Getting a Mortgage?

[Krikit 1,164]

A few links to get you started. Your husband may also want to look into a position at the British Embassy in DC.

http://www.americanexpress.com/global-card-transfers/united-states.html

http://www.visajourney.com/forums/topic/357691-establishing-credit-score-in-us-for-canadians/page__view__findpost__p__5231000

http://www.visajourney.com/forums/topic/357366-credit-once-in-america/page__view__findpost__p__5228651

[웃 910]

Where are you guys planning to move? What state?

Now is one of the best times to be a buyer. Prices are really cheap.

You just need a few things.

1) A credit score in the middle 600s or better.

2) Two years of tax returns that show you are employed and how much you make

3) Your current job in the US and how much you make

Unfortunately if you are unemployed in the US but made good money in the UK then you will not be approved. You need employment here and I'm not sure how great it will look if you are only a month or two on the job and apply for a mortgage.

But I guess first step is to make sure your credit is halfway decent. Once you know what your credit history and score in the US looks like you can contact a mortgage officer and get pre-approved for an FHA loan (at least my suggestion). It will be a rough estimate based off of your income.

Once you have a price you can shop for houses. And if everything lines up (credit score/history, tax returns, employment) then you should get approved no problem.

One thing you may want to look into is buying a house on land contract. It sounds to me like you guys will have some money in the bank and will be able to afford the payments.

A land contract cuts the bank out of the equation and you just deal with the person selling their home. You will be responsible for taxes and the monthly payment. You just sign the contract, put a deposit down, and move in.

[Rebecca Jo 1,962]

A few links to get you started. Your husband may also want to look into a position at the British Embassy in DC.

http://www.americanexpress.com/global-card-transfers/united-states.html

http://www.visajourney.com/forums/topic/357691-establishing-credit-score-in-us-for-canadians/page__view__findpost__p__5231000

http://www.visajourney.com/forums/topic/357366-credit-once-in-america/page__view__findpost__p__5228651

That'd be a good idea!

[ThailandToIndiana 11]

Getting a mortgage these days can be a real PITA due to the collapse of the real estate market combined with a roughly 9% unemployment rate. Banks are very choosy about who they give a mortgage to and they also take into consideration what type of place you are purchasing (house, townhouse, condo).

As an example, I'll use myself. I have a credit rating of 811, make a six figure salary (and have done so the past 3 years) and will be putting down 20 to 30 percent of the cost of the home, yet I'm still having a problem finding a bank to give me a mortgage since I'm purchasing a condo. The lady who currently owns the place bought it 6 years ago for $270k and I'm getting it for $95k...am basically stealing it (it's in foreclosure and is what's called a short-sale). :-) Anyhow, I've checked with various banks, credit unions, and even with the Veteran's Administration and have yet to find anyone willing to give me a mortgage.

If you're going to live in the D.C. area, then you should know that housing is very expensive there (I used to live in Arlington, Virginia). Another thing to think about is your husbands job. You say he is planning to work for the federal government. I don't know exactly which federal agency he plans on working for, but are you aware federal agencies tend to move people where they are needed rather than where the person would like to live? My point is, don't purchase a home until your husband lands a job and knows for sure he will be in that area for a specific amount of time. Otherwise, you may purchase a home, find out the federal agency wants your husband to work in a different state, and you will then have to decide to either turn down the job or risk having to find someone to rent or purchase your already-bought home. Make sense?

Best of luck to you both!

[웃 910]

Getting a mortgage these days can be a real PITA due to the collapse of the real estate market combined with a roughly 9% unemployment rate. Banks are very choosy about who they give a mortgage to and they also take into consideration what type of place you are purchasing (house, townhouse, condo).

As an example, I'll use myself. I have a credit rating of 811, make a six figure salary (and have done so the past 3 years) and will be putting down 20 to 30 percent of the cost of the home, yet I'm still having a problem finding a bank to give me a mortgage since I'm purchasing a condo. The lady who currently owns the place bought it 6 years ago for $270k and I'm getting it for $95k...am basically stealing it (it's in foreclosure and is what's called a short-sale). :-) Anyhow, I've checked with various banks, credit unions, and even with the Veteran's Administration and have yet to find anyone willing to give me a mortgage.

