Getting a mortgage

[londongal 17]

Hi all

So in anticipation of the big move, OH and I are trying to plan ahead in terms of finances, living costs etc

We will be living in his mother's home until we can buy a property (or until she drives us crazy and we are forced to rent)

How difficult will this be for us? And what can we do to start working towards it?

He works for a company but is classed as part time 30 hours a week, although realistically he does about 40 every week due to over time. Is it impossible to get a mortgage if you are classed as part time? He has a credit score of 680 I think.

I will have income but it will be UK based, coming from my maternity pay. Would this be considered, or not really? Would it make more sense for me to just save a lump sum which we can just use towards the house?

I know I need to build my credit score as well, can I do this without having US based income?

Sorry for all the questions!

Edited April 21, 2016 by teammayshaw

[Merrytooth 5,748]

Here are some tips about building credit score

http://www.visajourney.com/forums/topic/496946-building-credit-score-tips-tricks/

More info about getting mortgage in Dallas, Read Darnell post:

http://www.visajourney.com/forums/topic/434870-new-immigrant-no-credit-score-getting-a-mortgage/

[Russ&Caro 1,549]

You are smart to be making investigations about buying a home, in advance. Some things to consider...

1. Try to find a home buying seminar to attend. Lean toward a non-profit or community college/continuing education type organization. These type of classes (sometimes a single all day class) will give you the big picture from: a) improving your personal financial history; b) getting pre-approved for a loan; c) looking for homes; d) making an offer; e) closing on a home; f) post purchase considerations.

2. Consider trying to qualify for a loan under his credit rating only. 680 is an okay credit rating. If he gets it up to 740, it'll be even better. Meanwhile, it will take much more time to start and then improve your credit rating, from zero. The banks use the lower of the two credit scores to determine the interest rate you get. So while you might qualify for a loan based on his high credit rating, you'll pay a lot more because they base it off of your lower credit rating. By the way, I doubt the "part time" designation of his work will matter much. His total annual income will matter a lot. He'll have to submit tax returns for the last two years to qualify for a loan.

3. You should still work on improving your credit rating as soon as you land in the USA. After a home mortgage, you're still going to need good credit if you should need an auto loan, credit cards, or other commercial debt.

4. Any money you bring over from the UK will be helpful, mainly from a cash standpoint. You need cash for such things as a down payment and closing costs.

Good luck!

Edited April 21, 2016 by Russ&Caro