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Mortgage help (residency status)

Mortgage help (residency status)

Old Jan 25th 2011, 8:35 pm
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Default Mortgage help (residency status)

Hey Guys,

Looks like the mortgage i was going to get with Bank of America is not going to happen. They said for a conventional loan, non citizens need:

- 2 years of credit history
- 3 years of time left on visa
- 6 months of reserves to pay the mortgage

We don't meet that criteria - so we thought about the fannie mae/freddie mac path (FHA loan)...

We cant find any specific information for this kind of loan on-line, however it looks like freddie mac can cover this. BUT it would appear that Bank of American use fannie mae and not freddie mac.

I am on L1 and have 1.5 years left on my visa. Company is (still) working on the green card.

Anyone been (recently) able to get a mortgage who is in a similar situation, and if so, which lender did you use?

Thanks!
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Old Jan 25th 2011, 8:49 pm
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Default Re: Mortgage help (residency status)

ours was 2 years ago when we were 1 year into a 3 year visa. They wanted proof of green card so i had to send them the copy of the email that the employer authorized the lawyer to proceed with starting the GC application.

We only had 1 year credit history at that point
we had to put about $20k down but managed to add costs and closing into the deal which we were going to use that money for anyway (if that makes senses) so we showed them the 'reserves' and then used it.
We got our with countrywide but thats been bought by Bank of America. We had to take a hefty perecentage due to the lack of credit score etc. They made us jump through a million hoops at the time too - was very painful and stressful. I can send you the name of the mortgage broker if its any help?
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Old Jan 26th 2011, 1:03 am
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Default Re: Mortgage help (residency status)

Go with a local credit union?
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Old Jan 26th 2011, 1:41 am
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Default Re: Mortgage help (residency status)

Originally Posted by Bob View Post
Go with a local credit union?
Do they have different mortgage rules?
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Old Jan 26th 2011, 1:47 am
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Default Re: Mortgage help (residency status)

Originally Posted by dh010447 View Post
Do they have different mortgage rules?
all banks have their own rules...credit unions tend to be a bit more personal though and willing to help out.
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Old Jan 26th 2011, 1:50 am
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Default Re: Mortgage help (residency status)

Originally Posted by dh010447 View Post
Hey Guys,

Looks like the mortgage i was going to get with Bank of America is not going to happen. They said for a conventional loan, non citizens need:

- 2 years of credit history
- 3 years of time left on visa
- 6 months of reserves to pay the mortgage

We don't meet that criteria - so we thought about the fannie mae/freddie mac path (FHA loan)...

We cant find any specific information for this kind of loan on-line, however it looks like freddie mac can cover this. BUT it would appear that Bank of American use fannie mae and not freddie mac.

I am on L1 and have 1.5 years left on my visa. Company is (still) working on the green card.

Anyone been (recently) able to get a mortgage who is in a similar situation, and if so, which lender did you use?

Thanks!
Done a bit more research and there is nothing in the Fannie Mae / Freddie Mac documentation about any of these requirements - in fact it states that non permanent residents are given the same options as citizens. It looks like that either Bank of America add their own extra requirements or that the underwriter does not really know what he's talking about.

Either way, the house was a foreclosure and someone else has bid on it also. It's unlikely that a FHA loan would close in time so I guess we're out of luck this time...
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Old Jan 26th 2011, 3:02 am
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Default Re: Mortgage help (residency status)

Originally Posted by Bob View Post
all banks have their own rules...credit unions tend to be a bit more personal though and willing to help out.
For conventionial loans, that's typically less of the case post financial meltdown. Most conventional loans end up being sold or guaranteed by one of Fannie/Freddie/FHA, so banks have to follow those rules or risk having to buy back the loan and keep it on their own books. Based on my experience of getting a loan last year, banks are being super cautious in order to avoid that risk.

Last edited by Giantaxe; Jan 26th 2011 at 3:23 am.
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Old Jan 26th 2011, 7:05 am
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Default Re: Mortgage help (residency status)

Originally Posted by dh010447 View Post
It looks like that either Bank of America add their own extra requirements or that the underwriter does not really know what he's talking about.
All lenders have their own specific requirements and the ones that you mention don't seem to me to be particularly surprising or unreasonable.

