This program is for professional immigrants entering the USA on an acceptable visa.
No SSI or TIN number required.
No US credit score or credit required
We do not have restricted markets. Product is available in all 50 states.
Loan sizes up to $3,000,000.00 allowed.
80% ltv ( 20% minimum down payment ) for loans up to $1,500,000.00.
Foreign assets are considered on a case by case basis for reserves and down payment.
We will qualify on offer letters and / or first paystubs.
The program is also offered to US citizens living abroad working for a US based company, even if no credit score is present.
US citizens working abroad for foreign companies may be considered on an exception basis if US tax returns have been filed showing the foreign income.
Call John Burkel - 972-201-1645
The basic rules to qualify a person (beyond citizenship) is the 2/2/2 rule. This is standard for nearly every loan. It means that in order to qualify for a loan the applicant should have:
2 years work history (preferably in the same field);
2 year residence history, and;
2 years of credit history.
If you have the first two and don't have the third - sometimes FHA will allow for supplemental credit - that is, a verifiable payment history for items such as Fastrak, Cell phones, PG&E, rental history, etc. from which they will give the buyer credit for as they apply for the loan.
My recommendation would be to immediately go and apply for a Target, Sears or other card to help jump start that credit as quickly as possible. There are even Visa's and Mastercard's where you pay them $500 for a $500 line, use it and fill it up again - during which time the report to the credit bureaus to help give you that rating.
If you are very new here (less than 2 years), hopefully you have that international credit report - that may work as well.
Best of luck, John
Many of our clients are also recent immigrants who have been in your position. I work with some excellent loan consultants who have programs geared toward individuals in this situation. Feel free to contact me for referral information.
By the way, one does not "get a credit score." You build a credit profile and history over time, using a few simple, time-tested techniques. If you would like assistance, feel free to drop me a line. I don't charge anything for that. We also offer multi-lingual services.
Pacific Century Realty
Buyer Rebates to 50%
Listing Commissions as Low as 1%
There are loan programs available for Foreigners, but with a slightly higher rates.
Feel free to call me or check our web site http://www.ruthandperry.com for homes.
While difficult it is doable.
I just went through this with a client. They had a social security number for the United States. But had no credit hsitory or credit. The mortgage company was able to pull their international credit report and based their descsion on that. In addition they provided a letter from the current employer stating the job they had and the amount of money they were making.
So, you will need to check around but there are banks that will help you out with this.