Buying House in the USA

[Ari2002]

Hi,

I am currently on H1. I am thinking about buying a house. Can I make someone my power of attorney so that if for some reason I get laid off and have to leave the country, they can sell my house, paid off the loan and send me my profit

What are the advantages/disadvantages of such actions? Have anyone bought a house here when solely on H1 status?

I would appreciate any feedback,

Ari

 

[leroythelion]

Re: Re: Buying House in the USA

Originally posted by JoeF

Years back, a friend of mine bought a condo while on H1. His GC application was at the LC stage at that time.
From what I remember, it wasn't easy. Lenders are obviously concerned about the person just leaving the country.
Using power of attorney doesn't help much with that. It would be better to have somebody co-sign the mortgage. Or you may have to pay a higher rate on the mortgage, or have a higher down payment (which I what my friend did, if I remember right).

I got a mortgage with no hassles from Wells Fargo last year while on H1B. I had an approved I-140 at the time and was awaiting my CP interview. The latter had no effect on my application, but they did want to see a copy of my H1B. What is important too is your credit (should be at least two years old) and whether you are a resident alien for tax purposes. There were no other strings attached.

Brian

 

[AGCLover]

As long as you are on H1B most of the banks do not care about your status (as long as you have a good credit history).
There are very few banks who charge you more if you are not GC/citizen and in some cases they do not even give you loan.
good luck,