Myself and my family are relocating from Germany to Denver next March 2014. I am UK citizen but will have a visa from next year.

Asked by hodgman77, San Francisco, CA Fri Sep 13, 2013

Of course we want to buy a home but understand that I need a credit rating in the US for purchase. We will have a 40-50% deposit ($100K) to put down but will need a mortgage to fund the rest of the property purchase/
Would it make more sense to buy a cheap $45K home with high rental income and start to pay tax in the US to help build my credit profile there.
Any advice on how I can get started would be greatly appreciated. Thank you. Daniel

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stephen holb…, Agent, denver, CO
Fri Sep 13, 2013
Let me clarify your thinking. There are no $45,000 homes around here.
3 votes
so a condo does not qualify as a home?
Flag Sun Sep 29, 2013
Robert McGui…, Agent, Denver, CO
Sat Sep 14, 2013

Good question and good answers below. A lot will depend on your job and income situation when you get here as well as the money you have to put down. As far as a $45K home, there are none in the Denver area whatsoever. There are a few condos in certain areas available in that range that would yield substantial positive cash flow. Your next step would be to a lender for more details on your personal situation and your best options will arise from that counsel. Let me know if I can help.

Robert McGuire
Your Castle Real Estate
2 votes
Casey Ressler, , Denver, CO
Fri Sep 13, 2013
Daniel, and

I'm an equity marketing/investment broker, I'm happy to talk with you about your options. We can discuss general concepts that will apply in any market but you need to know that 'all real estate is local' as the saying goes. There are also some banks that have programs for foreign nationals where if you have credit in your home country, they'll consider that as well for a loan here (I know for sure there's programs for the America's I can talk with them about the Euro zone if you like) Are you investing for cash flow, cap rate, tax shelter, SFR, Multifamily, or other reasons? There are many things that should be looked at, most particularly the local and asset type and where in the market cycle it is because there are value plays that can be made when you look deeper. Regarding the denver market my brokerage is regularly called upon by local media for market trends reporting and we're embedded in the investment community and seen as a resource. Being that you're new to the process, PLEASE talk with someone who can educate you and whenever they tell you something, make them back it up with facts and explain themselves. You're not looking for a salesman, you're looking for an investment specific broker who will take the time to educate you to where the profitability is and fully justify the numbers and how they arrived at those figures. I'm happy to run the financials on anything that you wish to look at, I work with fix and flip, buy and hold long term, multifamily and other investments. I also work with a network of investors who work on terms where depending on how much cash you bring to the deal and type of property, you could very well not need the bank because the seller's will act as the bank and "carry the financing" for you. There are ways to do deals without the banks, so until you get established formally in the US, we can look for solutions without the banks as well. You'll find many brokers who don't work in these ways, so feel free to call on me and we'll have a chat about your situation and goals and see what kinds of real estate fits them. I'm licensed in 3 states and have connections in the other cities you've been looking in (saw your posts) so I can turn you onto investment specific brokers in those cities as well so you don't have to gamble on the web. I'm currently working on these for clients - single family fix and flip, 4 plex, 30 unit apartment, apartment development land, small commercial strip center, as well as traditional home buyer and seller transactions from 150,000 to 2.2 million. Call anytime.
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2 votes
Thank you. I will contact you shortly
Flag Sat Sep 14, 2013
The Goetz Gr…, Agent, Englewood, CO
Fri Sep 13, 2013
Daniel, I think you should speak with a lender about financing. They always hold the golden ticket to getting into a home. No need to put 40-50% down. A conventional 80/20 loan would most likely suffice (assuming you can secure financing), but there are also other options for 3.5% down, 5% down, 10% down, etc. It just depends on where you get your loan.

You definitely want to get on the financing side of things immediately, because if you don't have any credit that will transfer to the US you'll need to establish that over the next 12 months.

Shoot Chris Hauber (Fairway Mortgage) an email and he'll be able to get you going. He has worked with me on several clients in the past who need to build or reestablish credit in order to get financing.

2 votes
Andy Eisenba…, Agent, Parker, CO
Fri Sep 13, 2013
My advice is to speak with a local lender to explore all options. I have excellent references if interested.

Andy Eisenbaum

Broker Owner

Irontree Real Estate

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2 votes
Evans Franco…, Agent, Everett, MA
Sat Sep 14, 2013
The best way to start building up your credit fast is to go to a credit union once you get to the US, deposite the $100k and apply for a secure loan let's say for about $20k. Go to another bank deposit that $20k, each month make the monthly payment to the credit union for about 1 yr from the 20k.
After 1yr your credit should be good as gold to buy a house with the $100k down or less an addition of having a job during that yr.

