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No credit history - how do I get a mortgage?

I just moved to the US from Germany and I have no credit history in the US. What is the best way for me to get a mortgage with a decent fixed interest rate (what range should I look for)?

I have 20% down and am earn good money.

thanks.
  • July 13 2012 - Staten Island
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Answers (6)

You could contact us and we may be able to help. thank you
  • July 15 2012
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Profile picture for Andrew McDonnell
Hi there if you have a good deposit then get hard money for the balance, or try for owner financing, best of luck
  • July 15 2012
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Profile picture for Kelly Vogel
I work with several Germans and Europeans that come over to support the BMW facilty here in Spartanburg SC, and we find that Bank of America is a good choice for our buyers.  If Bank of America is not available in your area, just ask your local bigger banks there if they have access to International Credit Reports.

Good luck!
  • July 13 2012
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Profile picture for Andrew McDonnell
Hard money loans are typically 7 - 8% which is actually a low rate when you look at the last 40 years, get some pre paid credit cards and you'll have credit around 720 within 2 years.
  • July 13 2012
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Welcome to the US! Credit is a crucial factor in qualifying for a mortgage and in determining your interest rate.  Fortunately, there's several ways to establish credit and increase your FICO score quickly.  First, go to your local bank and apply for a "secured credit card".  Second, apply for an installment loan with a local jewelry shop or furniture store.  Within a few months you should have a decent score. 

  • July 13 2012
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Profile picture for pvhomes
Use an international bank such as HSBC.
  • July 13 2012
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