Chopper-Chris

OK folks, I'm taking the plunge...

We've found a nice area and believe that we can afford to buy a place, but...

Being on an H1B visa (which expires in 2008), I'm concerned that no lenders will look at us due to the risk of us leaving the country in 3 years or less...(the chances are very good that the H1B will become a Green Card within the next 2 years but I have nothing on paper to prove that)

so...any experiences? Recommendations for good lenders...or warnings of lenders or situations to avoid?

any information/advice gladly taken

Chop

neil

I'm on an L1 with just over 2 years left and am just going through the process. Even though I just got married to a USC my status is still the L1. The brokers I spoke to said no problem to that status. I eventually went with my bank (Wachovia) because they had the best deal for us, and everything's going smoothly so far (waiting for the final commitment based on appraisal). I know it helped a bit that I had 20% to put down but I really don't think there should be a problem.

Chopper-Chris

Thanks...was the mortgage in both names or just yours?

I think the fact that your wife is a USC would probably make a big difference no?

Elvira

I think you need to find a mortgage broker who is willing to go the extra mile for you and not just go by the book.

The standing of the company you work for and your employment contract could also help (or not...). Is there any chance of getting a letter from your employer stating that they will, or at least are likely to, sponsor you for a green card? Also, universities are known to employ lots of H1bs, so brokers in university towns may be more clued up.

We initially got a university-sponsored mortgage, but would have been able to get one through a broker, albeit at a less favourable rate. However, I'm not sure how we would have fared if my husband hadn't had tenure.

I would get some recommendations from friends and colleagues and interview a number of brokers.

neil

It is in both our names but I am the primary borrower as my income is quite a bit higher (she would not be able to afford it on her own). They were only interested in proof that I was in the country legally. I spoke to one broker and was told there was not a problem and that was before I even mentioned my wife.

mandpete

We are here on L1/L2 visas which were originally issued for 3 years. We managed to secure a mortgage with Bank of America (Fleet at the time) 5 months after arriving. I didn't have a SSN at the time so only hubby's name is on the mortgage but the good thing is the house is in joint names. It was never an issue as to how long we were staying in the US.

ladyofthelake

My husband (an H1-B) got his mortgage within 3 months of moving here, I'm not on it as I have no ssn, but have joint ownership of the house. I don't recall the length of time we intend to stay here ever came up in the conversation.
If you just upped and left the country without repaying, they would just seize the house and your deposit with it. Can't really take it with you can you?

krizzy

We got a mortgage in a few weeks on an H1B.......I'm now told by the same bank that really we should not of got it........so I have no idea if they just make up the rules as they go along.........

dunroving

Fleet, Wells Fargo, Washington Mutual have all given me FHA loans (v. low down-payment) on an H1B. Never was a problem.