Q: Hi, I will become a new Legal Resident in the US and will relocate from my home country to Colorado Springs. I do not have credit in the US yet (although I have an excellent credit in my country), but I have my savings that will put at the bank as soon as I get there. Is there a possibility I can get bank approval for house mortgage? My extended family lives in the Colorado Springs area and they are willing to be co-sponsors (until me and my husband can get a job there). Thank you.
?Anonymous, Colorado Springs, CO
A: I have a client who is new to US from Iran. Although he has substantial properties and is a qualified chiropractor in his home country, he is starting over. The banks want to see TWO years of tax returns before they give a loan. And they want to see steady employment. Unless you are planning on buying cash, you may have to wait and get your ?ducks in a row? so to say before you can qualify for a new loan. They are far more strict now, Good Luck!
Rosanne Nitti is a Realtor? with RMN Investments & Realty Services in Laguna Beach, CA.
A: Hello Buyer,
I can absolutely help you. I am a California licensed Real Estate Broker specializing in helping foreign nationals buying in the USA. As such, I have established relationships with quality, trustworthy loan brokers who specialize in funding difficult loans at a reasonable rate.
Very few companies will offer loans to foreign nationals. Once you become a Resident Alien, you will have more options, but not all institutions will loan to resident aliens either. Your biggest challenge with trying to secure a traditional loan will be your lack of credit history and social security number.
You will most likely need to use a special lender like the ones I know and have them get you a loan because they do not require US credit history or US Social Security Number. From what you described I have several lenders who will be able to help you get a mortgage.
Unfortunately this website does not allow me to provide you with any contact information. You can, however, look me up and contact me directly by searching for my name and/or OwnAmericanProperty.
I do not make any money by providing you with this information; I answer these questions to give back to the community and to support my industry. If you decide to contact me, I will provide you with lenders to apply for loans with and a quality Realtor in Colorado to guide you through the buying process.
I hope this information is helpful,
DeniseTheRealtor CA DRE Lic No 01481788
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
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