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Old 05-10-2010, 09:53 PM
 
Location: SoCal
657 posts, read 2,319,869 times
Reputation: 435

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We just moved from Canada where I have excellent credit for the past 20+ years.

We recently moved to the US and want to purchase a home as soon as we can, but talking to many mortgage brokers and agents at some of the major banks have told me that they cannot use my Canadian credit history to obtain a mortgage in the US.

I have been in the US for the last 6 months so far.

It's hard for me to believe this since the same credit companies in the US, take care of the credit reporting in Canada.

Does anyone know how I can go about getting a mortgage here in the US, or how long I should wait to build enough credit?
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Old 05-10-2010, 10:40 PM
 
Location: Kailua Kona, HI
3,199 posts, read 10,970,782 times
Reputation: 3379
Do you have 30% down? That will count for a lot, as you will most likely have to have that in order to get a mortgage. I know they can be had because I have clients in that very same situation.
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Old 05-10-2010, 10:45 PM
 
Location: NJ
17,579 posts, read 38,320,873 times
Reputation: 16099
I just did a quick google search on "can a canadian get a us mortgage".

Check it out. Lots of info.
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Old 05-11-2010, 08:32 AM
Status: "October is the eighth month" (set 22 days ago)
 
Location: Just south of Denver since 1989
10,679 posts, read 28,504,890 times
Reputation: 6842
I have had some good luck with a store and gas card and a few local bank loans.

Go deposit $500 into a savings account, then use that as collateral to get a loan for $250/12 months. Use that and $150 to do the same thing at another bank a loan for $200, then open a third savings account with $300 and borrow $200. Within 3 months, you should have a decent credit score.

Is it going to cost you, yes, it's a small price to pay to reach your goal.
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Old 05-11-2010, 08:36 AM
 
Location: Wake Forest, NC
835 posts, read 3,529,361 times
Reputation: 646
You can get a mortgage with Canadian credit and 20% down. The mortgage insurance companies will not issue mortgage insurance so the 20% down is the minimum. Get a referral to a mortgage broker and they should be able to do this for you.
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Old 05-12-2010, 10:21 PM
 
Location: The Greater Houston Metro Area
8,955 posts, read 14,097,945 times
Reputation: 14777
Quote:
Originally Posted by dad2jules View Post
You can get a mortgage with Canadian credit and 20% down. The mortgage insurance companies will not issue mortgage insurance so the 20% down is the minimum. Get a referral to a mortgage broker and they should be able to do this for you.
Correct - and stay away from Chase, BOA and Wells Fargo. The mortgage brokers can get stuff done that the big banks can't. Ironically, it get turned over, most of the time, to those same big banks later. This is the opposite to the way it used to be.
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Old 05-13-2010, 12:09 AM
 
Location: Simpsonville
93 posts, read 142,368 times
Reputation: 32
Quote:
Originally Posted by cheryjohns View Post
Correct - and stay away from Chase, BOA and Wells Fargo. The mortgage brokers can get stuff done that the big banks can't. Ironically, it get turned over, most of the time, to those same big banks later. This is the opposite to the way it used to be.
lol...did you forget who's now servicing these loans?
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