HousingFeb 20, 2018
SAPwhereami

Mortgages for non-citizens/non-GC?

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!

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L3 Technologies LatinaSW Feb 20, 2018

You gotta put at least 25 percent down and the rate will be higher for sure

Quantcast Boltpn Feb 20, 2018

You mean lower right?

L3 Technologies LatinaSW Feb 20, 2018

No higher for being non GC holder or citizen

Quantcast Boltpn Feb 20, 2018

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

SAP whereami OP Feb 21, 2018

Thanks for the suggestion!

Amazon service Feb 20, 2018

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%.

SAP whereami OP Feb 21, 2018

Thanks, good point about the credit score. That is a concern for me, unless lenders are willing to use my cdn credit score?

Monsanto 1lxnva Feb 20, 2018

It does not matter whether you are Citizen/GC or H1B. Does not effect 1. Interest rate 2. Down payment 3. Review process

SAP whereami OP Feb 21, 2018

Thank you

Apple Marijuana Feb 20, 2018

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.

SAP whereami OP Feb 21, 2018

Thanks for your reply

Uber (💡) Feb 21, 2018

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.

SAP whereami OP Feb 21, 2018

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!

L3 Technologies LatinaSW Feb 21, 2018

Where is that goog guy who called me retard???

Uber (💡) Feb 26, 2018

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.

SAP whereami OP Mar 19, 2018

Thanks for the update!