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we are Americans, moving back to Scottsdale after 3 years abroad. How difficult will it be to buy?

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We are interested in purchasing a home worth 1.5 MM and are able to put down 20%. 
Our credit history will show no debt but little history. Since we have been out of the country for 3 years.
We can show income of 517K annually.

Any advice on getting a mortgage?
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April 20 - Pinnacle Peak
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Lending guidelines are more stringent. Where before you could go Stated income with any credit score, now you'll need to have an almost perfect score to obtain financing. if you're a cash buyer, then you do not need to worry about this. However, if you do need financing, I would first speak with a local Mortgage Broker and see what type of loan you can qualify for. I know Scottsdale Homes have dropped on average 25% in value, so it will be easier buying a home because they've been reduced but at the same time, the lending guidelines are harder to qualify for.
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May 04
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as far as agents who know the market, try azrob. If he works in that area, he seems the most knowlegable regarding the market and its trends.
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April 27
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be careful what you buy with that 517 a year. While you were gone, we were conned into electing Karl Marx long lost black second cousin, and your income will only be 50k after your "you make too much and need to spread it around tax"

You might only be able to afford a 50k shack in bfe after you calc your new take home pay.
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April 27
Getting a loan will probably not be too tough.

Finding the right house in Scottsdale that isn't going to drop 400k (as pointed out by NTETS) is a different story.

I suggest starting with the right agent -- none better for Scottsdale than Steve. Start there!

Financing is not going to be the difficult part on this one assuming you have good/great credit.

Real Phoenix Living

Good Luck,
Justin
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April 27
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i suggest waiting, there is a good chance you could lose 400k down in the next couple of years... just a thought
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April 20
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888,

With your income your assets should be substantial. You should not have a problem with 25% down. 20% will take more wor, but doable. .... Good luck, Rudi
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April 20
 

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