How to get a mortgage approval for a new immigrant who has no credit score in the USA ?

Asked by Seasaw, Santa Clara, CA Wed Nov 3, 2010

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John Dutra, , Fremont, CA
Wed Nov 3, 2010
The basic rules to qualify a person (beyond citizenship) is the 2/2/2 rule. This is standard for nearly every loan. It means that in order to qualify for a loan the applicant should have:

2 years work history (preferably in the same field);
2 year residence history, and;
2 years of credit history.

If you have the first two and don't have the third - sometimes FHA will allow for supplemental credit - that is, a verifiable payment history for items such as Fastrak, Cell phones, PG&E, rental history, etc. from which they will give the buyer credit for as they apply for the loan.

My recommendation would be to immediately go and apply for a Target, Sears or other card to help jump start that credit as quickly as possible. There are even Visa's and Mastercard's where you pay them $500 for a $500 line, use it and fill it up again - during which time the report to the credit bureaus to help give you that rating.

If you are very new here (less than 2 years), hopefully you have that international credit report - that may work as well.

Best of luck, John
2 votes
What if you g\have 18 months of history in all three areas? Would you be denied?
Flag Thu May 15, 2014
Daniel Berman, Agent, Palo Alto, CA
Wed Nov 3, 2010
First of all, welcome to the USA! You are to be congratulated on your initiative in terms of getting to know the financial system and exploring the real estate market.

Many of our clients are also recent immigrants who have been in your position. I work with some excellent loan consultants who have programs geared toward individuals in this situation. Feel free to contact me for referral information.

By the way, one does not "get a credit score." You build a credit profile and history over time, using a few simple, time-tested techniques. If you would like assistance, feel free to drop me a line. I don't charge anything for that. We also offer multi-lingual services.

Dan Berman
Pacific Century Realty
Buyer Rebates to 50%
Listing Commissions as Low as 1%
1 vote
Ruth and Per…, Agent, Los Gatos, CA
Sat Nov 6, 2010
Hi Seasaw

There are loan programs available for Foreigners, but with a slightly higher rates.

Feel free to call me or check our web site for homes.

While difficult it is doable.

Best Regards
Perry Mistry
0 votes
Jacob Varghe…, , San Jose, CA
Wed Nov 3, 2010
Having pounds or dollars or pounds of dollars will do the trick!!

0 votes
dave, Agent, Charlotte, NC
Wed Nov 3, 2010

I just went through this with a client. They had a social security number for the United States. But had no credit hsitory or credit. The mortgage company was able to pull their international credit report and based their descsion on that. In addition they provided a letter from the current employer stating the job they had and the amount of money they were making.
So, you will need to check around but there are banks that will help you out with this.
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0 votes
, ,
Wed Nov 3, 2010
That would depend on how long you have been employed here. Nearly all mortgage companies do require you to get a credit score because this determines your financial capability in paying up the loan. Inquire with any credit rating agency near you on how you can establish a credit report(especially if you are not fond of using a credit card). You might also need to get a detailed record of your income from your employer.
0 votes
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