds funny as you would think they would listen to you, but believe me, some do not! My feeling anytime that $$$$$$ is involved, some are going to be pulled to the bigger payday! I have no problem saying thank you for your time, but your wasting my time! When you say ur limit is this and they are going WAY over, well it is time to move on and find a new agent! It is your $$$! A Great agent is a blessing, and makes the process much better!

We gave our agent a list of MUST have, Nice to have, and Have nots (deal breakers) Great communication is the key!

Search out some good home forums!! Google is ur friend!

When u find the right house--ENSURE you check out the neighborhood!! And I mean knock on doors! Seriously! You will be surprised what people will tell you! Good and bad!! Is it safe? Quiet??? Recommend to friends/family??

Check out the crime statistics for area. Can be found online and local police

Find a Good Home inspector! They say NOT to use 1 recommended from ur Realtor! Again, many forums people post their experiences! Google is ur friend, so is better business bureau!!

Ensure when the contract is written, it has escape clauses--ie on home inspection

Again, your spending a lot of $$$$$$, so do your research. Know what makes you happy and what does not!!

http://www.redfin.com/home is a good site and has a forum and they have realtors

http://ths.gardenweb.com/forums/realestate/ so-so home forum

Houses cost $$$ and so does the upkeep. Even if the banks will loan you $1 million, can u truly afford $1 million house??? 1 wants a life as well (entertainment, cars, kids, etc etc)

Best of luck. Home buying can be a fun time.

[Moosker 7]

We just bought a house in December (Nov. 30th) on only my income (to see how we qualified). I'm the Canadian citizen, and a year ago I was told I had absolutely NO credit. We got an FHA loan no problem (best rate, first time home buyer) and it worked out perfectly fine.

Just like flames said.... www.redfin.com was a great site, that's how we found our house!

If you go through this topic...you'll find a lot of great advice! http://www.visajourney.com/forums/topic/300525-we-decided-to-buy-a-house/ Good luck!

[NBtoPitt 2]

I've only been here three months (I'm the Canadian spouse) and I got pre-approved by myself using non-traditional credit. Basically, it's for people with either no or "thin" credit histories, and they look at alternative sources to determine your trustworthiness in repaying the loan, such as: paying your rent on time, paying bills on time, etc. If you can get at least three sources like this, then you should be fine.

[Krikit 1,164]

You'll find a lot of good advice here too:

VJ Thread - Buying Your First Home in the US

[Moosker 7]

It's an exciting process! A few tips from what I learned....(is also listed in those other posts, so def. check them out!)

- get a good, no scratch that, a GREAT real estate agent that you like and can work with. The worst is when they don't give you the time of day.

- redfin.com is a great place to find houses in an area that you are looking for. Sign up for a login/password and you can see how long the house has been on the market, if the listing price has been dropped and when, and comps in the neighborhood.

- Shop around for a mortgage. I was told that typically "hits" to your credit within a months time for a mortgage is okay, it shows that you are shopping around and is not detrimental to your credit

- We were first with Bank of America. We finally got a good agent and she told us to ask for a GFE = good faith estimate. The BOA guy said "he couldn't" (which is a lie) and we dumped them and went with a local mortgage company. They have to provide you with a GFE, it's a run down of what you're approved for, fees, etc.

- HOME INSPECTION (I think 99% of people do nowadays)

- Consider asking for a home warranty (or purchasing one yourself) A basic plan is not that expensive. Our home came with one and wouldn't you know it, less than a month into our home ownership I see water in our laundry room....our water tank was about to go and thankfully we caught it. Paid the $100 deductible and got a brand spanking new one (would have cost $2000+).

Good luck!

[Kimbear 53]

Definitely read those two threads, one of which is mine. depending where you live and what you can afford, it seems these days buying a home is a whole new ball game. Definitely not as easy as it used to be.

Oh and ya bank of America refused to give me a GFE too, i finally go them to cough up a closing cost worksheet, but it took two weeks..and there closing costs are alot higher. extra fees etc. Shop around and check out the articles on HUD etc.

Edited April 12, 2011 by Kimbear