A Home Mortgage Question

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WaitinginQ

Registered Users (C)
A Home Mortgage Question
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...
 
This is ridiculous

I know a lot of people who bought homes when they are in AOS status with no valid visa on their passport. I am sure that the lady did not understand your immigration status. Tell her that you will provide a letter from your attorney validating your legal status.
 
It must be some moron company..I bought my house while my AOS was pending..I even have a friend who bought his house during his first H1...where are u located at? I can give you my mortgage agent's number if u'd like.

Don't worry..There are 1000s of companies willing to give loans to AOS pending ppl..

Madhav
 
Just go to a different company.
Try www.ditech.com or citimortgage. I bought my house on an H1B visa through Citimortgage in 1999 and then got it refinanced by ditech a few months back.
 
It all comes down to your credit rating, and how much they consider you a high risk.

Many lenders have a green card requirement. This is a form of discimination, and prejudice. Those companies assume that if you don't have a green card, you have not been in the US long enough to establish a credit history, and therefor you are a high-risk applicant. Little do they know that some of us have been here for 5 years or more, and have established a considerable credit history.

Its thier loss. Don't give them your time or your hard earned money. Go to another lender who will help you.

But this time before you apply for the mortgage get a copy of your credit history, and your credit rating from Experian or from Equifax. You can do it online. It costs around $40 or so. Lenders cannot legally give you a copy of your credit history, so you need to go get it yourself from the source.

Fax the credit rating to the lender. Show the lender that you have a good credit history, and they will be more inclined to deal with you, even though they may already have incorrect preconceptions about people without green cards. If you have a high credit score, they will quickly forget their "rules" that require you to have a green card.

If they tell you your rating is too low, then do not sign anything that will allows them to pull your credit rating. Every time a company checks your credit rating, your rating goes down. That’s why it’s a good idea to have a copy of it for your self.

You will eventually get a mortgage, based solely on your credit rating/history using this method, and there is no law that requires you to have a green card in order to get a mortgage.
 
Thanks

Thanks for your inputs. Presumably this eloan.com is a big company and ironically they get 85% applications processed from India.


I have an excellent credit score of 775 and she even mentioned that my credit rating is excellent, but the only problem is my green card. I have a stable job and the household income is good, but she preferred to think in a unidirectional mannar, no exceptions.

Anyway, I have spoken to a couple of other companies including Citimortgage. Should hear something in a day or two.

Thanks once again everyone
 
Like everyone has suggested try a diff mortgage company.
I believe there is no clear policy of these companies and the problem is the officer whom you spoke with.
if you can try to start a new dialogue with eloan and talk with a different officer, who knows , he/she won't even ask.

In my case, my 2nd loan was with Washington mutual and the officer (ironically her name was not a typical American name - nirmala) at the time of closing wanted my A# from the closer.
At that time, I had just filed for I-140 & didn't know A#.
she kept on asking the A# to the ignorant closer ( can't blame her) and she refused to speak with me directly.
after abt 30 minutes of stand still, she finally she gave up.

As such, I only know abt 1 financial instituition ingdirect.com who allow to open checking account only if you are a Perm resident.
 
WaitinginQ
Every bank is different. I bought my house while being AOS. I gave the bank a copy of my EAD card as proof of my status. I know of people who have provided copies of H1B paperwork and got their loans processed.

One thing to note, in the mortgate market every bank is different. Every bank has different critria and policies. Some banks will not give loans people who are not citizens. Not having a GC probably means that instead of choosing from 500 banks...you have 200 banks to choose from. My advice is to get a good mortgate broker who understands your needs. If you are still in the market I will PM you my brokers contact information.
 
It happens with eloan and all those crap. I am a license mortgage broker in florida as far as I know there is no problem in getting mortgage on AOS. I invest too much in real estate buying and selling properties on others money is my hobby. See there are more than thousands of lenders in the market some are having very strict requirement of documents to support your earnings and some don't even need a single document. It all depends upon the lender. SOme time they will say if you don't have this document I will raise your rate. All those crap. But If you are trying to get mortgage in Florida I can help you. You can give me a call at 561 - 676 -4534 if you need any sort of help.
 
I got it from ...

I got it from Washington Mutual and Equity from First Citizens. Still i am working on H1. and waiting for I485 approval.
ND: March 2002
FP done in may 2003.

