Posted on: 07th Aug, 2009 06:56 am
my name is Kevin,i am a new immigrant and just get SSN ,i did not have a credit record yet.but i do have stronger capacity for down payment, as a first home buyer,what kind of mortgage option could i have? thanks!
frankly, kevin, your prospects are low at this time. every lender is going to look for a credit history. in some circumstances, you can provide alternative sources for your credit, but since you're a new immigrant (to the us, i imagine), your only references would be from outside the country. that's a difficult thing to accomplish. your likely best bet is to wait for a minimum of 12 months while you establish work history, rental history, and some other credit; while also obtaining credit reference letters from those in your former home who may have given you credit.
All the lenders look for some credit history and also atleast 2 years of consistant employment history to give a mortgage loan
Since you just got your SSn, your score may not be that great. You woudl be better off waiting for couple fo years
Since you just got your SSn, your score may not be that great. You woudl be better off waiting for couple fo years
