I can't buy a house???

E

EricNeesGC

Registered Users (C)
Ok. My wife and I have been house shopping for a few months now. We were pre-qualified for a handsome amount of money. We both finally agreed on a house that we both liked. Initaiated the negotiations with the real estate agent and tried to apply for a loan. What I found out was shocking. As far as lenders are concerned, I do not have a status in this country. They believe H1 or a Green Card to be a valid status. Someone like myself and many others who are waiting on their green cards because of FBI's mess are not considered legals. My wife is a US citizen but her income alone is not enough for the amount of loan we would like to get.

I am very upset and dont know what to do. Anyone have an idea? I know this is not the right thread but this is the only thread where I will find most people in my category.

Thanks

Eric
 
EricNeesGC said:
Ok. My wife and I have been house shopping for a few months now. We were pre-qualified for a handsome amount of money. We both finally agreed on a house that we both liked. Initaiated the negotiations with the real estate agent and tried to apply for a loan. What I found out was shocking. As far as lenders are concerned, I do not have a status in this country. They believe H1 or a Green Card to be a valid status. Someone like myself and many others who are waiting on their green cards because of FBI's mess are not considered legals. My wife is a US citizen but her income alone is not enough for the amount of loan we would like to get.

I am very upset and dont know what to do. Anyone have an idea? I know this is not the right thread but this is the only thread where I will find most people in my category.

Thanks

Eric
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Hey Eric,

As far as i know, there are some lenders who dont care what status you are on, its just that you have to pay up some points upfront as finance charges. You may have to talk to different lenders as they always have programs for ppl like us. For now, the monthly payment might be higher, but once you get your GC, you could re-finance again to get on a good plan with a good rate and your house would have appreciated in value by then.

There was a thread somewhere here in the employment forum where someone was discussing something similar. I cant seem to find it now, but ill look again. Ill try to get some information for you as it might help me too.
 
ari4u said:
Hey Eric,

As far as i know, there are some lenders who dont care what status you are on, its just that you have to pay up some points upfront as finance charges. You may have to talk to different lenders as they always have programs for ppl like us. For now, the monthly payment might be higher, but once you get your GC, you could re-finance again to get on a good plan with a good rate and your house would have appreciated in value by then.

There was a thread somewhere here in the employment forum where someone was discussing something similar. I cant seem to find it now, but ill look again. Ill try to get some information for you as it might help me too.
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Thanks. Yes, there is a program called No Doc. I can get a loan under my wife's name without showing any income but the interest rate will be a little higher. However, as far as getting loan under my name is concerned, its a NO for now. Things have changed after 9/11. Every lender I talked to promised that they will research my position and get back to me. If I hear something, I will update you.
 
Okay, I have some news for you.

When you fill out your forms, you should check the Permanent resident check box and include a copy of your I-485 notice with a letter that explains in short that you have applied for your GC and would be getting it anytime. Checking the permanent resident box does not mean you are lying on the form, and thats the reason why you are attaching extra documents to support it.

You can go "No Doc" only if you dont wish to state your income or if you work odd jobs and get paid in cash. In your case i assume that you have 1040 from the last two years if you are employed by someone or 1040 and schedule C if you are self employed. This is all that is needed for the loan and you can go for the "Full Doc" program and get max benefits from your loan (you would be treated like a LPR). If you are turned down by a lender (bad for them), you can always get another one as lenders would be most willing to give you a loan as you are a resident (not permanent yet), but make sure you tell them you have applied for permanent residence and would get approval anytime soon. Most loan processors are aware of clients from the pending AOS category and the ignorant ones are the ones who end up giving you a hard time.
 
I bought on TN

I bought a home this past May and I am on a TN visa. No problem.. I went though ABN Amero mortgage via lending tree.com
 
Van5152 said:
Pay the extra interest at first, refinance when the time is right, in 6 months or so.
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Refinance is an option but like Cherr said it includes closing costs. Plus the interest rates will probably go up by the time I get my green card so my current rate would probably be lower than the one I would get in future.

Well...I talked to a few other lenders and found one who is willing to finance me. The interest rate he is quoting me is a 0.08% higher than the one my credit union is quoting me but again, there is no origination fees. I think I will go with this lender. Hope my bid gets approved.

Tdanley74 Thanks for the reference. If there is a problem I will contact them.

Eric
 
I know a couple of students on F-1 visa who bought a house with a mortgage. I know a couple of illegals who bought a house with a mortgage. No problems whatsoever.
 
Eric, My wife is a Real estate agent and deals with mortgages and re-financing. She confirmed what i wrote earlier after talking to the loan processors at her office and the lenders they deal with. Good Luck!


ari4u said:
Okay, I have some news for you.

When you fill out your forms, you should check the Permanent resident check box and include a copy of your I-485 notice with a letter that explains in short that you have applied for your GC and would be getting it anytime. Checking the permanent resident box does not mean you are lying on the form, and thats the reason why you are attaching extra documents to support it.

You can go "No Doc" only if you dont wish to state your income or if you work odd jobs and get paid in cash. In your case i assume that you have 1040 from the last two years if you are employed by someone or 1040 and schedule C if you are self employed. This is all that is needed for the loan and you can go for the "Full Doc" program and get max benefits from your loan (you would be treated like a LPR). If you are turned down by a lender (bad for them), you can always get another one as lenders would be most willing to give you a loan as you are a resident (not permanent yet), but make sure you tell them you have applied for permanent residence and would get approval anytime soon. Most loan processors are aware of clients from the pending AOS category and the ignorant ones are the ones who end up giving you a hard time.
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When you Refinance you pay no cash, it is rolled back into the loan. Most people starting out when buying a home do this.
 
ari4u said:
Eric, My wife is a Real estate agent and deals with mortgages and re-financing. She confirmed what i wrote earlier after talking to the loan processors at her office and the lenders they deal with. Good Luck!
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Thanks ari4u. If all fails, I will go this avenue. For now, my credit union has assured me a loan through them at 5.625% for first lien and 7% for the second lien if I pay 10% down. No one has beat this rate yet. I also called the USCIS customer service and asked them. They said that I can get a mortgage and if lenders have a problem, they can call the customer service to confirm my status. I think all is well and good. Hopefully, I will hear from the seller today or tomorrow.

Thanks for all the advice
 
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