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jrudyk · Joined: 17 Apr 2007 Posts: 1 1.47 Dollars($)

Hi everybody,

my wife and I plan to move to NC after having lived in Europe fro the past 17 years. It seems that very much has changed regarding mortgages, "having" credit rating etc.

Can anyone tell me or explain to me what troubles lie ahead of us in getting a mortgage? How do we actually get a "credit rating" without having a financial history in the U.S.?

Thank you very much for your help!!!

Joe

Guest

Guest

"my wife and I plan to move to NC after having lived in Europe fro the past 17 years. It seems that very much has changed regarding mortgages, "having" credit rating etc."

yeah things have certainly changed at lot over the years and credit scores are quiet important in qualifying for good rate on a mortgage.

jrudyk, after coming to country you need to first build a decent credit history and then apply for a mortgage otherwise what you will get loans which have much higher rates than normal.

colin · Posted: Tue Apr 17, 2007 5:02 pm Post subject:

Hi Jrudyk,

Welcome to US and to Mortgagefit forum. Smile

After coming here, establish savings & checking account, that will help build up your credit history. You can also ask your friends here to add you to their credit cards as authorized or joint user, this can also help build up your score fast. Get some small loans by having someone co-sign the loan with you.

And if face problems getting regular credit cards then apply for secured credit cards, it also helps.

Samantha

Hi Jrudyk,

First of all, you will not be having a credit history in the US but this may not affect you much when you start shopping for a loan here in the US. This is because the primary credit bureau in the UK, that is, the Experian is one of the prominent bureaus in the US. But in the US, the credit history of a borrower is tied to the social security number and since you do not have one, it is better that you establish your credit history in the US.

Start building up credit slowly by taking up joint credit cards and small amount of loans with your wife. As far as the banks are considered, they may not lend you a mortgage at first but then as you set up good payment history, they will be interested to lend you credit.

Hope this helps...

God bless you.

Samantha

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Just after arriving here you should not look to get a mortgage for purchasing a property. Wait for some time and then start looking for mortgage.

Let your credit profile build up first.

Miller

kenstampe · Posted: Thu Apr 19, 2007 9:03 am Post subject:

If you DO decide to buy a home upon arriving in the US, what you need to be aware of is that the down-payment requirements will be in the 20%-25% range. For Americans, that's a lot of money but for Europeans, where 100% financing is less common, it isn't a complete shock. Still, you have to have the down-payment funds.

If you are coming on a work visa, then you are going to be classified as a "foreign national" and as such, loan programs can be done utilizing European credit reports. I doubt the interest rates would be discouraging so if you are prepared to make the down-payment you could look at purchasing a home prior to establishing US credit.

Guest

What if a foreigner wishes to settle in US and get citizenship, can he still use past credit history of the country he was initially residing? is credit available without SSN?

Guest

If you are a foreigner who is about to get permanent citizenship in US, then you will have to establish credit over here to get loans from reputable lenders. Otherwise, if you are on a work visa, your credit history outside the US will be taken as an evidence of your creditworthiness.

As far as your second query is concerned, yes credit is available without the SSN or social security number. You can avail credit provided you have a tax id.

adrianflores · Joined: 01 Feb 2008 Posts: 5 2.12 Dollars($)

I found myself getting a better rate than average without SSN. Down payment of 25% and good steady income helped, as well as previous credit references from my country. Stay away from builders that charge as much as 12% to foreign antionals and use custom contracts.

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Credit Rating / Mortg. without having a financial history