johnandmariauk
25-02-2004, 16:45
We are looking to move to Florida on an E2 visa.
How easy will it be to get a mortgage when we buy a house?
If you actually arrive here and then start looking for a residents mortgage, pretty much impossible for the first two years. You dont have a credit rating at all against your spcial security number when you arrive and that is what they check and they are looking for a rating of miniumum 570 for a residents mortgage. And you wont have any accounts yet to show to verify your income. Do what we did and buy a house before arrival as a vacation home using your UK income and a holiday makers mortgage on an international tax payers number rather than a residents mortgage on your new social security numbet. We bought a couple of months before moving out. You can always refinance on a residents mortgage when your credit rating has crawled up here as this will lower both your interest rate and downpayment. For a vacation home, you need to put at least 25% down, more commonly 30%, wheras residents can put 5% down.