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Do I qualify for a mortgage in the USA?
To qualify for a
mortgage in the USA, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage
Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price, whichever is the lower
Up to 70% of LTV
available for house purchase, remortgage or home improvements.
Based on joint Gross monthly income, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans,
credit card payments and maintenance are taken into account, together with the proposed American mortgage payments. All this must not exceed 38% of your monthly gross income. American lenders may take up
to 70% of any proposed rental income into account with proof of leases
What evidence of income do I need?
If you are employed:
Your last three month's payslips
Your latest P60
and/or Employers Reference
Your last six month's personal bank statements
If you are self-employed:
Your last two year's accounts & two years tax returns
Your last six month's
personal bank statements.
Example mortgage payments for US Dollar mortgage only:
If, for example, your gross joint monthly income is £2,500, 38% of this equates to £950. If your only liability
is your mortgage payment, of say £300 per month, this would leave a balance of £650 for your American mortgage repayment
Example mortgage payments for Sterling & other currency
mortgages:
If, for example, your gross annual income is £100k per annum we will use 5 x £100k, minus any existing mortgage/other existing debts. For example, £100k per annum x 5 = £500k minus existing
mortgage borrowing of £75k & no other existing debts, we could therefore lend £425k, subject to a maximum 70% LTV.
What types of American mortgages are available?
For our latest
rates and to see the different types of American mortgages on offer, please contact us.
Loans are available up to 70% of the property's value.
The maximum term of any mortgage is 30 years, this
varies on the type of loan
Repayment and Interest Only mortgages are available
Mortgages are available in US dollars, Sterling & other currencies – subject to your salary being paid in
that currency.
The minimum loan you can take out is $100,000
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