That is very strange. My wife was approved up to $60,000 on a part-time minimum wage job. She brought in about $1000 a month. This was late 2010 and with a big bank (PNC). She was approved with ease.

[Golden Gate 530]

That is very strange. My wife was approved up to $60,000 on a part-time minimum wage job. She brought in about $1000 a month. This was late 2010 and with a big bank (PNC). She was approved with ease.

Was hers an FHA loan or a Rural Development Loan by chance?

[웃 910]

Was hers an FHA loan or a Rural Development Loan by chance?

FHA

[LauraDP 10]

I hear you on the brain ache part.

I hope your husband finds success. We have an entire department of the Federal government here in our area (The Bureau of the Public Debt) as well as regional offices of Social Security and the Internal Revenue Service. And, about 80 miles from here is the fingerprint facility of the FBI and the Regional sorting facility for the Postal Service. It is a very long process to get work with the Federal government, even if you have military preference. So from that perspective, I don't think there is going to be a "sweet spot" for your husband. When an opening comes up with the Feds, current employees have preference over people on the street. Of the "street hires", military personnel take preference. So this narrows the odds for "regular folks" considerably. In our area, even military personnel report interviewing for several different positions before being hired.

In my town, unless you have military preference you have slim hopes of finding government work. UNLESS you have a degree in accounting. I have an friend who was recently hired by Public Debt, and she has no military preference. She is a young woman with little work history and no prior experience in government. So, the Feds will hire off the street, but it depends on the needs of the particular unit (in my example, the name "Public Debt" tells you something about why they might need accountants).

The only time I have known their hiring practices to be different is in the case of opening up new facilities, especially Federal prisons. A prison opened about 200 miles from here, 2 years ago. I received recruiting emails from USAjobs at that time. Several emails. In fact, the location for the facility was chosen because the area it was located in has a high level of unemployment. So there is hope, if you are willing to go where the work is. I would have happily moved to that area for a Federal salary and benefits. But the Federal Prison system requires that you be under the age of 37 when hired (except for a few key positions) and I am beyond that age.

I don't know what your husbands skill set is. And I don't know if you are planning to move to a certain part of the US. But, in my opinion, if your plan hinges on a Federal job, you need to move to an area of the country where the Feds hire off the street from his profession. Personally, I feel you have little chance in landing here in the US with a Federal job in pocket unless you are willing to move anywhere in the US.

This isn't to say your husband won't eventually be able to find work in the Federal system. It's just that this is usually a long process.

PS - I just re-read your initial post and I don't understand "five visas". I think the only person needing a visa might be you?

Thanks for your reply, Rebecca Jo

I will clarify the five visas thing first of all. Myself and all four of my children need visas in order to be allowed to reside in the US. My children just miss out on being eligible for USC status because my husband fell short of the residency requirement by three months. We, therefore, have to all go through the process since we are all UK citizens.

My husband is an Accountant (a Chartered Accountant in the UK - I forget what the equivalence is in the US) with experience auditing government departments here in the UK and in Finance and Contract management on a local government level. He would be looking to do a similar job in the US - either Finance Management or Audit in all probability since I don't think he would have the experience enough of US law to be able to do contract management.

We are looking at a specific area in which to settle. My husband wishes to return to living in MD so we are looking at MD and VA with jobs in the Washington DC metro area.

I will have my husband read your reply as right now - before we actually shell out all that money to submit our I-130s - we are trying to reach a realistic assessment of employment prospects. As such, my husband has been in contact with people involved in hiring for federal jobs and employment agencies who supply contractors to government departments. He is working up a resume for them now.

Best wishes

Laura

[LauraDP 10]

A few links to get you started. Your husband may also want to look into a position at the British Embassy in DC.

http://www.americanexpress.com/global-card-transfers/united-states.html

http://www.visajourney.com/forums/topic/357691-establishing-credit-score-in-us-for-canadians/page__view__findpost__p__5231000

http://www.visajourney.com/forums/topic/357366-credit-once-in-america/page__view__findpost__p__5228651

Thanks for the links. The Embassy was a good thought. However, we do not want to go out attached to the Embassy for two reasons: my FIL was a defence attache to the Embassy for many years so that may prevent Chris being successful (avoiding nepotism) and, secondly, positions are time-limited which would make our status in the US insecure. When we emigrate we want it to be a permanent move.

