Question for all the realtors. (to rent, mortgage broker, credit report)

[remy186]

My husband and I have been living overseas for the past ten years. We are planning to move back to the U.S (no place like home).

We use to live in California but I refuse to go back and raise my children there. So our relatives suggested NC. I love everything I've heard and can't wait to see it. Michigan is an option (where I am from) but with thier economy I am not sure about it.

Our plan is to rent a house. Study the area and the business oportunities available. My husband use to own jewelry stores in CA so he is thinking to open another one or another kind of store.

My question is since we have been overseas for 10 years, we haven't had a credit card in the U.S in 10 years and we checked with Equifax for our FICO Score and we were told they can't issue a score unless you have 6 months or more of credit history which we don't anymore. Our last mortgage (10 years ago) does show on our credit report paid in full as does some of our old credit cards but no payment history. My husband will be opening a business with in a year and selling our business here.

My question is if we want to buy a house with 35% downpayment will that be a problem to get approved on a $250k house loan?

Plus putting 50% downpayment on a business worth $500,000 can we get a business loan?

Thanks Any help would be appreciated
Remy

[saturnfan]

That kind of money sure talks.

Don't buy a business until you get your bearings here. Lots of new ones promptly fail wiping out the owner's investment.

[Cara Keys]

Better to put the question to a mortgage loan officer. Moderator cut: removed

[remy186]

Saturnfan Thanks for responding. I agree to many businessess open and fail quickly. Luckily my husband is a patient, sharp business man so I know he will be cautious and succeed.

Great idea about the loan officer we will be sure to talk to one soon my husband is planning to go to the states next month.

Hopefully there is a loan officer who visits here so we can get advance notice.

Thanks I'm sure I'll love living there with everyone so nice and helpful.

Remy

[MrsSteel]

Remy, I agree that the first person you need to speak to about this is a mortgage broker, a loan officer, and/or a financial planner. Note that a lack of recent credit in the states may or may not be a problem. Some lenders may be willing to consider any credit you may have earned abroad. At least that's what we were told when my non-American husband and I started looking for a mortgage loan. In the end our lender decided that wasn't necessary so I can't tell you exactly what they check for. A lender could tell you more.

It's good that you're planning to rent for a while first. That will give you time to get settled (find jobs, learn more about the area) & re-establish your credit.

[remy186]

Thanks everyone for all the replies. I really want to be prepared for everything I can before the move. So any information is helpful.

Remy

[Lauren Roberts]

Since you are not here yet, and plan on renting to start with, why not get a credit card in the States now. By the time you talk to a lender, you may already have 6 months of credit for them to look at.
I have a brother in Singapore who has kept his U.S based credit card just in case. I also had a client from Canada who did just that and was approved.
I have found that it is very difficult to get a lender to consider credit scores outside of the U.S.
If you decide to go that way and find a lender who will, please email me directly and let me know. Having a lender like that to recommend to my out-of-Country clients would be very helpful.
You only need to use is and pay it off.

[remy186]

Good idea to get a credit card before hand. The only problem I see is having an address for the credit card.
What address did your clients use on thiers a relatives?

We thought that when my hubby goes next week to Nc he can open an account with a bank there and get a credit card.

Remy

[Lauren Roberts]

I am not sure what address my clients used but they had lived here in the US five years previously and may have kept that credit card.
My brother who lives in Singapore, used my parents address in Florida. Less than a year later, he bought a home in Vermont so his children would have a US address.
I would suggest your husband talk with a national bank about getting a card since they may be more open to this.

[Listlady]

I spoke to one of my favorite lenders and we are in agreement that you need to bring any documentation with you that would show you have paid rent or payments on time, unless you have been living in some sort of paid housing. The more you can document, the better, stated income programs are still available, and may work for you.

If you are going to be renting, that may be another issue, as most reputable landlords want to see a credit check as well. Once you have established a residence, it should not be as hard to move forward on all the other issues.Best of luck!