Credit Score in San Diego>Question Details

Declan O'con…, Home Buyer in Hideaway, TX

I have all sorts of negative things on my credit rating and i'm a pretty bad credit risk on paper. However, I have 680,000 in cash (paper bills)

Asked by Declan O'connell, Hideaway, TX Thu Feb 28, 2013

My dad was born in Ireland, I want to establish citizenship in ireland, Live there for a brief time, build irish credit, and live my life normally in the US using irish lines of credit. I also want to buy a home with an irish line of credit.

.Is this possible? I know it's sort of possible, theoretically possible, at least.

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5
Amanda Weeks’ answer
You need a US line of credit to purchase a US home, unless the funding you get in Ireland they give to you in Cash..then you can use it. As for obtaining a mortgage in Ireland for a home in the US, that will not work. What is the price point you are looking at if you have $680,000 cash?
0 votes Thank Flag Link Fri Mar 1, 2013
Are you working? Some lenders can go down to a 500 score with FHA 30% down, just use your US credit and a large down payment. As long as the cash can be sourced and you have sufficient income then it's work a shot. FHA loan limit in LA is up to 732k with Put 300l down and you could get a Million dollar home.

http://www.newsday.com/classifieds/real-estate/how-to-tell-w…

Check out The Lenders Network they work with a few Mortgage companies here in CA that have approved many of my clients with low scores.

Good Luck!
0 votes Thank Flag Link Thu Jul 25, 2013
Declan, I hope that you have a legal source of those $680,000 in paper bills, as any transaction over $10K is subject to monitoring by law enforcement. Get those bills into a bank account pronto. then use the funds to buy a home.

In the meantime, call a credit counseling agency and fix your credit.
0 votes Thank Flag Link Fri Mar 1, 2013
That's the wrong way to go about it... You need to fix your us credit to buy a us home. With a little bit of work, and maybe a little cash you can get your credit where it needs to be.

Or, just buy cash!

Daniel
0 votes Thank Flag Link Thu Feb 28, 2013
Declan,
Not really. As long as you have US Credit, it will be considered for any US purchases. With that much cash, you would be well served to resolve your credit issues here, establish some good practices and get back on the American credit bandwagon. It can happen and could happen quicker than trying to establish Irish credit.
Last year I had a British family buy a home. They had to complete 2 years of US residency, provide taxes, income documentation and everything else any US Citizen would. Foreign credit would do nothing to resolve your US situation based on my experience.
I have Canadian Buyers contact me regarding credit and financing issues and even they have limited options.
.
0 votes Thank Flag Link Thu Feb 28, 2013
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