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Getting a mortage in the USA

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  • 01-02-2008 12:09am
    #1
    seanieclarke
    Closed Accounts Posts: 278 ✭✭


    hi

    im hoping to move to america when im a bit older. just wondering how hard it is in general to get a mortage?

    like would a single person with a decent enough job be able to afford a house worth say $350k and above?

    thanks


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    #2
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    You'll need to be established for a while to build up some sort of credit history. Right now it is a buyers market as people are getting it hard to shift houses. I got an email that explains in layman terms about the current housing market issues and will post up more later.


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    #3
    seanieclarke
    Closed Accounts Posts: 278 ✭✭seanieclarke


    thanks that would be great.


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    #4
    Kernel32
    Registered Users Posts: 640 ✭✭✭Kernel32


    It is a buyers market price wise but it is also going to get more difficult to buy a house to little or no down payment. A lot of the housing problems right now is due to the sub prime market were people were able to buy houses at low interest rates with nothing down. Interest rates go up and foreclosures are happening everywhere.

    It's starting to change big time now and you will need a high credit score and a down payment. 5% used to be enough when we first bought but I think that is going to go higher. Also keep in mind in the US you pay PMI which is a mortgage insurance if you don't put down 20% or more. Basically it's dead money you pay to the mortgage company. Coming over fresh, no credit history equates to bad credit automatically.

    Also, what $350k will buy in one place is very different to another. In the city I live in $350k would buy a 2000+sqft house with a two car garage nicely kitted out and in a nice area of town. Other areas of the country it would get you a 3000+sqft house, in a big city like Boston or NY it wouldn't buy you a studio apartment.


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