Buying a property with a Greencard?
Nov 17th 2019, 6:39 pm
#1
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Joined: Jun 2016
Posts: 29
Buying a property with a Greencard?
I’ve been told that you need two years of US accounts to try and get a mortgage. Is there a standard you need to put as a down payment? I’ve heard people say non US need to put 20% down. That’s a lot - hopefully you can get a mortgage without putting as much down?
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Cheers
Nov 17th 2019, 6:52 pm
#2
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
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Re: Buying a property with a Greencard?
I’ve been told that you need two years of US accounts to try and get a mortgage. Is there a standard you need to put as a down payment? I’ve heard people say non US need to put 20% down. That’s a lot - hopefully you can get a mortgage without putting as much down?
Cheers
Cheers
Since there is no standard as to what a mortgage company will lend you (all circumstances are different) why not approach some companies and find out what their terms are in regard to your own circumstances?
Understand from another posting of yours that your current visas have expired, that you are awaiting your green cards, and that you are self employed. All these details would be taken into consideration by any mortgage company.
Nov 17th 2019, 7:33 pm
#3
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Joined: Feb 2015
Location: New Jersey, USA
Posts: 565
Re: Buying a property with a Greencard?
LPRs are treated no differently to US Citizens when it comes to getting a mortgage. If you have a temporary visa then things will be different.
Nov 18th 2019, 2:33 am
#4
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Joined: Mar 2017
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Re: Buying a property with a Greencard?
You will need a valid visa or GC to gain the mortgage but hopefully your GC will arrive soon (we are waiting in ours as well!).
You don’t need to put 20% down, you can gain a mortgage with as little as 5%. If you do put less then 20% then you will have to pay an insurance (l can’t remember the name of it) but mortgage companies require this monthly payment until you reach the 20% equity (of the original purchase price). The more you put down the less that payment will be.
There is limit to how much you can borrow if you don’t have a 20% deposit and that exact figure varies from location to location but to give you an example, in our corner of NJ you can borrow $726,000 without a 20% deposit. You can borrow more but the interest rate increases at an unbelievable rate and therefore it isn’t advisable.
Your interest rates and the exact amount you can borrow will be worked out when you have a credit check.
You don’t need to put 20% down, you can gain a mortgage with as little as 5%. If you do put less then 20% then you will have to pay an insurance (l can’t remember the name of it) but mortgage companies require this monthly payment until you reach the 20% equity (of the original purchase price). The more you put down the less that payment will be.
There is limit to how much you can borrow if you don’t have a 20% deposit and that exact figure varies from location to location but to give you an example, in our corner of NJ you can borrow $726,000 without a 20% deposit. You can borrow more but the interest rate increases at an unbelievable rate and therefore it isn’t advisable.
Your interest rates and the exact amount you can borrow will be worked out when you have a credit check.
Nov 18th 2019, 4:18 am
#5
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,854
Re: Buying a property with a Greencard?
You can’t buy a property with a green card. You will need US$, either cash on hand or a mortgage or a mix of the 2.
Nov 18th 2019, 11:03 am
#6
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
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Re: Buying a property with a Greencard?
I assume you're simply being facetious here? Of course a GC is not a method of payment.
OP - there are as many options for mortgages as can really be named. You can do as little as 0% down with a USDA loan, 3.5% with FHA, as low as 3% down with a traditional conforming mortgage, or something crazy with a non-conforming mortgage.
Your main issue is your middle mortgage score for both yourself and your spouse - as that will determine your options.
OP - there are as many options for mortgages as can really be named. You can do as little as 0% down with a USDA loan, 3.5% with FHA, as low as 3% down with a traditional conforming mortgage, or something crazy with a non-conforming mortgage.
Your main issue is your middle mortgage score for both yourself and your spouse - as that will determine your options.
Nov 18th 2019, 1:23 pm
#8
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Joined: Jan 2013
Location: Western Australia
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Re: Buying a property with a Greencard?
Are there mortgage brokers in the US that operate the same way as in the UK and Australia? I.E, they search for all mortgage products that suit the buyer's circumstances, and their fee is paid by the institution that the buyer is successful in getting a mortgage from. No fee payable by the buyer if they decide not to approach any of the mortgage providers the broker comes up with, nor if they apply for a mortgage and are refused. They're a handy way of getting the leg work done, especially if your circumstances are not straightforward.
Nov 18th 2019, 2:40 pm
#9
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Buying a property with a Greencard?
The issue is length of US credit history and this applies whether you are a GC holder or a non-immgrant visa holder (L1, H1B etc).
Several of the big banks do "international"mortgages which you can apply for when you have been in the USA for less than 12 months. They will look at your credit amounts and payments from your previous country to justify "giving " you a very good credit score just for the mortgage application. Note, they cannot look at your credit score/history from the UK/EU so they ask for bank statements/salary slips/tax documents/mortgage/car payments etc. You can go this way whether you have a non-immigrant visa or a GC ( which we had 6 months after arrival).
Generally, once you have been in the USA for more than 12 months, then they have more of your US credit to look at and that will be taken into account along with your non-USA credit payments - which can mean a lower score being assessed by the bank since your US credit score is going to be lower.
Nov 18th 2019, 3:47 pm
#10
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Re: Buying a property with a Greencard?
You can put down as little as 3.5% if you're non-military - FHA loan. Need 580 or higher credit score.
For military, i believe there are 0% down loans available.
For military, i believe there are 0% down loans available.
Nov 18th 2019, 3:49 pm
#11
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Buying a property with a Greencard?
For military, i believe there are 0% down loans available.
Just have to be in a rural area, which seems to cover pretty much everything except the central business district of major cities. I think the last figure I saw was 93% of the lower 48 is considered rural by USDA.
Nov 18th 2019, 4:13 pm
#12
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Re: Buying a property with a Greencard?
If you put down less than 20%, you will pay PMI - an insurance premium covering the deficit. When the 20% ratio is achieved, it is up to you to inform the mortgage broker and have it removed.
Watch out for 'Points' too. If you're unsure, get it explained to you before signing anything. As with ever4ything, the more you know, the better.
Watch out for 'Points' too. If you're unsure, get it explained to you before signing anything. As with ever4ything, the more you know, the better.
Nov 19th 2019, 1:21 am
#13
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,854
Re: Buying a property with a Greencard?
it’s not really a joke. The GC (Proof of PR) is as I understand it property of the US government, so you could not use it as consideration, and I think attempting to sell it is a big no no... now had the thread been titled: “Buying a property as a permanent resident” it may have elicited a different answer...
Nov 19th 2019, 2:53 am
#14
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Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Buying a property with a Greencard?
If you put down less than 20%, you will pay PMI - an insurance premium covering the deficit. When the 20% ratio is achieved, it is up to you to inform the mortgage broker and have it removed.
Watch out for 'Points' too. If you're unsure, get it explained to you before signing anything. As with ever4ything, the more you know, the better.
Watch out for 'Points' too. If you're unsure, get it explained to you before signing anything. As with ever4ything, the more you know, the better.
Nov 19th 2019, 8:16 pm
#15
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,103
Re: Buying a property with a Greencard?
“Re: Buying a property with a Greencard?”
it’s not really a joke. The GC (Proof of PR) is as I understand it property of the US government, so you could not use it as consideration, and I think attempting to sell it is a big no no... now had the thread been titled: “Buying a property as a permanent resident” it may have elicited a different answer...