Attn: Urgent question on home purchase in Florida

[Mr&Mrs2859 0]

We are in the middle of trying to purchase a home. They are saying something about hubby not being in the states with his ss# long enough with the work history etc. He has been here for over a year now and already has a excellent credit rating, employed and proof all of income. I know of a few of you that have purchased homes here in Florida or for that matter anywhere. Does anyone know why it is they would say this? Is there something they are not aware of that I can bring to their attention? This has totally disappointed both of us they are making a few phone calls today but if someone else has been thru this and had anything of the same happening to you I would surely appreciate some feedback. We are a CANAM couple.

This is on the financing end of things by the way. We were approved for a mortgage but now during the nitty gritty this is coming up from the financing end of things.

Edited July 7, 2006 by Mr&Mrs2859

[jamrok 0]

We are in the middle of trying to purchase a home. They are saying something about hubby not being in the states with his ss# long enough with the work history etc. He has been here for over a year now and already has a excellent credit rating, employed and proof all of income. I know of a few of you that have purchased homes here in Florida or for that matter anywhere. Does anyone know why it is they would say this? Is there something they are not aware of that I can bring to their attention? This has totally disappointed both of us they are making a few phone calls today but if someone else has been thru this and had anything of the same happening to you I would surely appreciate some feedback. We are a CANAM couple.

I tried to edit but couldnt: This is on the financing end of things by the way. We were approved for a mortgage but now during the nitty gritty this is coming up!

Yes, your foreign spouse can certainly buy. I am a banker with a major Lender that offers an

excellent Foreign national program. I will e-mail you with my contact information. Where in Florida are you considering buying?

[Mr&Mrs2859 0]

We are in the middle of trying to purchase a home. They are saying something about hubby not being in the states with his ss# long enough with the work history etc. He has been here for over a year now and already has a excellent credit rating, employed and proof all of income. I know of a few of you that have purchased homes here in Florida or for that matter anywhere. Does anyone know why it is they would say this? Is there something they are not aware of that I can bring to their attention? This has totally disappointed both of us they are making a few phone calls today but if someone else has been thru this and had anything of the same happening to you I would surely appreciate some feedback. We are a CANAM couple.

I tried to edit but couldnt: This is on the financing end of things by the way. We were approved for a mortgage but now during the nitty gritty this is coming up!

Yes, your foreign spouse can certainly buy. I am a banker with a major Lender that offers an

excellent Foreign national program. I will e-mail you with my contact information. Where in Florida are you considering buying?

We are trying to purchase in Marion County Florida

Edited July 7, 2006 by Mr&Mrs2859

[chri'stina 190]

We purchased with no problems, through Sujeet's name and me(the USC) as a co-signer since he has a job and I don't. But he spoke to the financing ahead of time to make sure he would still get approved, after only working here for about a year when we bought the house. We purchased in Hernando County, but our financing company deals with many counties if not the whole state. (American Home Mortgage, FL first time home buyer's program)

[Krikit 1,163]

I hope people keep posting to this thread. We are looking for a home in North Central Florida and I also was wondering about mortgages. I currently own a home in Canada (soon to be on the market) and have an excellent credit history. From previous posters I understand my credit history will not move to the U.S. with me, which is a tad annoying. Does this mean the mortgage approval is now based solely on my fiance's salary and credit history?

[Mrs.J06 4]

I hope people keep posting to this thread. We are looking for a home in North Central Florida and I also was wondering about mortgages. I currently own a home in Canada (soon to be on the market) and have an excellent credit history. From previous posters I understand my credit history will not move to the U.S. with me, which is a tad annoying. Does this mean the mortgage approval is now based solely on my fiance's salary and credit history?

In our case all was based on my husband's salary and credit history, but I am only in the country since end of January and I am not working yet. We had quite a fight until the mortgage company agreed on putting my name on the loan and the home to be deeded jointly. Looks like all will work now, we even did get a decent rate thanks to my husband's excellent credit history.

It is certainly important to insist on these things with the mortgage companies upfront, they seem to tend to say "it's too complicated to include the non-USC" and only try and find a solution if you insist on it! Here in WI it does not seem to be a problem at all once you have your Green Card, but before that...

Good luck!

Carla

[Fandango 1,439]

I hope people keep posting to this thread. We are looking for a home in North Central Florida and I also was wondering about mortgages. I currently own a home in Canada (soon to be on the market) and have an excellent credit history. From previous posters I understand my credit history will not move to the U.S. with me, which is a tad annoying. Does this mean the mortgage approval is now based solely on my fiance's salary and credit history?

Your Canadian credit does not follow thru, as US credit is based on your SS#......

People may get Foreign National loans, but they are not the most competitve (if I'm not mistaken) as compared to a USC loan. And I don't believe you can do 100% foreign nat'l loans....well I don't know if that's true as a whole, but the Foreign nat'ls I've dealt with have had to put a sizable chunk down. Now that may be due to credit, or that may be an across the board thing, I'm not sure.

You can come to the states and build up some credit history once you get your social, and once you start working...but as far as loans are concerned...if rate shopping, I'd hazzard a guess that you'd get a more competitive rate if you went with the USC. As I am a Central FL REALTOR® and not a lender, perhaps Jamrok can answer this better.

