Getting a mortgage with no U.S. credit history?

Asked by Lisa.Dennison, Yonkers, NY Tue Feb 26, 2013

Considering a move to Westchester from London, UK. We will rent initially but would like to buy asap. We would be selling our house in the UK so will have a substantial downpayment (900,000-1,000,000$). However, we are looking at housed in the 1,000,000-1,300,000$ price bracket. We have no credit history in the U.S. Does anyone have any experience of how it easy it would be to get a mortgage for the remaining amount considering the downpayment will most likely cover most of the cost? How long would we need to live in the U.S before a mortgage company would feasibly lend us the remaining amount?

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Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Tue Feb 26, 2013
Hi Lisa, your best bet is a portfolio lender since they will have more flexibility and will be willing to take the risk with such a large down payment. I would be happy to recommend you to a good friend of mine who is a portfolio lender.
0 votes
Robert Grana…, Agent, Bronxville, NY
Tue Feb 26, 2013
Ditto on Rey's advice, but I would also check with a local mortgage broker. I'll gladly put you in touch with one with whom I have worked in the past. She is a consummate professional who will act with both alacrity and accuracy.

This past year I worked with a couple and their two lovely little girls also from the the UK, found them a rental house in Bronxville, and they are currently looking in the same village for a home purchase. ALL this was done long distance except for final walk-through and lease signing. They would be able to give you an honest opinion of the process.

I look forward to hearing from you and giving you the contact info for that client.

Bob Granata 914 668-9514
0 votes
Rey Hollings…, Agent, White Plains, NY
Tue Feb 26, 2013
The UK has established lending institutions, many of which would be recognized by US lenders to establish credit. US institutions may require you to provide documentation showing assets, income, credit etc from your institutions. US sellers may also request additional down payment deposits and/or committment letter from US lenders in advance.

If you need help locating suitable local properties for purchase...AskRey.

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Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
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0 votes
That's reassuring. Thank You for your prompt response.
Flag Tue Feb 26, 2013
John Walin, Agent, Libertyville, IL
Tue Feb 26, 2013
great question! I have an expat buyer looking to do the same thing. I look forward to a lender response.
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