Best wishes

Laura

[LauraDP 10]

Where are you guys planning to move? What state?

Now is one of the best times to be a buyer. Prices are really cheap.

You just need a few things.

1) A credit score in the middle 600s or better.

2) Two years of tax returns that show you are employed and how much you make

3) Your current job in the US and how much you make

Unfortunately if you are unemployed in the US but made good money in the UK then you will not be approved. You need employment here and I'm not sure how great it will look if you are only a month or two on the job and apply for a mortgage.

But I guess first step is to make sure your credit is halfway decent. Once you know what your credit history and score in the US looks like you can contact a mortgage officer and get pre-approved for an FHA loan (at least my suggestion). It will be a rough estimate based off of your income.

Once you have a price you can shop for houses. And if everything lines up (credit score/history, tax returns, employment) then you should get approved no problem.

One thing you may want to look into is buying a house on land contract. It sounds to me like you guys will have some money in the bank and will be able to afford the payments.

A land contract cuts the bank out of the equation and you just deal with the person selling their home. You will be responsible for taxes and the monthly payment. You just sign the contract, put a deposit down, and move in.

Thanks for your reply.

Our aim is to move to the US next summer. We are looking at MD or VA as my husband grew up in MD and wants to work for a Federal Dept as that would be the equivalent of the job he does here in the UK.

We would be renting initially while establishing ourselves and to give us time to find a house so that would also give us time to sort out the credit rating and to have had Chris in his new employment for several months. If Chris does not secure a good salaried job then we will not be emigrating as we have four young children and cannot risk making their lives so insecure so there is no chance that we would pitch up in the US unemployed. Aside from anything else, I would very much doubt that mine and the kids' visas would be approved if Chris did not have stable employment.

We have already been in touch with realtors in the areas we could realistically afford so as to determine house prices and make some kind of assessment of affordability.

Best wishes

Laura

[Rebecca Jo 1,962]

Thanks for your reply, Rebecca Jo

I will clarify the five visas thing first of all. Myself and all four of my children need visas in order to be allowed to reside in the US. My children just miss out on being eligible for USC status because my husband fell short of the residency requirement by three months. We, therefore, have to all go through the process since we are all UK citizens.

My husband is an Accountant (a Chartered Accountant in the UK - I forget what the equivalence is in the US) with experience auditing government departments here in the UK and in Finance and Contract management on a local government level. He would be looking to do a similar job in the US - either Finance Management or Audit in all probability since I don't think he would have the experience enough of US law to be able to do contract management.

We are looking at a specific area in which to settle. My husband wishes to return to living in MD so we are looking at MD and VA with jobs in the Washington DC metro area.

I will have my husband read your reply as right now - before we actually shell out all that money to submit our I-130s - we are trying to reach a realistic assessment of employment prospects. As such, my husband has been in contact with people involved in hiring for federal jobs and employment agencies who supply contractors to government departments. He is working up a resume for them now.

Best wishes

Laura

Have your husband ask his head hunters about jobs in Parkersburg, West Virginia at the Bureau of Public Debt. It's not Washington DC by any means insofar as the lifestyle. But it's where the jobs are. And it is close to Maryland, if your husband is wanting to move to that area because of family.

Many Fed employees from DC moved to Parkersburg when the whole of the Bureau moved here. And, you might not need a mortgage at all if the gains from your sale over there are considerable. Housing here is very affordable.

As you've got four children, please research the educational system in Maryland before you move to that state. It's not brilliant.

[LauraDP 10]

Getting a mortgage these days can be a real PITA due to the collapse of the real estate market combined with a roughly 9% unemployment rate. Banks are very choosy about who they give a mortgage to and they also take into consideration what type of place you are purchasing (house, townhouse, condo).

