Buying a home with new husband (experiences)

[Avery Cates 1,141]

Hey guys Im not sure where to ask this or if anyone can give me some experiences. I am a single mom right now and 32. My fiance is coming over on the k1 visa hopefully in June. Eventually we wanna get a house together. Does anyone know how that process goes with someone who would be new here to the united states and no credit or much work experience here? Any helpful links or tips?

If your income can over a mortgage to the satisfaction of the lenders then there's nothing to worry about.

If you'd need a second income to afford it, then he will need to establish a credit history, as typically lenders will only consider the income of an applicant if they have a history.

You'll also want to save a 20% down payment on a typical mortgage to get the best rates possible.

[Ortolan 381]

After you marry, file your paperwork so he can get his authorization to work. A job for him is paramount; then he can start building his own credit history.

What you can do is go to a bank and begin with a "secured" loan in his name, with you as the co-signer. That's when you borrow money (say $500) and this loan is secured by you having enough in the bank to cover the loan in case he defaults. Then he pays on it monthly until it is paid off. After that, he can get a low-limit credit card, in his name or in both your names, again through your bank. It takes a little bit of time to build credit scores and history; not something that can happen instantaneously.

If you're uncomfortable living next door to your parents, start fresh with a new small apartment somewhere further away.

Edited February 2, 2016 by Ortolan

[moemac59 192]

Yes just thinking ahead. Im in an apartment next to my parents lol. So Im wanting to get out when we can. Just getting ideas for future I guess. I was also thinking about that myself getting a home in my name. Was actually thinking about a manufacture home. I know they decrease in value unless you have it somewhere you cant move it and do upgrades to it.

Just cant think of us living here for another 2-3 years to build his credit. Ive already been here 10 years.

I applaud you for being pro-active and trying to do some research to see what lies ahead for you. Maybe speak to a real estate agent to see what the process will consist of as well as speaking to your bank to see what kind of mortgage they may be able to provide.

When I moved down to the US, my husband and I bought our house and it was a dump. We paid cash and lived through reno hell. I always said if our marriage could survive through that then it could survive anything.

Good luck.

[Sukie 1,463]

There was a segment on CBS This Morning that talked about mortgages this morning.

A bank will prefer to lend you a sum of money where about 25-30% of your income will cover your mortgage payment, your insurance and your taxes.

So, if you make $80,000 per year (as an example), then $20,000 - $24,000 per year is the amount you should expect to pay to service a mortgage.

They will not count your husband's salary for the first couple of months, as there is really no established working history.

And, as others have said, it is best to have a down payment of at least 20% so you get the best rates.

If money is tight for you, you need to figure out how much money, on a monthly basis, you can spend on a mortgage payment (and add monthly home owner's insurance and real estate taxes to this amount) and then use one of the mortgage calculators you find online (use Google) and figure out how much a bank will lend you.

If you marry this year in June or July, and your fiance gets a job quickly, then in about a year, you'll be in a better position to purchase a home.

Good luck!!!

Sukie in NY

[amosherron 1]

If you have good credit and can get approved for the loan on your own, then this is what you should do. Your state may require that both husband and wife be on the title of the home, but as far as the mortgage goes, it might be best to only be in the name of the U.S. citizen. This is how me and my wife did it. We didn't even try to submit her information to the loan officer because she was a non-citizen with no credit history. The bank would have taken the average of our credit scores together to determine the interest amount on the loan. In our case it was much better that only I applied for the loan, however my wife was present as closing and her name is on the title of the house also.

[JoBri 548]

My wife came here from the Philippines in 2009. She built her credit with a couple small loans from a credit union. They advised her, loaned her small sums of money, and had her pay back the loans to start establishing credit. She also had a couple credit cards to help her build credit. She bought a car and made her payments on time, and she paid the rent month after month with the apartment in her name. She also stayed continuously employed from 5 months after coming here until the present.

When her credit score was over 700, she worked with her bank to get a home loan for a house we wanted. That was in September 2015, about 6 years after coming here. She did it all herself, purchasing the house in her name. Her credit score is around 750 right now, and the thing holding it back is the average amount of time accounts have been open. Taking out student loans brought it down a little bit. But she got a great mortgage rate for the home loan. The realtor said she didn't know at the time that a person could get a rate as low as my wife did.

Anyway, that is our story on how she built her credit and purchased a home.

