Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

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

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

Old Jul 9th 2011, 3:26 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jan 2011
Location: Milwaukee
Posts: 5
CatArmo is an unknown quantity at this point
Default 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!
CatArmo is offline  
Old Jul 9th 2011, 3:31 pm
  #2  
JAJ
Retired
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,649
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!

Originally Posted by CatArmo View Post
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!!
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%.
JAJ is offline  
Old Jul 9th 2011, 3:47 pm
  #3  
Just Joined
Thread Starter
 
Joined: Jan 2011
Location: Milwaukee
Posts: 5
CatArmo is an unknown quantity at this point
Default 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!
CatArmo is offline  
Old Jul 9th 2011, 4:10 pm
  #4  
 
meauxna's Avatar
 
Joined: Apr 2002
Posts: 35,082
meauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond repute
Default Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!

Originally Posted by CatArmo View Post
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!
This thread 4 lines down from yours discusses mortgages for L-1s.
http://britishexpats.com/forum/showthread.php?t=702320
meauxna is offline  
Old Jul 9th 2011, 4:13 pm
  #5  
Just Joined
Thread Starter
 
Joined: Jan 2011
Location: Milwaukee
Posts: 5
CatArmo is an unknown quantity at this point
Default Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!

Thanks meauxna! I will check out the thread
CatArmo is offline  
Old Jul 9th 2011, 9:23 pm
  #6  
Forum Regular
 
Joined: Jul 2010
Location: Saint Charles, IL
Posts: 34
Nickw_2308 is an unknown quantity at this point
Default 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.
Nickw_2308 is offline  
Old Jul 9th 2011, 11:19 pm
  #7  
BE Enthusiast
 
Joined: Apr 2008
Location: On
Posts: 389
misplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond reputemisplacedheidi has a reputation beyond repute
Default Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!

Originally Posted by Nickw_2308 View Post
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.
Are you on a higher mortgage rate because of the L1 issue do you know?
misplacedheidi is offline  
Old Jul 10th 2011, 1:49 am
  #8  
Forum Regular
 
Joined: Jul 2010
Location: Saint Charles, IL
Posts: 34
Nickw_2308 is an unknown quantity at this point
Default 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.
Nickw_2308 is offline  
Old Aug 23rd 2011, 2:38 am
  #9  
Just Joined
 
Joined: Aug 2011
Posts: 2
dhedhunter is an unknown quantity at this point
Default 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!
dhedhunter is offline  
Old Aug 23rd 2011, 2:49 am
  #10  
Forum Regular
 
Joined: Jul 2010
Location: Saint Charles, IL
Posts: 34
Nickw_2308 is an unknown quantity at this point
Default 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]
Nickw_2308 is offline  
Old Aug 23rd 2011, 2:51 am
  #11  
Just Joined
 
Joined: Aug 2011
Posts: 2
dhedhunter is an unknown quantity at this point
Default Re: Need help/advice - L1 Visa holder trying to obtain mortgage?!

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

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.