Is it fine to buy property while on a h1 visa? Or would the banks not give a loan because of immigration status? Second question- if you can buy property, can you be a landlord on a h1 visa?
You can get loan on H1B but you are only allowed to make passive income. Being a landlord means that you need spend time to find tenants and do maintenance, which are considered active work. If you want to be landlord on H1B, you must hire property manager to rent out your property.
You totally can. You could even get a 3.5% down FHA loan for first time home buyers. But I would recommend you putting down 5%. It has better interest rates. If you actually have 20% to put down, even better. You can rent out your house or if you want even rent out a room in your house. Both are totally fine since the income that you earn would be passive income.
No, renting out house or room is considered active income since you need to spend time finding tenants and do maintenance work. I consulted with Airbnb and was told H1Bs are not allowed to do that unless you hire a property manager.
Ya, renting out a house has to be done by property manager. According to what I came to know, you can rent out a room through Airbnb as long as you aren’t cleaning it or maintaining it. But who cares. Have a room to rent? just rent it out and collect cleaning fee. USCIS or income tax departments have better things to do than checking if you really did clean it or gave that 20$ cleaning to an actual cleaner.
Yes you can buy properties. And yes you can get a mortgage if you have good credit history and income. Yes you can be a landlord as long as you use a property manager.
USCIS can take this as a reason to believe that you are going to stay after the visa expiration illegally. H1 is a temporary permit to stay.
H1B is dual intent visa. You can tell visa officer loud and clear that you plan to apply for green card and stay in the US forever during the visa stamping interview and still get H1B visa approved.
Yes and yes
Prices will go down further. Not right time to buy now.
There are no issues buying property with H1 visa! When people who are not in US can buy properties there are no issues! Just make sure that you are buying a reasonable one just for your personal safety! Just go for it!
I bought a townhouse 4 years into H1B... I wish I had done it earlier. Wasted a lot of money renting for those first 4 years on H1B.
Bank won't give mortgage with 5% down
Where did op say anything about 5%
Well fuck that. I bought two with just 3% down. They just add the PMI to the principal+interest.