As an example, I'll use myself. I have a credit rating of 811, make a six figure salary (and have done so the past 3 years) and will be putting down 20 to 30 percent of the cost of the home, yet I'm still having a problem finding a bank to give me a mortgage since I'm purchasing a condo. The lady who currently owns the place bought it 6 years ago for $270k and I'm getting it for $95k...am basically stealing it (it's in foreclosure and is what's called a short-sale). :-) Anyhow, I've checked with various banks, credit unions, and even with the Veteran's Administration and have yet to find anyone willing to give me a mortgage.

If you're going to live in the D.C. area, then you should know that housing is very expensive there (I used to live in Arlington, Virginia). Another thing to think about is your husbands job. You say he is planning to work for the federal government. I don't know exactly which federal agency he plans on working for, but are you aware federal agencies tend to move people where they are needed rather than where the person would like to live? My point is, don't purchase a home until your husband lands a job and knows for sure he will be in that area for a specific amount of time. Otherwise, you may purchase a home, find out the federal agency wants your husband to work in a different state, and you will then have to decide to either turn down the job or risk having to find someone to rent or purchase your already-bought home. Make sense?

Best of luck to you both!

Thanks for that warning. I will pass it on to my husband.

Best wishes

Laura

[ThailandToIndiana 11]

That is very strange. My wife was approved up to $60,000 on a part-time minimum wage job. She brought in about $1000 a month. This was late 2010 and with a big bank (PNC). She was approved with ease.

Yes, very strange, as well as very frustrating.

Part of the problem I'm running into has to do with the condo association. Due to the real estate collapse, the association was unable to sell all the units at the price they wanted (the ones like mine were being sold for $270k, which is what the lady who currently lives in the one I'm buying bought it for). Anyhow, since they were unable to sell the at the price they wanted, and they didn't want to take a loss by selling them cheaper, they decided to rent the unsold unit out. This resulted in something like 40% of the people living there are renters, which means those doing the mortgages (Freddie and Frannie Mack) view the area as unstable, and thus won't give FHA mortgages for those wanting to buy in there.

What I'm trying to do now is go through Chase since my parents hold a mortgage with them and are offering to co-sign if it will help. I'm also going to try to get the current mortgage holder to just let me take over the payments for the place (but, of course, at the new price/rate I'm getting the place for). With the cost of the place, and the amount I'm paying as a down payment, my mortgage should be approximately $350 per month. Heck, I can pay that just by working a part-time job, so I don't know what the big deal is.

It's all very confusing and time consuming. Hopefully it will work out in the end because the place is extremely nice and in an ideal area.

[Rebecca Jo 1,962]

Yes, very strange, as well as very frustrating.

Part of the problem I'm running into has to do with the condo association. Due to the real estate collapse, the association was unable to sell all the units at the price they wanted (the ones like mine were being sold for $270k, which is what the lady who currently lives in the one I'm buying bought it for). Anyhow, since they were unable to sell the at the price they wanted, and they didn't want to take a loss by selling them cheaper, they decided to rent the unsold unit out. This resulted in something like 40% of the people living there are renters, which means those doing the mortgages (Freddie and Frannie Mack) view the area as unstable, and thus won't give FHA mortgages for those wanting to buy in there.

What I'm trying to do now is go through Chase since my parents hold a mortgage with them and are offering to co-sign if it will help. I'm also going to try to get the current mortgage holder to just let me take over the payments for the place (but, of course, at the new price/rate I'm getting the place for). With the cost of the place, and the amount I'm paying as a down payment, my mortgage should be approximately $350 per month. Heck, I can pay that just by working a part-time job, so I don't know what the big deal is.

It's all very confusing and time consuming. Hopefully it will work out in the end because the place is extremely nice and in an ideal area.

I hope you get your condo, ThailandToFlorida. I don't think though that your situation is representative of today's mortgage market. It sounds like a unique situation.

[Rebecca Jo 1,962]

Laura, I'm trying to research this business you are talking about regarding your husband missing a cut-off for citizenship.

I'm not sure what you are talking about. But if your husband moved to the UK as the child of someone in US government service at an Embassy or Consulate, I think he may be exempt from any restrictions, as there is some case law about that matter.

Edited August 6, 2012 by Rebecca Jo