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Old 04.08.2012, 21:48
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Buying a US home on mortgage while living here

Has anyone bought a US home (for investment or other reason) while still working here and paying rent here. What was your experience like, was it problematic?
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Old 05.08.2012, 00:48
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Re: Buying a US home on mortgage while living here

We asked about refinancing our US mortgage here in Switzerland with UBS as we were going through buying a house here with them. Wanted the crazy low interest rates but wasn't allowed.

Thats not what you are asking though is it?

I would suggest you try Lendingtree.com or a bank you have a relationship with in the US. Once you put your details in Lendingtree you will get solicited very actively so if you go that path be ready for being hunted down by 3 or 4 mortgage guys/ gals.

Im assuming you are buying to let? I would think the deposit might be higher than usual.

Good luck.
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Old 06.08.2012, 08:18
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Re: Buying a US home on mortgage while living here

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We asked about refinancing our US mortgage here in Switzerland with UBS as we were going through buying a house here with them. Wanted the crazy low interest rates but wasn't allowed.

Thats not what you are asking though is it?

I would suggest you try Lendingtree.com or a bank you have a relationship with in the US. Once you put your details in Lendingtree you will get solicited very actively so if you go that path be ready for being hunted down by 3 or 4 mortgage guys/ gals.

Im assuming you are buying to let? I would think the deposit might be higher than usual.

Good luck.
Yeah my situation is a bit different. I am looking to get a home in the US with a US mortgage. (while still living and working here) So I won't have any W2's to show them and my salary documentation will all be in German. My credit score however is near 800. Still, whenever I talk to banks in the area i am interested in, they don't seem too interested in the business.
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Old 06.08.2012, 10:05
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Re: Buying a US home on mortgage while living here

Does your bank here in Switzerland have a US branch?

While these tend to be separate entities (especially now with all the legal fol-de-rol), banking with the 'same' bank on both sides of the pond can make things easier.

We maintain accounts both here and in the US for just that reason - investments and property purchases in the US go through the US branch.
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Old 06.08.2012, 10:08
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Re: Buying a US home on mortgage while living here

Easy answer.

as a foreign person, or someone living overseas with US citizenship, you have to put about 20-30% down on a conventional loan.

http://homeguides.sfgate.com/convent...ents-9600.html

Good luck, I think buying smart will always be great even in bad economies (to an extent of course).
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Old 06.08.2012, 15:15
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Re: Buying a US home on mortgage while living here

Here is a report on Isaacbrocksociety of someone trying to do this, and apparently stuck in a catch22 situation as the bank and insurance disagree on investment property and the like.

http://isaacbrocksociety.ca/2012/08/...ment-property/

You may also want to be in contact with ACA, as they were a place and advocate to report US banking problems and issues. Seems to me there are several links and pages on their website on this.
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Old 06.08.2012, 16:23
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Re: Buying a US home on mortgage while living here

Try getting a US credit card and charging / paying some things to improve your credit score. I had to do this recently and after only 2 months I had a top credit rating and was pre-approved for a mortgage.

I had trouble getting a "normal" US credit card after being away from the US for several years / lack of credit history, so I went with a low-end one from Capital One w/ a $250 limit. It did the job and got my rating up.

From my experience it was too easy, I really wonder if the US banks have learned their lesson from the financial crisis.
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Old 06.08.2012, 16:30
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Re: Buying a US home on mortgage while living here

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Try getting a US credit card and charging / paying some things to improve your credit score. I had to do this recently and after only 2 months I had a top credit rating and was pre-approved for a mortgage.

I had trouble getting a "normal" US credit card after being away from the US for several years / lack of credit history, so I went with a low-end one from Capital One w/ a $250 limit. It did the job and got my rating up.

From my experience it was too easy, I really wonder if the US banks have learned their lesson from the financial crisis.
My credit score is excellent despite not being in the US. It's actually gone up by about 100 points in the 5 years Ive been overseas. I left with about $1500 in credit card debt and $22k in student loans. Now I am completely debt free and can see that it seems to be for naught
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