How do you buy a house in the U.S. when you have bad credit?

How to buy a house in the United States with bad credit.

Buying a house in the U.S. requires a personal credit history check, which in other countries or regions is subject to local laws and regulations.

Overseas individuals who have worked or studied in China for more than one year can purchase self-occupied commercial housing that meets their actual needs.

A friend (who got a green card) applied for a Macy's credit card, only swiped it once to buy a designer bag, and then forgot to repay it. After that, she was transferred back to China to work, and the incident was forgotten.

Three years ago, she took a fancy to a house in the United States, which was reasonable, and it can be said that the opportunity was very rare, with a low loan interest rate and installments. But because this Macy's credit card has no record of repayment, my friend's credit score is very low! As a result, the bank did not approve the loan and missed an excellent opportunity to get started.

As soon as Americans are born or receive a green card, they must apply for a Social Security Number (SSN) from the federal**, which will follow them for life.

Students need it to check test scores, apply to schools, find a job, receive a salary, and even open a bank account, apply for a loan, rent a house, etc. Just enter your social security number into the inquiry system and you will immediately see all your credit history.

It is much easier for a person with a good credit history, whether it is employment, business, or other things, than someone with a credit stain. Generally, a person's credit history is kept for 7 years, but some important information is kept indefinitely. Therefore, the consequences of dishonesty are very far-reaching.

Credit history will not only affect personal consumption and investment activities, but also seriously affect the development of personal workplace. U.S. employers often use a candidate's credit report as a reference when hiring, especially for important financial and accounting positions. Even a small credit stain on negligence can cost a candidate a great opportunity.

In addition, credit history can even affect marriage and dating. Some Americans who are in a relationship and looking for a partner will also inquire about the other person's credit score. In their opinion, a low credit score is a sign of immaturity, a lack of ability to take care of themselves, and a sign of irresponsibility in life.

Therefore, in the United States, credit is not only an economic indicator, but also a quantification of character and a criterion for judging a person. It's understandable that American society places so much emphasis on personal credit history.

How to buy a house in the United States with bad credit.

Housing mortgage loan refers to the loan that an individual applies to a cooperative institution when he or she buys a property with a house ownership certificate and a housing or commercial house that can be traded in the market, and pays a certain percentage of the down payment by himself, and the rest is mortgaged by the property to be purchased.

1. Information to be provided for mortgage loans:

The original and 3 photocopies of the ID card and household registration of the applicant and the spouse (if the applicant and the spouse do not belong to the same household registration, a certificate of marital relationship shall be attached);

Original purchase agreement;

1 original and 1 copy of the prepayment receipt for 30% or more of the room rate;

Proof of the applicant's family income and proof of relevant assets, including salary slips, individual income tax bills, income certificates issued by the employer, bank deposit certificates, etc.;

1 copy of the developer's receiving account number.

2. Conditions of mortgage loans:

Age between 18 and 65 years old, with full capacity for civil conduct;

Pay the down payment in full;

Have a stable legal income and the ability to repay the loan and interest;

The borrower agrees to use the purchased house and its interests as collateral;

The property rights of the second-hand houses purchased are clear and meet the conditions for entering the real estate listing and trading circulation stipulated by the local government;

The purchased house is not within the scope of the demolition notice;

Other conditions required by the lending bank.

3. The process of mortgage loans:

The lender prepares the relevant materials, fills in the loan application at the bank, and submits the materials;

After receiving the application, the lending bank will confirm and review the information;

After the review, the lending bank contacts the lender and signs the relevant contract;

The bank lends money, and the lender fulfills the repayment obligation.