Duncan Roberts

Does anyone know how these work for non US citizens?
Also, what happens if you don'y have your greencard yet?

Manc

I got an FHA loan.

Although I did have my permanent residency when I got one.

1skydive

I was able to get an FHA loan too. I had my greencard at the time but I don't remember anyone actually asking me for the A number at any time during the application either. If you have a SSN you may be ok. Any mortgage brokers out there that can shed any light on this?

dunroving

I've got three FHA's, each while on a H1B (not all at the same time, BTW).

You don't need a Green Card to get an FHA loan. Pretty amazing, really. The US really does seem to help people buy houses, more so than the UK. Still can't figure why they booted MIRAS into touch.

p.s. Did you do a search for FHA? There have been threads on this before.

Yosser

I got a FHA without having my GC.

However, I think my mortgage is going up due to the "escrow", can someone please explain what exactly are they trying to screw out of me now!

dunroving

Escrow is an account in which they hold money to pay property taxes, insurance, etc. All it means is either (a) they miscalculated your yearly expenses, or (b) your property tax and/or home insurance went up.

Not unusual to have a slight increase in mortgage payments b/c they need you to "top up" your escrow account. They also usually give you the opportunity to top it up with a one-off payment rather than increase monthly payments. I'd advise just increasing monthly payments - you pay the same in the end, and postponing any payments allows you to earn interest on the money you still hold in your bank account.

Yosser

Thank You.

(sorry to high jack the thread by the way).

dunroving

Welcome.

No hijack, you weren't far off-topic. Seen much worse hijacking lately. Seems like half of the threads have turned into some version of the "I can be a bigger tosser than you!!!!" thread.

excpomea

On another note about escrow.
I am assuming this is to pay your local city housing tax plus any insurance.

If you are putting more than 10% down, tell them you want to pay your own taxes ect.
You pay all of your other bills so why not these.
The reason I say this is that if you pay your own building tax before the end of the year you get a 6% discount on your tax bill.
This can add up to a nice little earner. For you that is !!! Because you just know that the escrow company will not give you this 6% but pocket it for themselves if you let them pay your bill for you..

1skydive

Is this 6% thing just in your town or perhaps state? We don't get that discount here in sunny NH. The real estate tax and payment terms are usually determined by the town the property is in. Please correct if I am speaking out of my arse!

Yorkieabroad

We don't get the discount here either...but the penalties mount up pretty swiftly if you don't get the payment in by the due date.

Can someone relieve me of my ignorance - what is an FHA loan anyway?

Duncan Roberts

Federal Housing loan that is supposed to help buyers.

excpomea

Isn't it a States wide thing? Mmm maybe not I am in Florida and we have it here.
Anyone else know of a similar program where they live?