Frozen by Mortgage Red Tape
Date: Mon, 03/02/2009 - 14:54
My husband and I are moving in to the US from Canada. We just found a forclosure that we like put an offer in they accepted now we can't get a mortgage. We have a credit score of over 850 and double the amount of funds in our account than what the actual mortgage amount will be. Yet still we have had to jump through hoops and they still have not approved us. What are we to do this is insane. Confused Canuk
Hi Confused Canuk, If you have the funds, it's probably bette
Hi Confused Canuk,
If you have the funds, it's probably better to just buy it outright. That way you will have 100% equity, and it would be a cinch getting a mortgage then, should you still need it. You can also offer a larger down payment (20%) and finance the rest. Apparently, because of the Patriot Act, it is a lot tougher to finance non-citizens, most mortgage companies won't deal with all the hoops.
chrys
where in the us are moving too? I know here in MN we have a yah
where in the us are moving too? I know here in MN we have a yahoo group for canadians living here and are able to network. I know here Well Fargo does a lot of the new mortgages at one branch with a banker that understands the rules for incoming residents.
