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Buying a house -I 485 Processing

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  • Buying a house -I 485 Processing

    We are going through our AOS process currently. We are also looking to buy a house. I ahve heard from various sources that you should have a green card to qualify for a 0 down loan. I would like to know in what stage of your green card can u qualify for such a loan.
    i.e should you have ur GC in hand, can you qualify with a EAD card or if you are just in process of 485 or should u have your passport stamped
    Any advice is appreciated!

  • #2
    Friend,
    Getting a loan and buying a house has nothing to do with GC. All you need is a good credit history and 2 years income tax returns. Approving a loan and down payment is up to the mortgage broker. Now, student loan is a different story, you need a GC because the Federal Govt subsidizes it and they don't want you skipping out. FYI, I bought a house last year when I was on H-1B, now I'm in AOS. Good luck.
    jsram.

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    • #3
      Thanks for your reply, That helps!

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      • #4
        Hi,

        I also bought a house while on a H1, but that was nearly 2 years ago. They loaded the interest rate by a whole point because I was a non resident. Adds up to a lot of cash over 30 years. I just refinanced and did not have any problems even though I am still on the H1. I'm guessing cos I had already demonstrated that I could/would make the payments.

        Be sure to stress that you are a non-resident going in as they will find out eventually and it could mess up your whole escrow process. You might as well get it out in the open and get on with finding the right loan.

        Good luck.

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        • #5
          Real estate agents and mortgage brokers go by a housing law which says no discrimination. Being resident or non-resident does not matter and nobody cares. Nobody even asks. I think you were screwed over. The key is to find a good mortgage broker, someone who does'nt load all kinds of fees and someone you are comfortable with. I got a good interest rate two times without escrows even when the housing market was at its peak.
          jsram.

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          • #6
            Buying a house -I 485 Processing

            Yes, someone screwed you. Lender just wants to know your ability to pay loan. They do ask you if you have GC. But mere filing for GC or initiating the GC process is an indication that you are not going to leave the country and the lender does not go into selling the house on auction becasue of non-payment.

            You should definitely get good rates irresepective of your visa status. You can buy a house the day you arrive on H1-B. But all you need is GOOD credit hisory which most of us take time to build. Bottom line - lender is concerned about his money and not your INS status.

            Go ahead, negotiate hard with lenders, buy a house and be part of American dream.

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            • #7
              About buying a house if you don't have a green card

              I personally know people who can't buy a house even if they have 40% downpayment, just because they don't have a legal social security, while is true the lenders don't ask your Green Card, they definetly want you social security. what can this people do about it if they can't even have a bank account. please help, this person wants to buy a house.thanks for any help

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