Try some other mortgage. Go and meet them. give the H1 validation approval notice or copy of ead. that should be enought. I know some people ask for Green card. First you should try with your own banker where you have the saving bank account. They may have high rage but get the preapproval from them then you can get it from any were else.
Dont worry lot of peopl in the market to give you mortgage loan.
cheers,
Ravi
 
Thanks

Thanks guys for all your support.

I was quite depressed after this decline. But got new hope now.

I have already spoken to two other agents including Citimortgage. Should have an answer in a couple of days.

Thanks once again...
 
Permanent Resident!

In light of new twist in this discussion, I prefer to delete this risky (perhaps misleading) post from here. I wish I could use that flash-thing from MIB.
 
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That is so stupid.

I even refinanced recently and they didn't even care for any documents. I gave them a copy of my drivers licence which is expiring in May and EAD which is expiring in May. They still approved my loan. Try ZNet financials.
 
Be Careful

Hi Guys,

As a mortgage professional I have to advise you not to take this matter lightly. The third page of the Uniform Residential Mortgage application has the verification section for your legal status and needs to be checked appropriately if you are not a US citizen or permanent resident. There are still plenty of loan programs tailored for foreign nationals that you could take advantage of. Typically those programs have higher rates than conventional programs.

Make sure not to jeopardize your future GC or US citizenship to take advantage of lower rates today (work permit and H1 are not permanent residents even if your broker thinks so) and remember, it’s your signature on that application

Regards

G
 
That is true !

Hi G!

While whatever you said being true, we are making this conversation being legals not illegals . If the application needs the person to check for permanent resident or other legal status, we all in this forum qualify for that. So what kind of threat you see in putting our signature there ? I think you are trying to threaten unnecessarily.
 
When I was shopping for my mortgage, I got pre-approved and everything after talking with the bank loan officer personally. They told me all was fine and there were no potential problems. But when it came to actually applying for the mortgage after I closed, the bank took 1 week (which is a lot if you have a fixed closing date in a rapidly growing housing market) to discover they can only accept either a copy of an unexpired L1, or H1B visa, or a green card... They did not know about AOS, a letter from my lawyer to explain it was also not acceptable, I even had them escalate it to their main office. No dice. "Equal Opportunity Lender" they call themselves, I think not! Well at least they didn't charge me the mortgage application fee...

Other lenders that I contacted after that debacle had no such problem, and luckily were still able to get all the paperwork done before my deadline. And now I am enjoying my new place, paying my mortgage every month. That was one bank that will never see my business again. They almost caused me to lose my purchase contract and my earnest money. One of my neighbours that is selling a very similar property is actually getting a price that is more than I can afford. If I would have lost this deal, I couldn't have afforded to live where I am now.

Get a broker that works with many different lenders and that can submit your prepared application with a whole bunch of them, and he should be able to find you a lender that will give you your mortgage. Sure it means that you'll have to pay the broker a brokerage fee in addition to the lenders underwriting fee, but you get something back for it. At least, if your income, expenses, credit score and history is good enough for it...

If you're here legally in AOS status, and have the income and have built that good credit history to prove that you're a good borrower that can make the payments, you deserve the same loan treatment as people on a temporary H1B or L1 visa, or green cards, or citizens. Anything different I call discrimination.
 
Gabriel - every application asks for validity of stay..so it might be H1,AOS,GC,citizen r whatever...so none of us here hide things..and put GC if we dont have one..

So we put, what we are..if they approve..fine..if not..its their loss...we can go to other competitive lenders..

so whats the point of "being careful and jeopardize your future GC or US citizenship"?..licenses..EADS...even GCs expire someday..so all they need is a valid one at that time..

Madhav
 
I’m not really sure how you guys interpreted my advice as a threat. Let me again reiterate, being legal doesn’t entitle you a permanent resident status even on a mortgage application. The Application asks clearly if you are a citizen or permanent resident. If not you still have plenty of options to choose from, you just have to indicate so appropriately. My remarks where in direct reply to GC_Aspirant_11’s earlier post that you could use your EAD card in place of your GC since the lender doesn’t know any better. Well I guess if the lender doesn’t, you “the applicant” should know the difference.

Rgrds,

G
 
I have to agree with Gabriel69. There is no need to lie on the application. I got a really good rate (4.88% on 30 year fixed) when I applied for my mortgage last year. It is your signature on the form....don't sign anything ever when you know it is not true.
You never know when it may come back to bite you....

Like I said earlier every bank is different and you should really find a good broker who will shop around for you.

Cheers
 
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