I usually leave mtg stuff up to the pros like Jamrok, but I'm speculating based on my experiences in the past. I just walk them down to the mtg broker's office (we have an in-house lender) & say 'I'll be here when you're done'

All I know is that my co-worker had an issue not too long ago. Buyer did have social, good credit, good income. But did not have greencard yet. No one thought to ask him, and he never volunteered the info. About two days beforehand, the underwriter noticed it & all hell broke loose. He wound up paying summat like a point more on the loan, but was told he could refi once he got his greencard.

Anyways, best of luck. Jamrok, if you could confirm or deny what I said, that'd be great.

[Mr&Mrs2859 0]

OK update: although hubbys credit rating is way above average the program they were running it thru didnt like the fact that hubby has only had his credit for the past year so they used another program and so far so good. We have to meet the realtor again tomorrow and resign all the paperwork. Say prayers for us I'll keep everyone posted!

[*Robert* 2]

Are the problems people having based on the fact that the Husband doesn't have a GC, or either spouse not having a GC?

We may be moving to Brevard Co. next month, and I am interested in buying a home as well. I have an excellent credit rating, but we will have just applied for my wives GC by the time we get there, because we don't want our case to get moved in the middle of AOS.

Any comments or suggestions on this?

[Fandango 1,439]

Are the problems people having based on the fact that the Husband doesn't have a GC, or either spouse not having a GC?

We may be moving to Brevard Co. next month, and I am interested in buying a home as well. I have an excellent credit rating, but we will have just applied for my wives GC by the time we get there, because we don't want our case to get moved in the middle of AOS.

Any comments or suggestions on this?

From Hawaii to Brevard Co? Why?

I'd reccommend you speaking to a mortgage lender...it may be better off with the loan just being in your name.

[*Robert* 2]

Are the problems people having based on the fact that the Husband doesn't have a GC, or either spouse not having a GC?

We may be moving to Brevard Co. next month, and I am interested in buying a home as well. I have an excellent credit rating, but we will have just applied for my wives GC by the time we get there, because we don't want our case to get moved in the middle of AOS.

Any comments or suggestions on this?

From Hawaii to Brevard Co? Why?

I'd reccommend you speaking to a mortgage lender...it may be better off with the loan just being in your name.

Believe it or not... I can't stand it here, at least on Kauai. It's like living in the country, but paying Palm Beach prices! The real estate market here SUCKS!!! I couldn't afford to buy a house here if I wanted. By moving to FL it is almost like a 50% increase in salary! I will be able to by a 3/2 home, pool, 1800sqft up home, and still be able to put money in the bank! Can't do that here.

I will do just that, if there is a problem, and put it in just my name. I would like to get Chutima listed if I can, but will have to see. In TX, it didn't matter. Both spouses credit history had to be taken into account, good or bad. That burned me in the past. At least Chutima doesn't have a BAD credit record!

[rebeccajo 14]

The greencard (or lack thereof) does seem to be a bone of contention. Plus time on job and a short credit history.

I agree with Lisa. You can probably find a loan that will allow your foreign spouse on, but I bet the rate is gonna be WAY over market. Or else the closing fees are going to border on predatory.

My wallet says this is no time for pride. Just get the house now at the best rate and lowest costs you can. You can always refinance later.

Edited July 10, 2006 by rebeccajo

[CutienPurg 0]

I too was concerned about my husbands ability to obtain a credit history and make major purchases once he was in the U.S.. One suggested by a mortgage broker was to add my husband to my credit cards as a second signer( assuming I had a good credit standing ) and that way he could build credit in the U.S.. Without having a US ssn I have no clue how his credit would be tracked unless it can be seen along with mine on those accounts. The whole credit thing is foreign to me.

Another thing I was told years back by a mortgage broker for Bank One (now Chase) is that they will often use other forms of payment history to establish history if your actual credit history is limited..........things such as layaway payments, phone and utility bills and other provable payment histories. Im guessing those of you who are the industry could possibly confirm or deny that. I guess it's worth looking into as an option.

Good Luck

[Veiled Princess 1]

Your Canadian credit does not follow thru, as US credit is based on your SS#......

To the best of my knowledge this is not true. I have worked in the mortgage industry most of my adult life and have seen many "foreign credit reports". You'll pay out the butt in fees to pull them but it can be and is done.

You don't have to have a greencard to get a loan. Due to the Patriot Act, you do have to show proper ID which includes, to list a few, a drivers license, a greencard, a passport, a state issued ID, military ID, SS card, and several other things I can't remember off the top of my head because most non citizens I have delt with have had at least one of these.

[rebeccajo 14]

You don't have to have a greencard to get a loan..... you do have to show proper ID which includes, to list a few..... a greencard.......

I'm not being a smartass here, but didn't you just contradict yourself?

I've been out of the loan-writing end of the mortgage business for many years now, so I'm not EVEN going to say you are wrong. Loan programs change with the times and services improve. But most of what I understand of the business these days is that if you are NOT a USC and participate in what are sometimes called 'foreign national' loan programs, yes you can get a mortgage and buy a home, but your interest rate and closing charges will be higher than conventional mortgages available on the marketplace.