i am an immigrant in usa and just starting to build my credit. my husband has a poor credit. will we have the chance to buy a house? what are the req?

Asked by Ignacio Tayag, Torrance, CA Tue Sep 20, 2011

my parents are willing to help us in paying the downpayment. btw they are non immigrant. tnx in advance

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Shel-lee Davis’ answer
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Wed Sep 21, 2011

Welcome to Torrrance. The South Bay is a great place to live.

I love what Daniel said. Learn about credit and how to build good strong credit. Meanwhile, your husband wil have to improve his credit, as lenders will look at both of your scores in determining to lend. If you would like some recommendations in these areas, give me a call. I have an office in Torrance and would be happy to meet with you to explore how you can position yourself for home ownership in the next couple of years. I worked with a couple for 19 months, guiding them along the same process. They are now very happy homeowners.

As important as credit is, it is also important that you have assets. Start saving every penny you can. The more money you have in reserves (on deposit in a bank or brokerage account), the better you will look to a lender. This should be easy when your vision of home ownership is clear. I would be honored if you would give me the chance to help you set the path towards this dream. Goals and a clear way to achieve them will get you there sooner than you think. You can contact me directly. My phone number is below. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
1 vote
Daniel Choi, Agent, Los Angeles, CA
Tue Sep 20, 2011
Hello Ignacio,

I concur with my fellow real estate professionals that as prospective home buyer, you need to understand the credit system that is used in the USA. I suggest that you take some HUD approved credit counseling or learn thru videos, books that you can find in public libraries because knowledge is power.

For example, I can give you an example where they compared two individuals with credit score (FICO) of 620 and 740 and concluded that the individual with higher FICO score saved more than $ 80,000 over 5 years on the same loan. This difference is due to the fact that lenders will add an extra points for high risk adjustment which could go as high as 3 %. Thus you can achieve tremendous savings by improving FICO score.

I am sure you already have some idea from recommendations from friends, relatives on how to start your credit building. As real estate agents we have responsibility to guide you to get the best loan for our clients by offering quotes from at least thress sources.

I recommed a site that has eduactional material on this important topic that agents and consumers should learn. The site is http://www.creditdvd.com.

Good luck !

Daniel Choi
Nextage Capital Advisors
(213) 820-7509
1 vote
Eric J Soder…, , Pleasanton, CA
Tue Sep 20, 2011
Both Dan and John give good advice. In addition, I suggest getting a secured credit card from a bank and if you own a car (No payments) take out a small title loan also from a bank.

Go to Google to get more information.

Google: Auto Title Loan
Secured credit card
How to build credit

I suggest not doing anything regarding your credit online unless your understanding of the English language is excellent. Go to a major bank and speak to someone in person. It is easy to get confused with online offers. Welcome and good luck. Ask lots of questions!

Best Regards,

Eric Soderlund
1 vote
Roberto Gosim, Agent, SIgnal Hill, CA
Tue Jun 12, 2012
Hello Ignacio!
All these advise are right on.
I believe it's better for you to go direct to the bank
that you have right now and either talk to their financial advisor or lender.
Since you're just starting towards your goal of home ownership
people in the bank can be your best resource.
As an agent I worked with a lot of clients that have credit problems.
A lot don't even want to bother because they are overwhelmed by it.

Your parents help with the down payment will be a big help.However there
are programs that can help you from the FHA 3.5% down payment program.

Well since you know the problem, this is the place to get advise.
Follow what ever you believe will help you because a lot of the
recommendations here are commendable.
What ever path you take good luck.

Roberto Gosim
Century 21 ACtion!
CA DRE Lic#: 01362188
(310) 597-5686
0 votes
Annie Nguyen, Agent, Fremont, CA
Wed Sep 21, 2011

You can start to work with a reliable loan officer to get to know what it needs to get a loan approval for your home purchase. You can also work with your bank to ask to build up your credit by open a saving account and a 6 month certificate deposit for a secured credit card and then start to build your credit from there. You also need to work on your budget plan to see how much you can save up for the down payment. How much you can afford monthly comfortably? then find a good realtor who is specialize in helping First time Home Buyer to get their first home and work out a plan with that relator. You can look into the city community web page to see if they offer free First time home buyers seminars and attend one of them to learn the process of buying your new home. Good luck.
0 votes
John Arendsen, Agent, Leucadia, CA
Wed Sep 21, 2011
I might also suggest that you open a bank account with someone like Wells Fargo, Chase or even BofA or whoever does mortgage lending that you're comfortable with. Get to know who the RE mortgage loan officers are and let them know that you want to build your credit to purchase a home. They just might be your best coach.
0 votes
, ,
Wed Sep 21, 2011
Hi Ignacio,

I'd recommend the following two actions:

1. Get a referral to a local Licensed Mortgage Loan Originator working at a Mortgage Bank. Referrals from family, friends, and co-workers are best. Sit down with the Loan Originator so that she can thoroughly prequalify you. I often meet people who pose a similar question to yours and when I review the credit I discover the "...just starting to build my credit..." translates into a 3 year credit history with a decent credit score. Likewise with the "poor credit" you describe for your husband. Let a mortgage professional review the credit history to determine if your assessment is accurate. Always work with a Licensed Mortgage Loan Originator. You can verify a license at http://www.nmlsconsumeraccess.org by entering the professional's name and/or License number.

2. If indeed your credit is insufficient at this time to qualify for mortgage financing, I'd recommend visiting http://www.consumer-action.org for the best information available on how to build a credit profile.

Hope that helps!
0 votes
Brooke Hengst, Agent, Centennial, CO
Wed Sep 21, 2011
Hi Igancio,

Credit is everything right now!!! If you have not already, have a lender pull your credit and walk you through it.

If they feel like a credit repair agency is needed - DO THIS AND WORK HARD!!!

I was able to purchase a house two years after a filed a bankruptcy all because I was VERY PROACTIVE about working on my credit.

Rates are super low right now however in order to take advantage of the very best rates, you need a great credit score (700+).

I have a lender that does loans all over the country and does WONDERFUL work! Let me know if you would like that referral.

Brooke Hengst
REALTOR, CDPE The Elite Team
Your Castle Real Estate
(720) 988 5952
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Sep 20, 2011
My recommendation is not to worry about buying for awhile. First find out where you may want to live. Then rent for awhile to make sure that's where you want to live. Then start looking.
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Sep 20, 2011
Welcome to the US. First lenders will look at the credit of the primary wage earner or the middle score or the borrower with the lowest scores. My first suggestion would be to build your credit and improve your husbands.
Scores are just a part of the bank’s decision process. Having good job time, proving your income, having assets & down payment are more considerations.
If you try to buy when you are marginally qualified, you will pay higher rates & fees and have fewer choices in lenders. By improving your credit, you will be able to afford more house at the same payment.
You will need to meet with a local lender to discuss your specific situation. As a lender in the past, I have worked with people in your situation to help them qualify. Ask the lenders you talk to if they can do the same for you.
0 votes
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