mortgage

[bethany0818]

Is it possible to get a mortgage in Florida, how long does it take to build up a credit rating, and is it possible to get a mortgage in England for a property in Florida.

[blott]

If you put down a 30% deposit, you don't have to prove your income for a Florida mortgage.

It takes about a year or two years or so to get a US credit rating.

You can re-mortgage a house in the UK to purchase a Florida property outright but you'll lose the UK property if you don't keep up the payments on the mortgage.

Most people applying for US visas sell their UK property to raise the equity for a US home purchase and then take out a US mortgage if this isn't enough for an outright purchase. You will not get US resident rates for a mortgage until you have a proper credit rating so will pay 'alien' mortgage rates which are around 1 - 2% more than the US resident rates.

[steph_goodrum]

The other thing is for some reason having a mortgage doesn't build up your credit rating.
I can't quite fathom how a credit card counts but many owners have found when they go to US that even though they may have held and paid regularly mortgages (and associated utilities) in US for several years they still don't have a credit rating and have to put large deposits down for even thing like mobile phones etc.

[Ray9]

There is no magic about a credit rating .. It does not start until you have a Social Security Number.. without that you never will have one ... Non resident house owners will not get one .

[heathercobbett]

Ray, we were allotted ss numbers 6 years ago.I have never used them,but we have them.Maybe it was a mistake?

We remortgaged our house with a British company last year and apart from the hassle of doing the paperwork,it has been fine

[trevlad]

<blockquote id="quote" class="ffs">quote:Originally posted by bethany0818
Is it possible to get a mortgage in Florida, how long does it take to build up a credit rating, and is it possible to get a mortgage in England for a property in Florida.
[/quote]

if the link is ok. best4let.com -does a flori loan. the rate is somewhat loaded. cheapest money but with added risk is a remortgage of your own home, for 'diy' or 'extension' if you know what i mean[msnwink]

there will be others just do a google search or whatever

[blott]

Crumbs, Trev, that's a high interest rate for Florida! It's far cheaper to get one in Florida I would think?

[flyrr100]

As soon as you have a SSN get a credit card. Get a debit card. Get a few store cards. You really don't have to use them, just have them.
You should have at least a checking account at your local US bank. A year should get you a good credit rating.

[bethany0818]

How long does it take to get a SSN number. We have just put out house on the market and we were wondering if we were doing things in the correct order. Sell our home, find a buisness and then apply for E2. It seems scary to sell your home and not even know what business you will buy or if you will get visa's. Are these the right steps too take.............

[esprit]

You dont get a social security number until you first enter the US as a visa holder, not a B visa but residents visas, E, l, H, F etc etc. When you enter the first time after your visa is stamped, you are put into the computer, it takes a while to work into the system, you go to the social sscurity office a couple of weeks later and they should be able to give you a number. When we entered on E2, some dumbo on immigration typed me as E2 and mistyped hubbie as B2 which is a tourist visa. I got a SS number and he didnt, took weeks to sort out.
Heather, unless you have lived in the US permanently as a visa holder, it isnt a social security number you have but an international tax payer no.