Contact Kate - We Want To Buy Our First Home

by Australian Turned Texan
(Austin, TX)

I just moved here from Australia and have married a US Citizen. I have mortgage questions for Ask Kate! With the current housing market, we are very interested in buying our first home that will eventually become an investment property, something I am guessing a lot of people are doing now.
As I am new to the country, I don't have a credit score. My husband's credit is not that good as he fell behind on a lot of bill payments when he graduated college and was unemployed.
What would you suggest for us? He also has some college loans, about $15,000, but we both have enough income now to afford mortgage payments and want to buy soon before the housing prices start to go back up. What steps would you advise for us? Cheers.

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Great Idea! You Want To Buy Your First Home

Dear Australian Turned Texan,

Greetings and Welcome to the US! Here are a few mortgage tips for you and anyone buying a first home.

1- Establish US permanent residency to broaden your opportunity for available loan programs, if you haven't already

2- Build up credit in your name with a few credit cards (pay them off each month)

3- To learn how to improve your husband's credit see how to fix your credit score fast

4- Learn the secrets to how much mortgage you can afford

5- Discover how mortgage preapproval turns home shoppers into preferred home buyers

6- Consider a low down payment program such as a 3% down FHA or a low down 30 year fixed rate mortgage

7- Build cash reserves and reduce debt

Thanks for your questions. I believe this is a great time to become a home owner.

Best wishes and good luck,
Kate

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