Home Buying in Raleigh>Question Details

Heather, Home Buyer in Raleigh, NC

We are a family of five relocating to the Raleigh/Cary/Apex area this summer from Germany. Will we be able to get a mortgage?

Asked by Heather, Raleigh, NC Wed May 14, 2014

I am American and my husband is German with a green card. We have very good German credit but nothing in the US. We will be able to put 20% cash down on a house but need to finance the remaining 80%. Are there banks that can work in these circumstances?

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In addition, might you consider Leasing with an Option to Purchase? You'll be Leasing a property from someone and doing an option to purchase the property. In doing so, you will have some of these opportunities listed through the MLS; others will be listed on different web sites by Investors and sometimes non-investors who have a house they cannot sell for whatever the reason but would be willing lease it with the option for you to purchase.

A couple of suggestions wold be:
Hook up with a mortgage person here in the area that can work with you in achieving your goals of being in a solid position to perform.

Make sure the property you are leasing with an option's payments and purchase price are within the guidelines you can perform within when your credit will allow. Doing a LO above your Means to qualify is a waste of your Option Consideration on the property.

Read up on the pros and cons of doing a LO.

When working with anyone to do a LO, make sure that an Attorney familiar with Real Estate and Lease Options is used do the deal.

If interested in a power team, please let me know. I've been working with real estate for 25 years as a private investor and can refer you to a Realtor that help; Attorney; and myself and others that are looking for Tenant Buyers.
0 votes Thank Flag Link Wed May 28, 2014
You may have a few additional hoops to jump because of your situation, but you shouldn't have any substantial issues in obtaining a mortgage. Firstly, if you don't mind me asking, were you stationed in Germany as a veteran? VA loans are tailor suited for returning veterans and have some of the best terms around, so that would be a great option if available to you. The 20% down would be standard fare for investors in the area, it's a very healthy down payment that demonstrates you're capacity and intent to secure a mortgage, so that's definitely in your favor. There are great banks in the area that would be able to prequalify you for a loan while you begin your home search. I work as a broker, but my occupation obviously puts me in contact with numerous lenders on a daily basis, so if you'd like me to refer you to one to sit down and go over your options I'd be happy to do so. Let me know if you'd like that, and welcome back Stateside!
0 votes Thank Flag Link Tue May 27, 2014
In this area, we have people relocating from other countries on a fairly regular basis and I've never heard of any problem with them purchasing a home here. I would suggest finding a good, qualified lender to ask this question of. May I suggest Natalya Hill who is the area manager for Hamilton Group Funding . I have worked with Natalya for 20 years now and I know you will find her very qualified to answer any of your mortgage questions. Her email is natalya.hill@hgfloans.com. I also invite you to check out my personal website listed below. You'll find lots of information about the area that may also be of help to you.

Good luck with your move!!

Ernie Behrle
0 votes Thank Flag Link Sun May 18, 2014
You should be able to get a mortgage here but as with any buyer it's going to depend on a number of factors: your income, debt ratio, assets, and your credit rating in Germany. I work with Towne Mortgage of the Carolinas, our in-house lending partner at Coldwell Banker Howard Perry And Walston. Our underwriting is done right here in Raleigh and the loan officers I work with are just down the hall from my office so everything is local. This a big plus for buyers as things can get complicated and it's always better to be able to talk to the mortgage company directly, face to face if an issue arises.

I would be happy to help you. You can contact me at 919-247-4667. My oldest daughter is actually living in Munich right now. Just flew back there yesterday after coming home for her younger sister's college graduation. And my wife and I are going to Germany to visit her and her boyfriend this fall.
0 votes Thank Flag Link Sun May 18, 2014
Heather, there are indeed banks that have ex-pat programs and would require 20% down. It sounds like a situation worth exploring in your case. Feel free to reach out to me via email and we can begin to discuss your situation and goals. My email is pat.price@movementmortgage.com
0 votes Thank Flag Link Wed May 14, 2014
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