I would love to help you if you have any questions.
Visit me at [ ]
1 vote
Good advice. Thank you
Flag Sat Sep 14, 2013
Eileen Forre…, Agent, Lakewood, CO
Fri Sep 13, 2013
Hi Brian,
Buying is certainly an option and could recommend a few lenders to find the best path to take. I have worked with many buyers relocating to Denver and would recommend renting 6 months to a year to research the best schools and areas of town that meet your families needs. Let me know if I can assist in your search for a rental or purchase.
1 vote
Nina Kuhl, Agent, Greenwood Village, CO
Fri Sep 13, 2013
I recommend renting for a year to establish your credit in the US. You will also want to open a bank account and credit cards. Try John Palmer from Megastar at 303-282-9500 or Karla Kyte from The Mortgage Company at 303-525-9077. They can help you understand what you need to do to build your credit and how much you can qualify for a purchase of a home. Homes are pricey in the Denver Metro area and it is difficult to find anything to purchase under $100K.

Good luck,
Nina Kuhl
Cherry Creek Properties
1 vote
Steve Badovi…, , Denver, CO
Fri Sep 13, 2013
Hello Daniel, you can do a few things to get started, there are you can do to build credit. But first you will need to get a Social Security Card if you don't have one. Here is a link for you to get info on that.


There are guarunteed credit cards that help. We can ssist you in getting a loan for a car as well as companies that you can get loans for furniture.

Alll of these items will assist you and your family in creating a credit profile so you can buy your home.

I hope this is helpful and if you need any assistance please don't hesitate to email me.

thank you and good luck,
1 vote
Great Steve. Thank you. I will email you shortly.
Flag Fri Sep 13, 2013
Jim Hendry, Agent, Lakewood, CO
Fri Sep 13, 2013
I would reach out to a lender and get the specifics on what why and how the process works. I use Kevin M. Green at American Liberty Mortgage or 303-865-3952
1 vote
AdenBellGroup, Agent, Denver, CO
Fri Sep 13, 2013
Hi Daniel. Congrats on moving to Denver. It is a really great place to live and great place to raise a family. I have a couple of mortgage brokers that I deal with, one of them specializing in credit and people with credit hurdles. If you would like me to forward these contacts to you, I would be happy to. They can help you build your credit here prior to your arrival so when you do move here, there will not be any issues. My e-mail is Best regards, David Bell
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Feb 19, 2014
If you are asking if you can get a loan to buy a house that is definitely possible. Someone in this situation should consider looking into a Foreign National Mortgage. These loans are meant for non-residences who are seeking a home loan in the United State. The minimum down payment for these types of loans are usually around 20%. Lenders, like myself, can give out these types of loans for non-residences who want a mortgage in the United States. I would recommend speaking with a California lender like myself who would be more than willing to help you out. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes
Ethan Besser, Agent, Englewood, CO
Tue Oct 8, 2013
I would talk to a US lender. There is the possibility of purchasing with funds from oversees also without having a US credit score I believe.
0 votes
Irina Karan, Agent, Fort Lauderdale, FL
Sat Sep 28, 2013
First of all, you can buy with the foreign national status and get a loan.
It is best to talk with the mortgage pro about details.

Second, you can open credit lines as secured credit cards (reported to credit agencies).
You can open a new credit line within 90 days window, or it will be considered "overextending".

Hope this helps and best of luck,

Irina Karan
Beachfront Realty, Inc.
0 votes
Casey Ressler, , Denver, CO
Mon Sep 16, 2013

You don't need to own real estate to benefit from it. If you want to spend 45k in any market you can still get benefits depending on the properties you pick. There are no 45k homes in Denver but there are properties that will give you a return if you put down 45k. There are too many unanswered questions about your investment strategy for anyone to give you a meaningful answer specific to the market you're looking at. I know people who don't care if you can get a loan or not, if you've got cash for down the seller will finance it. Don't think you need to have citizenship or a loan to buy real estate, that's just he most common way, there are plenty of people out there who would like to have your down payment rather than the house because they're either moving, tired of landlording, need cash now, etc. I'm currently looking at an apartment building where the seller will carry all of his equity so I can just go on title and make payments to him, there's no bank required. I know of several sellers who will do this for you, don't let anyone tell you that you have to have credit and get a loan in the US, it's based on the perceived risk of the seller whether they trust you to make the payment and there are ways to show that you're a good risk to the seller. Don't let a visa or loan stop you from moving forward in investing, if you've got the ability to bring some cash to a deal, we should talk.

Casey Ressler
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0 votes
Michelle Hall, Agent, Westminster, CO
Fri Sep 13, 2013
Hi Daniel.
You will love living in Denver. There are many areas in the greater Denver area to choose from and I would be happy to send you houses for sale and help you in any way as I specialize in clients that are relocating and I have over 20 years experience in Colorado real estate. We can decide which areas would best suit you and your family and narrow down pricing with the help of the lenders I use. It is so much fun to house hunt, but I understand it can seem difficult when you are looking in a new area. I can make the process simple and safe for you! Please feel free to call text or email anytime. I look forward to speaking to you!
If you click my picture all my contact information will show up. You can also search ALL Denver and Colorado homes for sale through my website. Happy hunting!!
0 votes
annalisa amb…, Agent, Denver, CO
Fri Sep 13, 2013
There are no homes for $45,000 that are liveable - you can get a loan at a local bank. You will have to supply bank statements and credit card statements to prove your on time payments.
0 votes
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