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Buying a property with a Greencard?

Buying a property with a Greencard?

Old Nov 17th 2019, 7:39 pm
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Default 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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Old Nov 17th 2019, 7:52 pm
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Default Re: Buying a property with a Greencard?

Originally Posted by daveyboy1984 View Post
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
You've been asking various questions regarding buying a property in the US for several years.

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.
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Old Nov 17th 2019, 8:33 pm
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Default 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.
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Old Nov 18th 2019, 3:33 am
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Default 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.
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Old Nov 18th 2019, 5:18 am
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Default 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.

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Old Nov 18th 2019, 12:03 pm
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Default Re: Buying a property with a Greencard?

Originally Posted by tht View Post
You can’t buy a property with a green card.
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.
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Old Nov 18th 2019, 2:05 pm
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Default Re: Buying a property with a Greencard?

Originally Posted by tht View Post
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.

I nearly replied in the same way, yes, of course he's joking, we do need some lightness on the forums at times.
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Old Nov 18th 2019, 2:23 pm
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Default Re: Buying a property with a Greencard?

Are their 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.
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Old Nov 18th 2019, 3:40 pm
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Default Re: Buying a property with a Greencard?

Originally Posted by Olly_ View Post
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.
That's not strictly true.
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.
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Old Nov 18th 2019, 4:47 pm
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Default 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.
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Old Nov 18th 2019, 4:49 pm
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Default Re: Buying a property with a Greencard?

For military, i believe there are 0% down loans available.
Non-military too. USDA Guaranteed.

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.
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Old Nov 18th 2019, 5:13 pm
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Default 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.
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Old Nov 19th 2019, 2:21 am
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Default Re: Buying a property with a Greencard?

Originally Posted by mikelincs View Post
I nearly replied in the same way, yes, of course he's joking, we do need some lightness on the forums at times.
“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...
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Old Nov 19th 2019, 3:53 am
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Default Re: Buying a property with a Greencard?

Originally Posted by Guindalf View Post
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.
For fullness, PMI is down to the lender. Not all lenders require PMI, even on a conventional.
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Old Nov 19th 2019, 9:16 pm
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Default Re: Buying a property with a Greencard?

Originally Posted by tht View Post


“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...
Are you really that pedantic? If he'd said, 'Buying a property with a spouse', would you accuse him of trying to use his spouse as currency?
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