First time house buying (& repatriation)

[adlove]

We will be moving back to the states in about 8 months and would like to buy a home when we return. We are actually considering buying one before we return but I just really don't know where to start with logistics and everything.

Basically what I don't want to happen is - we move back and start from square one, getting approved for a loan, beginning the search, etc. and having it take several months. But how easy is it to get a head start when you live in another country? Would it be wise to do some house hunting during a two week period in February, if we don't plan to move back until May?

On top of this, it's our first home so really we are somewhat clueless about what steps to take in general. What should my first move be - find a realtor? Get approval for a loan? Any specific websites or books I can consult?

Thanks!

[Deleted]

redfin.com is a good resource for some areas to start seeing what prices are and what you like and dislike.

Financial things to get in order:
Pull your credit, make sure everything is accurate
get copies of the last 2 years of taxes

I would ask in the area that you are looking if anyone you know has a recommendation for a realtor and get in touch with them.

[Deleted]

Are you familiar with the area? If not, I would recommend that you rent for one year while you get to know the area and what you are really looking for in a house. Will your H be changing companies? The lender will want to see 6 months worth of paystubs so it maybe be advantageous to buy before if that is the case.

[LoveTrains]

We need more info. Where are you looking to move to in the US?

[adlove]

Oct 11, 2012 13:52:26 GMT -5 @missy1 said:

Are you familiar with the area? If not, I would recommend that you rent for one year while you get to know the area and what you are really looking for in a house. Will your H be changing companies? The lender will want to see 6 months worth of paystubs so it maybe be advantageous to buy before if that is the case.

We are. We actually are moving back to where we were before we left. And he will be with the same company so that's good.

Dbsk8- thanks for the advice, it is very helpful!

Another (stupid?) question- when you pull your credit, how long does that info stay relevant?

[adlove]

Oct 11, 2012 14:27:12 GMT -5 LoveTrains said:

We need more info. Where are you looking to move to in the US?

We will be in Houston. We already know which area we'd be looking to live in. I have friends there who just bought a house so I'm sure they can rec a realtor as well.

[dr.girlfriend]

Do you have a local bank? If you are familiar with the area, I would start crusing online listings a month or two ahead of time to get a sense of what's available so you know if something is fabulous or not. Then I'd pull my free credit report, clean up anything that needs cleaning up, and get a pre-approval from my local bank.

[adlove]

We bank with Chase, so I think we'd get a loan elsewhere.

When you get approved for a loan, how long does that approval last? If for instance we were willing to actually buy a house in February, how far in advance would the loan approval need to happen?

[kaylie]

You get pre-approved and those last a set amount of time - ours was good for three months and if we needed that extended they would check our credit again. You can't get approved until you're under contract to buy a specific property. This is because the approval is subject to the appraisal and other factors that are specific to the property.

I don't think buying a house from afar is a good idea at all. The process is stressful enough when you're local. Also, two weeks is not a lot of time to find a house (especially in a non spring or summer month when inventories tend to be lower). If you found one in February, most sellers look for a 30-60 day period between going under contract and closing. As a first time homebuyer you should really be at your home inspection so that you can learn the ins and outs of the property, so that would mean another return trip.

I would use the time in February to find a realtor, maybe visit a few open houses to see what's out there and get a mortgage broker suggestion from the realtor. Get all of your paperwork together and meet the mortgage broker so that when you get back, you're ready to go.

[adlove]

Kaylie- definitely something to think about. I want to have everything in order so that if we do happen to find something while visiting, we can jump on it. We aren't under the mindset that if it's February or never, but I guess I just want to be prepared. Thanks for your advice!

[dawnyp]

I had a very difficult time with my mortgage when I moved back to the US. I bought a condo a month after I moved back. My previous salary was all in pounds. My account in the US showed a large dollar amount transferred in from my UK account and I had to provide massive amounts of paperwork proving where the money came from. As the transaction appeared within 60 days of the mortgage. If the transfer had been at 70 days it wouldn't have been an issue.

I needed to get letters from the leasing agency in the UK to say that I had paid my rent on time even though I had a mortgage in the US that had been paid on time.

There were other issues as well since my salary had been paid in pounds I didn't have enough pay stubs from the US to appease underwriting. I transferred within the company so it wasn't like I had started with a new company.

[adlove]

Oh dawny- that sounds like a nightmare! I'm so grateful because H gets paid a small amount in a local account but the majority goes to our US account so that shouldn't be an issue. Thank god.