Question Details

Judy, Home Buyer in West Palm Beach, FL

first time buyers

Asked by Judy, West Palm Beach, FL Fri Feb 6, 2009

me and my hus band would like to purchas a 3 bed single family home his been working for 13 month we moved here from london are work history is not long but are credit scores are good and ive been working for 4 month in london he was a royalmail manager for 16 years which is like the us postal service here, do you think we would be able to get a mortgage i would be grateful for any help we do have a deposit to put down

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You need to rent for awhile and establish yourself with a MUCH longer work history in the U.S. Banks and lenders will NOT want to see you at this early stage and you'll just be wasting your valuable time and money being turned down. DO NOT DESPAIR. This is a good thing. Prices are still falling or -- at a minimum -- will not be raising anytime soon. Be good to yourself and use this time to build up your retirement fund and make sure you have zero debt. You must have eight (8) full months of expenses put away in a safe, low risk fund to cover emergencies. No longer are people being advised to have only six (6) months expenses put away. Six months emergency fund is not enough. Work on your FICO scores and make sure they are at least in the 750 range in order to get the best fixed mortgage rate. Be prudent and wise. You'll be so glad you did. Unfortunately, too many folks in the US got into trouble by not having these guidelines in place. And look at where this county is now. It's in shambles. I myself am still renting and waiting and saving and putting $$ into my retirement fund. I'm glad I'm waiting. I will be one of the successful ones while I see others around me falling into foreclosure. Good luck to you.

P.S. My sister loved London and misses it terribly.
Good luck
Kim
0 votes Thank Flag Link Fri Feb 6, 2009
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