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For someone new to country and no credit history, is there any way to get a mortgage?

Profile picture for RaminZ
I have been told that even with a higher down payment (30-40%) you are unlikely to get a mortgage? Is it true that you have no other way but to wait for at least two years to build your credit before you are eligible to get a loan?
Thanks in advance...
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July 12 2009 - Irvine
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Answers (1)

Profile picture for CNN Mortgage
I just saw a loan program for foreign natonals at 65% LTV in the states of PA, NJ, MA, NH, RI, DE, FL, CT, NY.  There are also hard money options in all states at about 50% LTV.  

You might want to check with your local community banks or a mortgage banker that has multiple funding options.  Most lenders will only lend on agency programs (that can be sold to fannie/freddie) to applicants with social security numbers and verifiable US income and credit.
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July 12 2009
 

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