Home Buying in Houston>Question Details

Mohsen m, Home Buyer in Beaumont, TX

New in US buying first home

Asked by Mohsen m, Beaumont, TX Mon Dec 23, 2013

I am new in US actually I start my credit April 2013.
I am working in full time permanent job, so I like to get Pre-approve procedure but my BANK said you have to wait one year since your credit started ,another specialist said you have to work for 2 years in US to get approve for loan. I am confused any body know exact rule or procedure. Thanks

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Dear Mohsen,

There are many different programs out there and with a conventional loan, which are the majority of home loans done, it would take a year or two. This is because there has to be US tax returns or transcripts available for supporting documentation to verify your incomes.

I currenlty know of another loan program that can help individuals from abroad that have no US credit but may have establised credit where they are from and earn income from abroad.

I would need to ask you additional questions to see if this program might work for you.

In short, there may some programs out there that will work with your unique circumtstances, but they are much fewer and further in between. It will take some research on your part talking to many lenders to see what is available.

Please feel free to reach out to me to find out more. I can also email you a brochure on it if you like.

Anthony Regner NMLS 513607
Mortgage Loan Originator
Cobalt Mortgage NMLS 35653
1 vote Thank Flag Link Mon Dec 23, 2013

I just closed a home w/Lady no credit.. We got her approved using Phone Co, Ins Co, & Utility Co. Also we are giving a credit back to help u of 1% to help pay for your move in. 1% E.G. Sales price was $130,000 we gave back to her the buyer $1300. perfectly legal as on as it's disclosed & done on The HUD. Give me a call @ 281-345-8050 & I will get u to our web site to apply for loan for Free .

Also I will send u a Gov;t Booklet takes 30 mins to read explain the buying process & all the different methods of financing your home. However you most likely will have to do a FHA 203 B based on your circumstances. http://www.Dannypross.com my web site. Happy Holidays.

P.S. You need an experienced Broker to get this done like me 32 yrs in the Business.

Danny P.Ross Crs/Gri
R.E & Mort.Broker/Owner
U/SAve Realty & Mort. Co
1 vote Thank Flag Link Mon Dec 23, 2013
Hi Mohsen,
Under CONVENTIONAL mortgage guidelines (or FHA for that matter) you would need to be established here in the US for at least one year, but most likely two. Not only do you need to establish credit, but you also need to establish a work history.

Conventional and FHA programs are the ones you generally see advertised, with regards to interest rates and down payments.

If you'd like to qualify for one of these programs, then you will probably need to wait awhile. In the meantime, you could rent or sign a lease with an option to purchase in the future.

If you really want to buy nowm then there are specialized programs available through certain mortgage lenders (forget about the big banks or credit unions). These programs generally require a larger down payment (20% or more) and they usually have other requirements, such as verifying what your credit was back home.

I would be glad to try and help you out. My company has a few different lending sources that offer these types of programs. Feel free to reach out to me.


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 595-7130 | Direct (248) 728-0078
1 vote Thank Flag Link Mon Dec 23, 2013
Another solution would be to lease a home with the intent of purchasing it during the lease period. In fact, I have newer home that might work for you. You could lease it while building your credit.
1 vote Thank Flag Link Mon Dec 23, 2013
As you are probably aware, lenders have different requirements. I work with a variety of lenders, each specializing in different circumstances. I am sure that one of them can help you. When you start shopping around for mortgage, you will have approximately two weeks in which to have your credit checked without it affecting your credit more than one credit pool.

Please let me know if I may assist you further. Happy holidays!
1 vote Thank Flag Link Mon Dec 23, 2013
Good Morning!

It's possible that different lending institutions may have different policies. A bank, credit union and smaller company may have varying criteria. I would suggest talking with several mortgage professionals to find the plan that will work best for you.
1 vote Thank Flag Link Mon Dec 23, 2013
Hi Mohsen,

I have great local lenders that I use that you can talk to. Send me an email so I can send you the list.

Good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
0 votes Thank Flag Link Mon Dec 23, 2013
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