Your only hope is to try shopping around.
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Old Jan 26th 2011, 11:30 am
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Default Re: Mortgage help (residency status)

We went through a mortgage broker as we didn't have a clue where to start because of our personal situation. Even though we had our accounts with them at the time, we did know we didn't want to go with B of A. (We now bank with a credit union). The lenders wanted every piece of paper under the sun but we got a loan. I think checking with a broker is your best bet.
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Old Jan 26th 2011, 12:23 pm
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Default Re: Mortgage help (residency status)

We have a mortgage with BOA which was obtained whilst we were just on an L1 visa (GC processing now underway but it wasn't at the time that we applied). They got a Landsafe credit report for us (a profile based on UK credit accounts) and we gave them some payslips, copies of visa and contracts from my husband's US job, it was an FHA backed loan.

A credit union sounds like your best route though.
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Old Jul 6th 2011, 10:42 am
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Default Re: Mortgage help (residency status)

Hey guys,

Just thought I would post an update to this. We just moved into our new house last weekend. I was approved for a conventional mortgage with a 20% downpayment with no other requirements. I did have to send over some docs to show I am here legally and that my company intends for me to remain employed with them for the foreseeable future. The entire process was pretty painless.

I can certainly recommend both the mortgage advisor and the realtor that I used so pm me if anyone wants their details. Obviously, the realtor is only useful for you in the Atlanta area but the mortgage advisor could probably service any area in the US.
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Old Jul 6th 2011, 11:33 am
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Default Re: Mortgage help (residency status)

Congratulations on the new home. We're just starting this process and are going down the FHA route because we don't have 20% downpayment. We're also going to look at a foreclosure today so I'm now thinking, shit. Will the FHA approach not be an option do you think. Our mortgage consultant seems to think that we'd get a mortgage no problem, now I'm not so sure. Anyway, good for you, I hope you settle in and enjoy your new home.
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Old Jul 6th 2011, 4:11 pm
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Default Re: Mortgage help (residency status)

Originally Posted by Brat1 View Post
Congratulations on the new home. We're just starting this process and are going down the FHA route because we don't have 20% downpayment. We're also going to look at a foreclosure today so I'm now thinking, shit. Will the FHA approach not be an option do you think. Our mortgage consultant seems to think that we'd get a mortgage no problem, now I'm not so sure. Anyway, good for you, I hope you settle in and enjoy your new home.
It all depends on the local market...where we are, even dead certs for a mortgage is taking 3-6 months to get for people.

What's scary is the fluctuation of the market though.

There's a apartment for sale in the same "compound" as ours, the next building over, for quick sale for $120K because it's been on the market for so long. The apartment next to ours was bought for a "bargain" at the beginning of the year for $200K as it was a foreclosure and had been going for $265K 6 months earlier. We know the folks in the building on the other side of us who can't sell even though they desperately want to, because they bought in the high about 4-5 years ago when the apartments were going for $350-450K and would be wiped out if they tried to sell in the current market.

It seems that waiting in my area just leaves to bigger and bigger savings Though because of that, there's so many people renting out than selling, so it is a lot cheaper to rent than buy.
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Old Jul 7th 2011, 3:02 pm
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Default Re: Mortgage help (residency status)

Originally Posted by Brat1 View Post
Congratulations on the new home. We're just starting this process and are going down the FHA route because we don't have 20% downpayment. We're also going to look at a foreclosure today so I'm now thinking, shit. Will the FHA approach not be an option do you think. Our mortgage consultant seems to think that we'd get a mortgage no problem, now I'm not so sure. Anyway, good for you, I hope you settle in and enjoy your new home.
The problem with FHA's and Foreclosures seems to be that for an FHA approved loan everything about the house has to be right.

We were looking to get an FHA for a Foreclosure but because the basement suffered some seepage our Mortgage Advisor said the FHA would have problems with that and so we had to go for a conventional mortgage
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Old Jul 7th 2011, 5:17 pm
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Default Re: Mortgage help (residency status)

Originally Posted by dave2702 View Post
The problem with FHA's and Foreclosures seems to be that for an FHA approved loan everything about the house has to be right.

We were looking to get an FHA for a Foreclosure but because the basement suffered some seepage our Mortgage Advisor said the FHA would have problems with that and so we had to go for a conventional mortgage
FHA would either say 'no' or make loan conditions. Would the place be 203k eligible?
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