Tn Visa & Buying Home - Loan Problem

M

muhamm5

Registered Users (C)
Hi Every One,

As I Am On Tn For The Past 3 Years, Rite Now Planning To Buy A Home, But As I Spoke With Different Lenders They Need 20 % Down Payement Reason Is As I Am On Tn Visa And Not A Permanent Resident,

There Are Different Guidlines Of Different Financial Organizations,

If You Tell Me Wats The Best Route As I Dont Want To Pay More Than 5 % Down.
Any Body Knows........?
 
Lenders are free to make whatever rules they wish.

Now, with the mortgage problems, they are more careful.

One piece of advice is to go to a bank that you know, not an on-line mortgage mill.

They will know you, and be more trusting of you.

I bought my first house on TN, my second on H1 and I still don't have green card. But buying a house with less than 20% dowm (which I have never done) is more complicated, so you may need to find a PERSON who deals with you to help you.

But, be assured that the fact that you are on TN does not forbid you from getting a mortgage.
 
muhamm5 said:
Hi Every One,

As I Am On Tn For The Past 3 Years, Rite Now Planning To Buy A Home, But As I Spoke With Different Lenders They Need 20 % Down Payement Reason Is As I Am On Tn Visa And Not A Permanent Resident,

There Are Different Guidlines Of Different Financial Organizations,

If You Tell Me Wats The Best Route As I Dont Want To Pay More Than 5 % Down.
Any Body Knows........?
Click to expand...

You need to go FHA or any financial instutition worth its salt will want 20% down.
With FHA you can put 5% down and get a house. I would suggest finding a mortgage broker in your community that specializes in FHA loans and talk to them. My mortgage is FHA and I have a GREAT rate. THere are a few items you need to be aware of:
1. Not every broker will suggest FHA to you
2. You will have to pay a monthly fee for "Mortgage Insurance" unless the mortgage is 20% of the home value. See there's a great reason to put 20% in you save yourself 1000 and more per year.
3. There is a price cap on homes you can buy under FHA. I think it's 350,000 could be a bit higher.
4. You will likely need to use "secondary credit" to bolster your credit score and worthiness. This would be showing utility (gas/electric) bill payments, rent payments, etc for about a year.

I did exactly what you are doing with the "big banks" and they don't care about a TN'er trying to buy a house. You would have better luck with them if you were a "Snowbird" trying to buy investment, rental or retirement property with Canadian credit rating.
 
Tn Visa And Buying Home

Even they (FHA) know that i am on TN VISA and canadian national still they will lend me the loan on 5%


this is what i am struggling with different banks and loan companies as they want 10 -15- 20 % down cause I am canadian citizen and on VISA
 
As we said, this should not be a problem. If it is, you will need alternate financing to get up to the level they require.

But TN is NOT a bar to getting an FHA loan.
 
I have been on TN-1 since Feb 2004 and purchase a home in 2005 with 5% down. My broker set me up with ABN AMRO Mortgage for my 1st and 2nd.

The biggest issue I encountered was the willingness of the brokers to invest the effort to check my Canadian Credit Scores; however, I did buy at a time when it seemed that the only qualification for a mortgage was a "pulse".
 
muhamm5 said:
this is what i am struggling with different banks and loan companies as they want 10 -15- 20 % down cause I am canadian citizen and on VISA
Click to expand...

It's also worth considering that if even a 10 or 15% down payment is too big a hurdle to jump, you're trying to buy too much house.
 
Check and see if the state you live in has a mortgage financing agency. I currently live in VA and just bought a house using VHDA. They have some great mortgage options especially for first time home buyers.
 
mortgage loan

Hey Sherri thanks for the information. I recently moved to Virginia and I am seeking a new home. I just need to find a mortgage loan so I can settle down. Any other suggestions?
 
Thanks

thanks GUYS

Finally i got the guidlines of this specific co , they processed my loan on 5%

Freddie Mac:

Residency
• All borrowers must have a valid Social Security number
• Borrowers must be a U.S. citizen or permanent resident alien or meet guidelines listed under non-permanent resident alien Section
Non-Permanent Resident Aliens
Permanent and non-permanent resident aliens nationwide now have full access to the same products and offerings available to U.S. citizens, including:
• Mortgages on primary residences
• Mortgages on Investment Properties and Second Homes
• No special restrictions on borrower funds
• No additional documentation requirements
Eligible if the following applies:
• 2 year history in the US for employment, credit and assets
• Must provide one of the following types of VISA:
• H-1, Temporary worker
• L-1, Intra-Company Transferee
• E-1, Treaty Trader or Investor
• G series (G-1, G-2, G-3, G-4) Verification that the applicant does not have diplomatic immunity must be obtained
• I-551 Alien Registration Receipt Card without an expiration date. If the I-551 has an expiration date, an INS Form I751 or non-expired passport is also required
• TN, NAFTA VISA, or TC, NAFTA VISA used by Canadian or Mexican citizens for professional or business purposes.




Lender specific underwriting guideline:

Acceptable Non-Permanent Resident Alien Documents (10/24/2003 11:36:06 AM)
One of the following:
• A copy (front and back) of a valid visa allowing residence in the U.S. for at least 90 days from the date of the loan funding.
• Visa I-94 with classifications E-1, E-2, G-4, H-1, H-2, H-3, L-1, TC-1 and TN. Borrower must not possess diplomatic immunity.
• Notice of Action for Case Type I485-Application to Adjust to Permanent Resident Status. The form must state that the application has been approved.
 
muhamm5 said:
Hi Every One,

As I Am On Tn For The Past 3 Years, Rite Now Planning To Buy A Home, But As I Spoke With Different Lenders They Need 20 % Down Payement Reason Is As I Am On Tn Visa And Not A Permanent Resident,

There Are Different Guidlines Of Different Financial Organizations,

If You Tell Me Wats The Best Route As I Dont Want To Pay More Than 5 % Down.
Any Body Knows........?
Click to expand...

We brought our house while we are on H status 3 years ago and we are still on H. We purchased it with 10% down and arrange the other 10% as an equity line of credit to avoid the mortagage insurance and the rest 80% as convertional 7/1 ARM.

Our lender is Wells Fargo. And we tried Chase and National City bank, all of them had a similar policy at our local (Columbus Ohio) but turns out Wells Fargo has .25 better rate.
 
Thank You so much for this information. Can you recommend to me some good websites from where I can get information about mortgages?
 
You must log in or register to reply here.
Top