Home Buying in 06824>Question Details

Eprotsko, Home Buyer in 06824

I'd like some advice - my partner and I are considering purchasing a home in Fairfield, CT (06824).

Asked by Eprotsko, 06824 Sat Jan 9, 2010

He is still in the UK, while I'm currently renting in Fairfield. Could someone please advise on the property buying process for a UK citizen and clarify the documentation needed for a mortgage in this case? Thank you.

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Stephanie Thompson’s answer
You've probably already received several answers by now. But, I have sold property to customers who were not US Citizens several times in my 25 year career. Are you two going to co-sign this mortgage? It is important he gets a Green Card ASAP. And, even though it is a buyers market, it is smart to get yourselves Pre-qualified by a Mortgage Broker. I am happy to get you 2-3 qualified names of Mtg. Brokers. Speak to more than 1, always. Be prepared to put down 20% if possible. If not, there is FHA money available that requires 3%-5% down. I do not know your time frame. But, Mtg. Brokers are all saying Mtg. rates are going up soon, what ever that means.
This is a limited method of communication. Please, feel free to call my cell if you want to talk in more detail.
Hope this has been some what helpful.
Stephanie Thompson
William Pitt Sotheby's International Realty
342 Pequot Ave.,
203-256-7700 X308 {o}.
203-913-4500 {c}.
1 vote Thank Flag Link Thu Jan 14, 2010
Hello! I'm a member of the International Real Estate Federation and I'm licensed Realtor in CT.

First you need to get an attorney experienced with inbound expatriots such as yourself and your partner. Will the funds for the downpayment be coming from a foreign bank? Make sure your attorney is familiar with FIRPTA and Patriot Act regulations. Even though the UK is an ally, if one person from one country has to jump through hoops, so does everybody else from every other country to avoid discrimination.

Have you been approved for a mortgage? Definitely get pre-approved.

If there is anything else I can help you with, please feel free to contact me at elizabeth@elizabethherbert.com
1 vote Thank Flag Link Tue Jan 12, 2010
The key is the answer to the residency status question. Buying as a foreign national now requires a high down payment than stated below, and the rates are much higher than for a conventional loan. If your partner is moving back to the US and will have a work visa at that time, and a job, it might be better for you to wait. The standard work visas are Fannie Mae approved, that would not be a problem, however you would still have the issue of whether he/she has credit in the US. If not, there are a host of other issues to deal with. Please feel free to contact me if you would like to discuss qualifying for a mortgage, and I would be happy to do that for you.
1 vote Thank Flag Link Sun Jan 10, 2010
I can see that you have received a number of answers to your questions already, but I thought I should post something anyway. I have actually lived in England myself for about 6 years (I did my A Levels and University degree there) and have only moved to Connecticut about 3 years ago.

I think that it comes down to your residency status, i.e. are you and your husband here on a temporary visa or do you have a Green Card, as well as to how you are going to finance your home purchase, i.e. how much down payment will you have, will the loan be financed by a local or a foreign bank (a bank that is not located in the U.S), do you have a credit history in this country, etc.

I would also advise you to get in touch with an attorney to make sure that you’re not overlooking something that will slow up the process once you’ve found a suitable house.

If there is anything that I can help you with or if you have any other questions, please send me an email any time --- jmocciolo@wpsir.com ---, or give me a call on my cell phone --- 203 465 8066.

Kind regards,

Jennifer Mocciolo

William Pitt Sotheby’s International Realty
2000 Post Road
Fairfield, CT 06824

203 255 6101 ext: 354
203 465 8066
0 votes Thank Flag Link Tue Jan 26, 2010
I got your email and responded, did you receive it yet? How is everything going with the relocation process?
0 votes Thank Flag Link Sat Jan 23, 2010
It all depends on his residency status, if he has a resident visa for the US then it is a go. If however he is only a visitor then the only way would be for you to be on the loan and find a lender that might allow his income and savings to be used for the home loan. the other solution would be to buy as a foreign national with about 25 to 30 % Down Payment needed and with you as the co-borrower.
Hope this helps if there are any other questions please don't hesitate to contact me at your convenience.
Daniel Lorenzetti

Cell# 203-243-3563
0 votes Thank Flag Link Sun Jan 10, 2010
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