Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Hi,

Does anyone have any advice/recommendations as to which bank will lend a home mortgage to L1 visa holders?

Have been working and living in WI for 7 months now and have built up a very reasonable credit score so far and have about 10% to put down... Currently expecting a baby so really want to buy a family home, asap!!

Any help with this would be greatly appreciated :) Thanks!

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Why? On an L1 you could have to leave anytime if your job disappears and then you may well have to sell the house at a loss.
Unless you have some strong repatriation provisions in your contract (eg that your employer will purchase your house at market value) you should normally rent until you have your green card.

And in the meantime, it's usually better to put down 20%.

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Thanks for your reply...

The main reason why is - renting in our area is not ideal. There aren't many family houses for rent and the ones we have found ask you to pay a HUGE amount each month! The other rental options for us are small two bed apartments - there will be four of us by the end of year so will be rather squishy!
We plan to be living here in the US a long time and will apply for a GC. The job is very secure and the company is really good - they wouldn't let us go out of pocket.
We want to settle down and live a 'normal' family life!

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

This thread 4 lines down from yours discusses mortgages for L-1s.
http://britishexpats.com/forum/showthread.php?t=702320

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Thanks meauxna! I will check out the thread :)

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

I'm on an L1, I managed to get a 95% mortgage through Wells Fargo within three months of arriving here. They have a special relocations division which can get around the credit history issues. Only snag is you have to provide a lot of paperwork regarding both your US and UK financial situation.

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Are you on a higher mortgage rate because of the L1 issue do you know?

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

No, actually we got a really good deal, 4% fixed for the full 30 years.

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Hi,
I cant find anything better than 30% for an L1. Just moving to Houston now. Can you give me the contact info of the person at Wells Fargo who did your loan for you?
Thanks!

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

This was who handled mine, it wasn't straight forward and they needed a lot of back up information. I think I mentioned it before, it helped that my Company had a relationship with them. I really don't understand what that meant but it was something WF looked at.

Derek Smith
Mortgage Loan Specialist
Corporate Connection Relocation

Wells Fargo Home Mortgage l 2701 Wells Fargo Way l Minneapolis, MN 55467
MAC X9901-04W
Tel 866-209-4654 x76329 l Fax 866-365-6670

[email protected]

Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!
 

Thanks for the quick reply. Will update on what happens!