A Home Mortgage Question

W

WaitinginQ

Registered Users (C)
Hey Gurus,

I know a lot of guys here must have gone through this before. I applied for a Pre-Approval from an on-line Mortgage company www.eloan.com and they declined it with the reason being we are not permanent residents. I tried to explain her that I am in AOS stage, but she did not agree.

If anyone here has been through this before and then found a solution, please share it with me.

Thanks...
 
The same thing happen to me when I tried to get the mortgage, I mark the permanent residence box and when they asked for it gave them the copy of EAD and 140 receipts and told them INS is taking 2-3 years to issue permanent residence card.
 
I didn't go through eloan. I went through another mortgage company and I too had the same situation. The loan officer was asking for a proof that I had a long term stay authorization. I just showed my EAD and seemed to be Ok. I got the pre approval but still in the process of locking down the rate.
 
home mortgage

I bought a house just after a year after I moved to the US
(bought the house in 1998). At that time I did not even have a
labour certification, I had not yet started my GC process. I put all
documents related to my application - salary, bank balance, position with the company, etc. - the company was Bell Mortgage
and I got a loan quite easily under the FHA clause. Without a
GC, the rule was I had to put in 25% of the downpayment, under the FHA I had to put in only 10%.

Hope this helps.

starbucks
RD 12/11/01
 
starbucks what's FHA clause.I am in teh process of buying a home.Would appreciate if you can share that
 
Lending Tree is also a Pain

I originally tried to go through Lending Tree. However they have a very narrow range of clients that they are looking at. You would seem to have to have well established good credit and be a plain vanilla case. I assume e-loan also are for cookie cutter cases as well.

I finished up just going to a mortgage broker and let them sort it out.

The lack of a GC and most likely short credit history are only a small issue. The loan officers and underwrites have guidelines to handle these cases. Most people should have no problems in the end, just a few more intermediate hurdles to jump.
 
I recently got mortgage approved. The Bank said that if you put more than 5% down , they do not care much about status. I put 15% and jsut gave them I485 Receipt and it worked.
 
I had the same problem too

The lenders are OK if you have an H1 or GC, but if you are in-between (AOS), most of them dont understand.

They said that since 9/11, Fed govt has stringent requirements about how loans are approved and so some lenders are just being extra precautious (and ignorant at the same time)

I chose virtualbank.com and they were OK with AOS.
Some other lenders\brokers also are OK with AOS - yourequityservices.com, american home loans
 
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