Getting a US mortgage while living in Australia?
Hi,I am a US citizen living in Australia. The property prices here are just ridiculous so I and my husband are wishing to buy a property in the US in Alpharetta Georgia area. At present my credit score is in the low 500s due to defaults from seven years ago when I lost my job. I am not currently working at the moment to due my son's disability and having to care for him. My husband (who is an Australian...non resident of the US) is and is making $120000 a year. We are finally in a position to pay off the defaults on my credit report and "start fresh". We have also saved $10,000 deposit. I will live at the property in Alpharetta, GA 100% of the time. My husband will continue to work in Australia (as he is in a permanent position and loves his job). He will be back in the USA 2-3 months at a time. He is not a resident of the US and does not have a SSN. We are having no luck in Australia borrowing for a house in the US because of the US market. So I am wondering if there are any loans that we can apply for in the US to buy a home there? Its really frustrating as we are tired of renting here (we have to pay $1600 per month in rent)...when we can buy a home for that amount each month for a home in the US. Can you help us? Barb by barbar_710_573 from Decatur, Georgia. Feb 1st 2013
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
There are several investors out there with Foreign National programs that may fit the bill for you. It is likely you will need to get your credit issues resolved first, but a lot of it will depend on the investor's criteria. My advice is to seek out a Mortgage Professional that is licensed in GA. You can find a great Loan Originator at The National Association of Mortgage Professionals.. You can find one that serves your area at www.NAMB.org. Use the "Find a Mortgage Professional" tool on the right had side, select your state and click SEARCH. Members adhere to a strict Code of Ethics which benefits the consumer. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
Sorry I forget to put in the amount of the loan we are looking for. We found a house we liked that is $250,000. We are looking for a 30 year loan at 3% or so...and no penalties for extra repayments. Ideally we would like to pay the loan off as soon as we can. Here is a link to a house that we like:http://www.zillow.com/homedetails/3970-Fox-Glen-Dr-Woodstock-GA-30189/51097511_zpid/We think it is really good value and just beautiful. With a mortgage payment of $1600 a month we could still put away in savings over $3000...its just a matter of working out how to GET a loan. I can't access my credit report online either to settle any of the defaults on my credit report as I do not have a US address and Equifax doesn't take Australian Mastercards.....just to show how desperate I am to make get this done....it is my birthday today...and I'm sitting on this computer trying to find companies that will give us a home loan.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Your low credit score and his lack of a SSN and US credit score will be a deal killer.
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
It can be done as a foreign national, but your down payment will be more like 50k-75k with rates in the 4's...if he qualifies with lenders other conditions as well...I don't think your credit would help in this type of loan
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Sorry under the current situation I don't believe you will qualify for a loan.
Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions
Your credit score being in the low 500's is a big challenge but looks like you have other issues but you still might want to get wuth a mortgage professional and see if they can help you and also advise you.
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
I agree with my colleagues
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
To purchase a home in the USA, you need to have income that the US recognizes.. The only income that will be considered is income that is filed on a US tax return and taxes paid on that income to the IRS... your low score, no employment, and a non resident, non owner occupied, non US income borrowers.. this loan is never going to happen... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
Getting a 30 year fixed rate of 3% for your situation is absolutely impossible. That being said you may be able to find a foreign national program that you can use but the rate will be over 4% and down payment percentages will be 25%-30%. Best Of Luck!
Ask our community a question.
Get an answer
Related Questions
