Is it safe to buy a house after filing I -485 and receiving EAD - waiting for FP

M

mysven

Registered Users (C)
I wanted to get some suggestions to buy a house after filing for I-485. I have received my EAD/AP on Nov 07/2001. waiting for FP.
NSC, RD 08/28/01, ND 09/28/01. Ohio.
Is it ok to go ahead and buy a house or wait till I get the GC?
Do we get mortgage when we are on H1 visa?
Have you or do you know of someone who has bought a house during the GC proceess?

Thanks
 
No Title

I bought a house even before I started the Green Card processing. Getting mortgage has nothing to do with GC. It has to do with your credit standing. As regards the risk perception (whether GC will go thruogh) that\'s purely upto you.
 
Go right ahead. no problem

I had a house about 1.5 years prior to aplying for 485. No problem with loan.

Kamal
 
In addition to your info, you can buy a House in USA sitting in India if you have Money, No H1bs nor

 
 
h1bs

H1B \'s i am sure will get approved as h1b\'s are at higher salary and have had continuous employment for years .
 
sure, no problem

I bought a house before I-140 was approved. No body asks your visa status. Even if both you and your spouse worked, it would be better to buy a house based on one income instead of 2.
 
Actually, visa status can make a difference...

I couldn\'t believe when I was trying to refinance a couple of months ago that 3 lenders in NJ wouldn\'t even consider borrowers who didn\'t have a green card! No negotiation! If they\'d looked at our credit history, they\'d be begging for our business but they wouldn\'t even consider it. This wasn\'t even an issue when we got the mortgage in the first place in 2000 so I wonder how much of it is the 9/11 effect.
 
I did not face that

I bought a house and also had it refinanced On h1
Never faced a problem...it has more to do with Credit history.
About being declined due to H1 and Not being GC.I heard a few companies have a policy to that effect.
but if you shop around you can get it.
 
Financial aspect

I bought a house in 1997 while on H1. The loan officer did not even ask about my status. It was not a consideration at that time.

I bought my second house about one month ago. I am still on H1. This time, there were quite a few lenders who will not even consider someone who is not a permanent resident. Finally, I had to go through a mortgage broker who arranged for a lender. The bottom line is that there are still lenders out there who will lend you money. Most of the lenders sell their loans to Fannie Mae or Freddie Mac. Their guidelines restrict lenders on some of the loan products for non-residents.

Another point to consider is the financial aspect of making monthly payment. I lost my job at the end of 1999 and had to leave the country and come back on a new H1. The whole process took about five months (thanks to VSC who took 3 months to process my H1). Making house payments without any income did put a little dent in my budget.
 
should not be a problem at this stage.

I specifically asked my mortgage company about the issue, because I didn\'t want it to be a show stopper. They asked of me about my EAD/I-1797 (I don\'t recall which one) - I guess just to fill-up some file with some paper. I am using my builder\'s finance dept. (which is basically Wells Fargo). I think mortgage companies really don\'t need to know about all the immigration laws, so don\'t give them extra info. Just confirm with them that you have a work authorization and do you qualify for their loan. Good luck!
 
nhussain

Wells fargo will not be a problem..my loan is through wells....
infact they have now offered me a loan to by a investment property.
( a second home) though i am on H1..all they ask is for the copy of H1 approval notice.
 
Thw question to ask is how safe is your job in these slow times esp if you don\'t have a GC..

Anybody can buy a house if they are financially secure. If you feel you have a very secure job and GC is imminent go ahead and buy..

KG0013
 
Home purchase while waiting for GC

Hello,

We are in the same boat as you are. We have filed for 485 and have received the receipts. When we contacted the banks for a mortgage, we were asked our citizenship. Since we aren\'t US citizens, we explained our current status and promised to provide the banks with a copy of the 485 receipt notices. The banks didn\'t seem to have any objections to it.

Good luck and hoping that our GC comes through successfully.

Palaniappan Rajaram
 
No Title

I am in the same situation as yours - trying to get a mortgage on EAD , I485 reciept notice.

Could you tell me which bnak did you go with?

Thanks,
 
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