Home Mortage

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aussie_okie

Registered Users (C)
I am a Permanent Resident since 2001 and I applied for a Home Loan (15 year Conventional) a few years ago, no problem. I just paid it off.
Now I want to move and applied for a new home loan. I was turned down for a 15 year conventional loan because the length of the loan is longer than the date on my Permanent Resident Card (6 years). Has any body ever heard of this? My credit is not the issue and I own my home. Is this legal?
 
aussie_okie said:
I was turned down for a 15 year conventional loan because the length of the loan is longer than the date on my Permanent Resident Card (6 years). Has any body ever heard of this? My credit is not the issue and I own my home. Is this legal?
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It might not be illegal, but it's certainly stupid. There are plenty of mortgage brokers around. Find one with a clue as to what "permanent" means.
 
It is legal for the underwriter to turn down a loan when they feel that the risk is high. In this case they are to believe that you should no longer be residing after 6 years.

My recommendation is to prove them that you are here to stay and that you are about to become a citizen (if true) with documentation.

I had several issues in the past with home loans, although the underwriter knew me on the first occasion and passed it (2004), and last year it was really tough for me to get another mortgage (second home). As per the underwriter, they allowed me to get a 80% conventional loan with no residency check as I was putting down 20%. But with all the things happening lately, I wont be surprised to see if they changed the requirements.

I am still waiting to get my green card, so I am still getting f'ed with the property taxes as I am not allowed to homestead my property

Good Luck.
 
I thought under the Fair Housing Act that they cannot discriminate based on this, if my credit history is fine etc, I should be treated like a citizen in this case.
 
aussie_okie said:
I thought under the Fair Housing Act that they cannot discriminate based on this, if my credit history is fine etc, I should be treated like a citizen in this case.
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That is what I told them right after I got denied the loan. They kinda got scared (maybe) as I was being helped much more the day after this happened.

You should get documentation that can prove or infer that you are here to stay. Send them copy for your tax returns for the last 10 years. Any lawyer letter (if any). Anything that can help.
 
aussie_okie said:
I thought under the Fair Housing Act that they cannot discriminate based on this, if my credit history is fine etc, I should be treated like a citizen in this case.
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You should, and if you want to complain to the Justice Department about discrimination just to spite them, by all means. Make sure you get their rejection in writing.

But I'd also search elsewhere for a loan. Problem solved.
 
zamo sez;
My recommendation is to prove them that you are here to stay and that you are about to become a citizen (if true) with documentation.
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Forget that -- its not our job to eductate the caliber of people who sell mortgages. If a firm doesn't want your business, walk down the street.
 
This is hilarious! Do they expect that you will ship your house out of the country when you leave???

I got multiple home mortgages while I was on 1 yr validity H1-Bs and never had an issue. This is a riduculous request from the broker...move on to another one
 
It's not the broker. It is the underwriter. They do follow some federal regulations and they might have changed.
 
There are various anti-discrimination regulations regarding housing, and I am quite certain denying permanent residents a mortgage on the basis of their card expiring is illegal. A letter from a lawyer should fix your problem. But unless they were giving you a very good interest rate, just move on to another lender who isn't as stupid.

Maybe the car dealer shouldn't sell that underwriter a car with a 4-year loan if his driver's license expires in 3 years.
 
I guess the reason for such denials is that the majority of people don't have any clue about green cards, visas and such. (even those who are supposed to ;) )

I am 100% sure that such a stupid reason for a denial is actually illegal and if you want to teach them a lesson you can find a lawyer that would be very happy to make some money on it ;) Otherwise just go to any other mortgage agent.

I’ve got my 30 years mortgage when I was on H1 visa with 1 year expiration.
 
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Find another one, they are clueless. I applied 30 years fixed FHA with 2 yrs conditional GC and it went fine. This was in March 2008
 
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