Edited February 2, 2016 by JoBri

[QueenComley 295]

We are in the same boat.... we are also considering buying our first home together... or at least dipping our toes in the water and researching certain areas and discussing what we want and where we want a new home. I have been a LPR for 2 years. In the two years I have become a LPR my credit history is now considered "excellent". The first thing we did when I first got my green card was add me to my husbands credit card as an authorized user to start at least building my credit. About 10 months after that I got 2 store cards and last summer we purchased a new car together. I have been in the same job since I received my green card. My husband had been in the same job 18 years. His credit score is considered good but climbing up to excellent. We were going to bite the bullet and buy a house this year but now we are wondering to just rent for 1 more year and really have all our ducks lined up in a row. I love that you are being pro-active and thinking about future plans and all the goals you want to achieve together . It will take time but you guys will get there. Its very exciting.

[EmigratingSwede 16]

My wife added me as an authorized user on her cards before I had even moved, probably a year before. Then when I arrived and got my SSN we added that information to the accounts. After about a year (after I had moved) I had a score of about 760 or so.

We bought a house and I was the only one on the mortgage application since I was the only one with an income. I had to pay 20% cash and since I had not worked in the U.S. for two years yet. (I did not have two yeas' of W2s) I could not get a loan from the big banks. They all insure their loans with Freddy Mac and Fanny Mae (Requireing two years' of W2s). I ended up getting a mortgage from the local credit union.

[TBoneTX 45,329]

OP, as eager as you are to own a home, remember that financial stress can strain a marriage severely, even to the point of breakdown. Avoid biting off more than you can chew "too early."

[Ortolan 381]

Agree totally with TBone. Finances are something you should tread carefully, because in addition to moving to a different country, newly married, money adds a lot of stress. So take it easy...

[kris&me 572]

If you have income sufficent to buy a home, buy at anytime you are ready

After he comes and gets green card status and a job, add him to the mortage / mortgage companies like it when another responsible person is added as payee

I added my husband to deed with quick claim deed while he was still in ecuador

just called and got the paper work to add him to mortage / not as complicated as you may think

some companies will require new closing costs but many don't

[SunflowerSweet 1,321]

As someone who worked a few years in the loan office for a credit union, I concur with everyone here that building some credit should be his first step. Of course if you can get the loan yourself, then it's not as much of an issue. If you do get the loan on your own, still start building that credit, it's always helpful to have.

Make sure to check out both banks as well as smaller credit unions when shopping around for rates. We got a lot of customers who came an refinanced with us after getting their initial loan through US Bank/Chase/etc simply because they assumed it would be better to go with the "big guys" and had no idea that Credit Union rates are usually lower, it's generally easier to get loans from Credit Unions, and in my experience and the experience of many others, they are much more eager to work with you if you have any concerns.

I do want to reiterate the importance of taking things slow. I have seen many eager young couples come in excited about their first home and with above acceptable credit who still end up struggling and sometimes defaulting. Not only that, but as others have mentioned financial matters are one of the most common strains on relationships. If you really need to move away from your parents, why not look for another apartment in the time being? That way you get your space from Mom and Dad and can start working on what you need to do for the possibility of a house in the future.

[acrossoceans 8]

Thanks everyone for all your responses. Just to clarify I wasnt planning on right away lol. Just looking for some good advice which I have received from you all. I know things will be stressful as it is and definitely a house will be more. We are just looking forward to our lives together etc. I just know living next door will be stressful in itself cuz they're not the most positive and also not too fond of this whole idea. They dont hate him or anything just not something they agree with me on. As Im sure you all have experienced. We may need to looking into another place to rent in the mean time. Just hate feeling like Im throwing money away on rent when that could have gone to paying off ahouse. I can't believe how much money we spend a year just in rent alone! Thanks again!!

[3rd 84]

Your situation still sounds better than our current living situation! My husband let his family move in due to them being made homeless and it has just been one nightmare after the next. It's hard to be a young, married couple and have to deal with your in-laws on a daily basis. If your parents being around truly is a problem, finding another property to rent would be your best course of action while he builds his credit.

I currently have no credit of my own, but can't start building it until we come back from our trip from the UK where I can find something full time. It's frustrating how credit scores can be brought over from other countries because mine was flawless. How is your husbands back where he is from?

[acrossoceans 8]

Your situation still sounds better than our current living situation! My husband let his family move in due to them being made homeless and it has just been one nightmare after the next. It's hard to be a young, married couple and have to deal with your in-laws on a daily basis. If your parents being around truly is a problem, finding another property to rent would be your best course of action while he builds his credit.

I currently have no credit of my own, but can't start building it until we come back from our trip from the UK where I can find something full time. It's frustrating how credit scores can be brought over from other countries because mine was flawless. How is your husbands back where he is from?

He has no credit so guess thats a good thing. We will just have to see how it goes. Im sure that makes it very rough for you two