All Forum Posts by: Boyd Hunter

Hi Boyd,

Please ask away,  and do not ever feel as if this is an annoyance.  If it were, I simply would not answer.  I apologize if my reply came off wrong...email or forums do not often do justice to a tongue in cheek reply when one appends remarks with a Northeast NO? in the form of a question.  

So yeah, you could do what you want to do, but probably not purchasing manufactured housing for at least a couple of years, until you filed some tax returns. However, there is always 70% financing as Jonathan J. Miller said. And hard money lending. I know very little about HML, other than rates are higher, but there are plenty of posters on this board you could reach out to.

 2 years is standard to be treated like a US borrower, and mortgage folks who say that are correct.  You want more than correct, however, you want something that is germane and applicable to you. That would be having the right work visa when working for a US based company who pays in USD, then you might shorten that 2 years down to 2 months in the US, or 2 weeks (if income is sufficient).

Good luck, I hope you come into the US with your family and make a go it!

Boyd,

You can get 80% LTV financing as a new arrival with a work visa or a green card, but you must have income...either in receipt of your first paycheck or a contractual letter of employment with salary, start date, and position outlined.

Roy pointed out that if you have a guarantor or a co-signer you may get 80% LTV financing. However, someone in this triangle...either husband or wife or parents, must have verifiable US income, and sufficient income, to boot.

The better way to approach this is to say "Here is my income (or the income of my wife or our parents, minus recurring obligations).  What do I prequalify for?"  You are putting the horse before the cart to ask "I would like to buy this property, how much income do I need?"  Sort of reverse engineering it.

Apparently, manufactured housing is not appropriate collateral...must be a house or a condo or a townhome.

Maybe I missed something.  Why do you say it is apparent that mfg housing isn't appropriate collateral?  Permitted and properly installed mfg housing on land is treated the same as stick built, I've not encounter lender limitations on such housing.

@Boyd Hunter

If your wife is a U.S. Citizen, and you have your green card, once you land in the U.S.A., you should have no problem securing an 80% LTV on a personal residence and would likely be eligible insured mortgage products (up to 95 - 97% LTV) as others indicated.

If you are trying to purchase before you move, does your wife have family who would be able/willing to act as a guarantor on a mortgage?