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I am an American but my husband is from England and we have just moved to Arizona five months ago.
I have kept all my US accounts open and kept my fico up while living in England for the past three years, my middle is 740.
When we first got to Arizona I put my husband on our car loan and now, five months later we checked his credit and his fico is already up to a middle of 700.
although a score does show up, he does only have five months history with only one line (car loan) listed on his credit history. I am wondering how this is going to affect us getting approved?
we have checked into pulling his credit from England to use here but have yet to find a lender or a broker who knows anything about it or can use it (it needs to be translated as such, very different from US credit reports). so I do not think this is an option.
also, to add to this.. we started a new business five months ago, so we will need to go with a stated no doc. we have no tax returns to show and no two year history of our business income (we were employed in England but did not earn nearly as much as we do now, we would not qualify using our old salaries).
we can show our bank statements to prove our 10% down payment (would prefer to only put down 5%), but thats about it.
we are having a very hard time finding a mortgage broker who is willing to take the time to help us because our situation is quite complicated. its so frustrating! they all just laugh in my face. :(
are we facing something impossible here? we are not even that fussy about our interest rate, we are willing to pay whatever we can find.
we are really hoping to buy soon, would rather not have to wait until my husband (and our business) have a full 2 years history.
It sounds as if you need a "stated" and not a "no doc". I was speaking with a lender this morning who has a stated primary purchase program to 90%, (85% in declining markets so, you'd need to know what your market is). over 700 score, wage earner or self employed, and it doesn't need the 2 yrs as self employed (no time requirements). Which was quite a change from other lenders who do stated. So, from that standpoint yes it is possible. and the rates weren't scary.
For the self employed aspect of it, you'd need a cpa letter, OR a business license. to show the business is an actual co. I personally would wait until you've filed your taxes for 07, and then you can do both, cpa AND license.
The only sticking points I can see for this one, would be
1. if it was in a declining market, in which case you'd need to come up with more down payment.
and 2. If they have issues with the husband's lack of credit depth, and that would be something that would just need to be checked. (Or to take him off the loan and only use you)
Other than that program, I've done foreign credit reports before but only for foreign nationals purchasing second homes in the US, not for someone living here, and it's been quite a while since I've done one, so, I won't advise on that aspect of it.
But, I don't think your scenario is completely bleak, so, don't give up yet...keep checking around.
Thanks very much for your reply chipl! Great to know there are still options. 85% might be possible. If this program has a specific name (other than stated primary purchase) can you please let me know so I can request it next time I speak with a broker.
Does anyone have any ideas on getting a broker to work with us? I think it just seems to them like a waste of time and money because of our situation.
We are looking to buy a new build and have even offered some brokers to come with us and sign as our buyers agent in order for them to make more money for their time, but we have still had problems. Can you believe that?!
Am I just running into lazy brokers or is this the standard I should expect? Any advice?
Wait, you mean you're asking your mortgage broker to sign as your buyer's agent in order to make a commission for themselves? Isn't that illegal? (not sure, but it sounds like it would be at least...legally shady??)
It's legal as long as the borrower/buyer is disclosed to properly. (and of course if the broker is licensed for both real estate and mortgages)
It is not however ok to do on an FHA loan. HUD has restrictions against being the realtor on a deal you are the broker for.
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