Buying a House on an H1B Visa Status
#1
Buying a House on an H1B Visa Status
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
any assistance would be welcome
CCC
#2
Re: Buying a House on an H1B Visa Status
Originally posted by Chopper-Chris
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
I don't think there is a problem with buying a house, I think anyone can a house it will be getting the mortgage if you have little or no credit history. There are lenders out there that will do this for you but expect to pay a slightly higher interest rate.
I just read in the local paper that all the banks are putting up the interest rate because they can't handle the volume of remortgages that are going on at the moment and are trying to stem the flow. Isn't that weird, a bank not wanting your money!
Patrick
#3
Forum Regular
Joined: May 2003
Posts: 52
Re: Buying a House on an H1B Visa Status
Credit is the real issue. However, I can assure you that there is a mortgage out there for everyone. I got a mortgage prior to getting my green card. The problem you have is that if you do not have a stella credit rating you will be forced to pay more in the way of interest rates. The best thing you can do now is hook up with a decent mortgage broker. They will do all the running around in an attempt to find a lender who is willing to take on your risk. You should expect to be asked to put in a downpayment of a least 20% and maybe even more, given your status.
Where are you looking to buy. it makes a difference. In florida for example, the lenders have no problem giving mortgages to non green card holders.
Hhmaker
Where are you looking to buy. it makes a difference. In florida for example, the lenders have no problem giving mortgages to non green card holders.
Hhmaker
Originally posted by Chopper-Chris
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
#4
Just Joined
Joined: Jun 2003
Location: New York
Posts: 7
Re: Buying a House on an H1B Visa Status
Originally posted by Chopper-Chris
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
Help...We're throwing money down the pan in droves by paying astronomical rent, has anyone on an H1B visa got any experience on getting a mortgage on the US? Are you under different terms and conditions to that of any other applicant? shoould I get a green card before applying for a mortgage?
any assistance would be welcome
CCC
Good luck
#5
Re: Buying a House on an H1B Visa Status
Originally posted by Chopper-Chris
Help...We're throwing money down the pan in droves by paying astronomical rent, ....
Help...We're throwing money down the pan in droves by paying astronomical rent, ....
If you bought a $400,000 house and only kept it for two years you'd be paying $1,000 a month in realtors fees alone when you come to sell it, then there are legal fees, and all manner of other "closing costs", that I think typically run to around 3% of the purchase price.
I'm not saying don't buy, but look at the costs of buying and selling if you are only here for a few years.
Last edited by Pulaski; Jun 18th 2003 at 1:04 am.
#6
Just Joined
Joined: May 2003
Posts: 12
Re: Buying a House on an H1B Visa Status
bought my first home through a government-backed FHA loan with only 3% down. now going for my second with a 80-20 loan(which is essentially 100% financing). i'm on an H1B with no green card in sight.
#7
Forum Regular
Joined: Aug 2001
Location: Bletchley, UK
Posts: 216
Anyone interested - check out some stuff on my web-page about buying a house on an H1-B. I'm no expert, mind, just went through it for the same reasons as others - crazy throwing money away on rent.
My web page
My web page
#8
Forum Regular
Joined: Mar 2001
Location: Dallas, TX
Posts: 276
Andy,
Really enjoyed your web-site! I found the section about building the house absolutely fascinating - especially as my wife and I are starting to think really seriously about owning our own home. If you don't mind me asking, how much did the whole project wind up costing you...and how much was mortgage, and how much came from actual savings? And what sort of interest rate did you get having been here about a year (incidentally, that's about how long I've been here)?
Sorry about all the questions!! And btw...good job! The house and land look absolutely killer! Looks like a great place to have a family.
-Harry
Really enjoyed your web-site! I found the section about building the house absolutely fascinating - especially as my wife and I are starting to think really seriously about owning our own home. If you don't mind me asking, how much did the whole project wind up costing you...and how much was mortgage, and how much came from actual savings? And what sort of interest rate did you get having been here about a year (incidentally, that's about how long I've been here)?
Sorry about all the questions!! And btw...good job! The house and land look absolutely killer! Looks like a great place to have a family.
-Harry
#9
Forum Regular
Joined: Aug 2001
Location: Bletchley, UK
Posts: 216
Harry,
I've sent you a PM with the answers to questions asked about costs etc.
Our experience with a good size deposit was that 'being here a year' didn't make a jot of difference on the mortgage rate.
The mortgage, as a secured loan, isn't subject to the same bizarre math as non-secured loan (cars etc.)
Thanks for the comments about the web site, land, house etc.
So, where are you in big D then? We've got a couple of other Brit friends in Plano....
Andy.
I've sent you a PM with the answers to questions asked about costs etc.
Our experience with a good size deposit was that 'being here a year' didn't make a jot of difference on the mortgage rate.
The mortgage, as a secured loan, isn't subject to the same bizarre math as non-secured loan (cars etc.)
Thanks for the comments about the web site, land, house etc.
So, where are you in big D then? We've got a couple of other Brit friends in Plano....
Andy.
#10
Forum Regular
Joined: Mar 2001
Location: Dallas, TX
Posts: 276
Andy,
Thanks for the reply! It's really inspiring that you can do this sort of thing over here without being a millionaire. After living my first 32 years or so in England, I'd gotten really used to thinking "that would be nice, but I'll never be able to afford it" about most houses.
We live in North Dallas, just south of Plano - about 5 miles north of 635.
-Harry
Thanks for the reply! It's really inspiring that you can do this sort of thing over here without being a millionaire. After living my first 32 years or so in England, I'd gotten really used to thinking "that would be nice, but I'll never be able to afford it" about most houses.
We live in North Dallas, just south of Plano - about 5 miles north of 635.
-Harry
#11
Forum Regular
Joined: Aug 2001
Location: Bletchley, UK
Posts: 216
Agree 100%!
I too thought that building your own dream house on an acre of land was... what milionaires do....
What I like (probably) most about this country is that the harder you work and the more you try to get somewhere, the further you get and the more support from everyone that you get.
Contrast that with the 'British' way of 'knocking down' those that try to get somewhere in life and 'rooting' for the underdog.
This certainly isn't a land of milk and honey - but if you are really prepared to work then you CAN achieve great things...
I too thought that building your own dream house on an acre of land was... what milionaires do....
What I like (probably) most about this country is that the harder you work and the more you try to get somewhere, the further you get and the more support from everyone that you get.
Contrast that with the 'British' way of 'knocking down' those that try to get somewhere in life and 'rooting' for the underdog.
This certainly isn't a land of milk and honey - but if you are really prepared to work then you CAN achieve great things...
#12
Re: Buying a House on an H1B Visa Status
[QUOTE] You should expect to be asked to put in a downpayment of a least 20% and maybe even more, given your status. [QUOTE] - not so. I have had 3 FHA mortgages (100% LTV) on an H-1B
#13
Re: Buying a House on an H1B Visa Status
[QUOTE] You should expect to be asked to put in a downpayment of a least 20% and maybe even more, given your status. [QUOTE] - not so. I have had 3 FHA mortgages (100% LTV) on an H-1B