How much more difficult is it for non-citizens and non-GC holders to qualify for a mortgage? Do banks give less favourable interest rates and/or have lower limits on how much they will lend based on this? Any recommendations for mortgage providers for people in this situation? Thanks in advance!
Have a mortgage on h1b - you simply need to have docs to support your status - otherwise rates are the same. Make sure you get a broker who is local it makes a big difference esp for Bay Area house offers. A good broker will break down the rates for you so you can make the most informed decision
Thanks for the suggestion!
Credit score matters the most. I haven't heard anyone being charged more just because of their immigration status. Generally, you can secure 80% loan. On top of that, many banks let you take 10% HELOC at higher rate, leaving down payment to 10%.
Thanks, good point about the credit score. That is a concern for me, unless lenders are willing to use my cdn credit score?
It does not matter whether you are Citizen/GC or H1B. Does not effect 1. Interest rate 2. Down payment 3. Review process
Thank you
Depends on the company. Some companies like SoFi don’t like working with non GC holders. Which is, indirectly, discrimination against those born in China or India - though it isn’t really SoFi’s fault. No other group of people living here and paying taxes has their rights delayed just because of they were born. DACA folks born in Mexico are not told to wait longer than DACA folks born in Guatemala, for example.
Thanks for your reply
I’m currently having trouble because of the same reason. I’m a non-permanent resident and the investor my lender was getting refused for giving a loan to non-perm person. Now, I have to go by another investor from my lender who has almost 0.5% additional rate of interest (15% down, no pmi options only). Also, I have to stick to the same lender as the property is a new construction and I’m getting 7.5k discount on escrow from builder if I go with their lender. End of the day plan is to refinance with another lender who can give a better rate. But this is all hassle anyways just because I’m a non-perm resident.
I’m sorry to hear that. Perhaps the 15% down payment is also playing a factor in this? Anyways I hope things work out in the end!
Where is that goog guy who called me retard???
There’s more to the story now. I have to show 1 year of reserves of monthly payments in my account to get that hiked up interest rate to get 15% down with no pmi option. With other choice, there will be 2 mortgages, first with 80 and other with 5 but here the 2nd mortgage has to be done after I get first. So, in this case I have to present 20% in my account with 6 months of reserves. In both cases, its like to show either 90k or 78k additional in my account apart from downpayment amount. All for non-permanent resident scenario. Luckily, I can show the amount except for I can just pay 15% down only.
Thanks for the update!
Tech Industry
Yesterday
1205
Do you really think Amazon is that bad
India
Yesterday
1837
Slavery has REVERSED! the US is the slave!!! Check out this dude who pays a personal trainer in India
Tech Industry
Yesterday
2310
I paid 250 for a Google Referral and got Scammed
Tech Industry
17h
915
May I coast at Google
Health & Wellness
7h
740
How can I find success dating in NYC
You gotta put at least 25 percent down and the rate will be higher for sure
You mean lower right?
No higher for being non GC holder or citizen