Mortgage possible, borrow against house? (credit rating, property, lending, buy)
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Hi,
Recently moved from England to USA. I own a house in England with no mortgage worth approx. $450, 000 - $500,000. Currently renting it out and rent pays our rent here.
We would like to purchase a buy to let property here as the rentals are in big demand and the rental yield is high compared to purchase prices. However we have no credit ratings as yet as we are new to USA, I have citizenship and husband has permanent residency.
Would a USA lender even consider lending to us, given that we own a home in UK? We would need approx. $120,000 and rental income could be $1000/month.We could add a 10% deposit to that amount.
I stopped working in December as having baby soon and husband self employed here in USA, just started about 2 weeks ago. He is in property renovations and keen to buy and do up a house to rent out!
thanks
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