Asylum and Mortgage

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Asylum and Mortgage
OK, I realize that this forum is not meant for this kind of discussions, but on the other hand I can't think of other equally versed source of information in asylum related matters. So I'll ask this question anyway: does anybody have experience with getting a mortgage for a house while in the asylum status? Like everybody else in this forum we are still waiting (ND 2002), but want to buy a house now. Few years back we considered that also and discovered that the mortgage company (can't remember the name) required that we should have GC. They told us we could do it regardless, but the interest rate was higher, way higher actually. At that time we didn't do it and didn't ask for a loan elsewhere, but we would like to get into a house now. Does anyone have any experiences wih this stuff? As I understand it it's got to do a lot with credit history, which we have very good, but also with legal status. Any input will be welcome. Thanks.
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I bought a house already in 1999 while I am in Asylum. No problems at all. the main thing is your income that TAX return show you have stable income, second is your score in credit. Nobody look down upon me.
 
I have purchased a condo three months ago.

The bank (or lending company) will want proof of your immigration status. If you're going for any type of FHA mortgage, they will want to see a copy of the EAD (strange, but that's what they want to see).

D.
 
inline said:
Asylum and Mortgage
OK, I realize that this forum is not meant for this kind of discussions, but on the other hand I can't think of other equally versed source of information in asylum related matters. So I'll ask this question anyway: does anybody have experience with getting a mortgage for a house while in the asylum status? Like everybody else in this forum we are still waiting (ND 2002), but want to buy a house now. Few years back we considered that also and discovered that the mortgage company (can't remember the name) required that we should have GC. They told us we could do it regardless, but the interest rate was higher, way higher actually. At that time we didn't do it and didn't ask for a loan elsewhere, but we would like to get into a house now. Does anyone have any experiences wih this stuff? As I understand it it's got to do a lot with credit history, which we have very good, but also with legal status. Any input will be welcome. Thanks.
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Where are you located? I know that in New York city, H1 holders have to pay points, and for asylum costs are higher; which is a way for them to squeeze more money out of you. I am in MA, where these questions dont even get asked. I would suggest going with a national service like quicken loans (not an endorsement--I did not use them) who will just judge you by your credit score and nothing else. You will probably get a lower rate as well.

Good luck

Floyd
 
floyd said:
Where are you located? I know that in New York city, H1 holders have to pay points, and for asylum costs are higher; which is a way for them to squeeze more money out of you. I am in MA, where these questions dont even get asked. I would suggest going with a national service like quicken loans (not an endorsement--I did not use them) who will just judge you by your credit score and nothing else. You will probably get a lower rate as well.

Good luck

Floyd
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most banks consider asylees as LPRs.
 
No problem

The truth of a matter is that while APR continues to rise, and the amount of mortgage applications continue to decrease drastically, mortgage lenders are not that picky any more. I had no problem in New York - asylum was good enough to get "regular" rates with Empire Equity Group. Just shop around.
Good luck.
 
I am asylee and already bought second property. I didn't remember any problems with mortgage companies. My advise to find an experienced mortgage broker. They work with different financial institutions, so they can find you way around. But be careful, the higher APR you get more money make your broker. Some financial instutions offers low rates but get you on closing cost. And don't take any fancy mortgages as interest only, e.t.c. The best is 30 years fixed.

Good luck
 
accountant said:
And don't take any fancy mortgages as interest only, e.t.c. The best is 30 years fixed.
Good luck
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True - one might save some $$ now with 30 years mortgage, but just think for a sec - in 30 years your kids could have their grandkids already and you still would be paying off this freaking mortgage. That's why I recommend 15 years fixed.

Just my opinion, though.
 
all4GreenCard said:
True - one might save some $$ now with 30 years mortgage, but just think for a sec - in 30 years your kids could have their grandkids already and you still would be paying off this freaking mortgage. That's why I recommend 15 years fixed.

Just my opinion, though.
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It depends on personal financial situation. 15 years mortgage has lower APR but higher monthly payments. If borrower will pay adiitional $100-200 monthly to the principal, he or she can paid off mortgage even less than in 15 years. Lower payments give additional security in case of financial hardship.
 
Mortgage

Thanks everyone for their opinion. We want to buy a house in Washington State. I hope there will be no problem.
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accountant said:
It depends on personal financial situation. 15 years mortgage has lower APR but higher monthly payments. If borrower will pay adiitional $100-200 monthly to the principal, he or she can paid off mortgage even less than in 15 years. Lower payments give additional security in case of financial hardship.
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accountant is speaking.... :D
 
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