I asked about this topic a while back, but since i got new scores and additional Information, i wanted to ask for your opinion again...
I am currently living in Germany, have been living here for 9 years now, and i will be moving back to the US in July 2018. My old (and closed) Accounts from pre-Germany have fallen off my report, which is why i have a pretty thin file. We would like to purchase our own home as soon as possible after moving to the US, instead of paying rent for the next 1 or 2 years. So let me get to the facts real quick:
1. Mortgage Credit Scores:
My Mortgage Scores from MyFico are, as of Today: 725/731/739
I got approved for two new CC in December, so the Inquiry and the youngest account are keeping my score somewhat lower at the moment. Since i usually do AZEO, PIF and keep it under 8.9%, I expect them to rise a few points again in the next 6ish months.
2. Credit Negatives
Age of oldest Account now: 11 Months. Average Age 4 Months. Youngest Accounts 1 Month.
When i am moving to the US, this will be:
Age of oldest Account: 17 Months. Average Age 11 Months. Youngest Accounts 8 Months.
Also, i have 3 revolving credit lines, no installment loan.
3. Gross Income
I have worked my way up the career ladder the last couple of years, so my income history is:
- Around 55k until 2015
- Around 65k until March of 2018
- Will be 80k+ from April 2018
My wife is currently stay at home mome, but will be back in the 30k pay range from late 2018/early 2019, depending on when she is going back to work.
4. Source of income.
So far from being employed in Germany for the last decade or so (Germany doesnt have W-2s)
Starting from April, i will be FT employed with a fixed monthly salary, through a US Inc.
By the time we are moving to the US, i will be able to provide paystubs for the last 3 months.
5. Monthly debt payments.
Since we are planning on starting our life after the move with paying cash for everything we need: None
6. Employment
Now this is where it might get tricky....
- Type of employment:
- full time, fixed monthly salary.
- How long have you been on the job / How long have you been in the industry/career field.
- See, this is what i am afraid that i might run into problems getting a mortgage.
- I have been working in IT since 1998.
- I worked in different IT Positions between 1998 and 2009.
- From 2009 on, i worked as a System Administrator.
- In 2011, i switched jobs to be Senior System Administrator.
- In 2013, i switched jobs again, to a 2 year contract, to be Senior System Administrator / Project Manager, responsible for planning, building and overseeing/managing the installation of the companys IT Infrastructure and a Data Center in a new office building.
- In 2015, after my contract expired, i became IT Manager for a local Branch of a major logistics Company. My responsibility was mainly managing the IT Department, creating business forecasts, assessing IT hardware, buying/replacing outdated hardware, running budgets, etc...
- My new Job from April 2018 will be Management again. However, this time not Managing the IT-Department, but managing the whole Branch and all US Operations for a US-Corp (which is owned by a german mother company), specialized in Exhibition Services & Booths.
- So basically: I kinda moved up from IT to Management, going from Systems Administration, through IT Management, to eventually General Management. Since IT is a pretty "global" field, all my IT-related jobs were in different Industries. Since i am now moving to a different industry again, but working my way up from IT to General Management: Will this be considered a change of careers? Or rather a "regular" move up the career ladder?
7. Assets/Reserves
Since moving continents is kinda pricey and since we want to pay cash for all everydaz items to avoid making dept right after moving/before applying for a mortgage, our assets are limited. We can bring 15k down payment into the game.
8. Location
Florida, Brevard County.
9. Property Description:
Single Family home.
10. Property Value:
We are looking for something in the 180-200k price range.
Also, we would like to get a fixed rate 15 or 20 year loan, which (according to several mortgage calculators) should keep us roughly in the 1k monthly payment range. We would like to also make additional payments towards the principal, so we would have the mortgage paid off within 10ish years.
11. Occupancy.
Primary Residence
12. Transaction Type.
First time purchase.
I tried to get as much information as possible, even talked to my US Credit Union, but at this point, all they are saying is "Just apply for a prequalification in 3 months and we will see". So what do you guys think?
Yay or Nay?
