New to US. Wants to buy house.

Asked by Chebolsk, Buffalo, NY Thu Dec 6, 2007

Were moving to the US (westchester,ny to be exact) from asia. We're thinking of staying in the US long term. We do not have a credit history yet but we do want to try to buy a house. What are our chances? How much is the typical interest rate we can expect? If we use credit cards for most purchases and pay all bills on time, how long would it take to have a good enough credit history to buy a house at a good interest rate? Thanks.

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5
Nancy Strong, Agent, Armonk, NY
Thu Jun 18, 2009
Westchester is a great place to live. We have contacts with mortagage people in the area who would be happy to discuss what you would need. As someone else answered, the downpayment will be important. The price range you are looking in will help determine what areas are suitable. Also, if commuting to NYC, that will also be an important issue. I work in northern Westchester and would be happy to assist you in finding the best area to suit your needs and give you referrals to mortgage contacts as well. You can find me at http://www.nancybstrong.com. I work for Prudential Holmes and Kennedy and am less than an hour to NYC.
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0 votes
Deborah Madey, Agent, Brick, NJ
Sat Dec 8, 2007
Yes, there are several lenders who will work with foreign buyers. You will have to be able to provdie a sizeable down payment, as well as establish credit worthiness.

Are you set on Westchester? Other communities might provide more house for the $$.
0 votes
Peter Carr, Both Buyer And Seller, 77008
Fri Dec 7, 2007
I came to the US a few years ago and bought a house in 2003 when my credit rating was zero or close to zero. The house was only my second credit purchase in the US. The first was a car, also bought in 2003 - the dealer used my UK credit report to justify giving me 5-year 0% finance. Regarding the house, I was told that if I put a 20% deposit down that there would be no deep look into my credit - I put 20% down and the mortgage went through smoothly with no questions asked. So the answer is you do not necessarily need a long credit record in the US. I would recommend you start building up your credit rating though - get a few but not too many credit cards. If no one will give you a regular credit card at first, get a secured credit card (where deposit money with the credit card company in order to get credit).
0 votes
Aileen-Manha…, , New York, NY
Fri Dec 7, 2007
Chebolsk,

I know of lenders that have specific...I don't know the correct term...loans for foreign investors. If you wish, I would be happy to provide you their contact information so you can speak to them directly. Other than that, I'm sure a mortgage broker will answer your question on Trulia.
0 votes
Felicia, Agent, Town of Poughkeepsie, NY
Fri Dec 7, 2007
If you don't have any credit,do you have proof on income? A bank will want to know that you you are credit worthy. Besides credit scores, they will look at employment history, bank accounts and assets.A more affordable alternative to Westecheter County is Dutchess County. You can commute to NYC via Metro North Railroad, drive down the Taconic State Parkway, or take a bus.Homes are much more affordable in Dutchess County.There are many area colleges such as Vassar, Bard, Marist, Culinary Institute of America. IBM is a large employer here. There is easy access to shopping,recreation,cultural events,hospitals, historic sites and more.
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