I am 22 and from the UK and I would like to move to America, preferably a country state like Tennessee, and was wondering how you get a mortgage. In the UK it is almost impossible to get one unless you're rich with a big deposit of about £25,000! I love big houses with land and those houses are completely unaffordable here.
Patricia
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First off, you don't just decide to move from the UK to the US. If you plan to work here, you need a visa. Otherwise you are here on a short tourist visa.
To purchase property of any type in the US, you generally need to put down a deposit of 5-20 percent of the total value. You also need a steady income to guarantee that you can afford to make the monthly mortgage payments.
We all like big houses with land, but those are expensive. Not many people can afford such luxuries. And remember that a big house comes with big property taxes and big insurance premiums.
Bill
As an immigrant you can buy property if you can show good employment/income, have a decent credit rating 700+ and a down payment equaling 10-20% of selling price. You would also need to show that you had legal status such as a work visa.
?
put down like 10-15% OR you can give them your arm & leg, that works too.