Permanent residency and home ownership
#1
Just Joined
Thread Starter
Joined: Oct 2007
Posts: 1
Permanent residency and home ownership
My husband moved to the US from the UK about three years ago. Last January we filled out our application to have his conditional resident status switched to permanent resident status. This is being processed in Nebraska. As of today, they are processing similar applications that they recieved six days before ours.
A couple of weeks ago we were pre approved for a mortgage using my husbands income and credit to qualify. Today, our mortgage broker is concerned that her chosen lender may refuse to fund the loan due to the fact that we are still waiting on this final document. We have a contract on a house.
My question is, have any of you purchased a mortgage under similar conditions ? I am feeling really anxious about this and wonder what other folks in similar situations have done. any input would be appreciated.
A couple of weeks ago we were pre approved for a mortgage using my husbands income and credit to qualify. Today, our mortgage broker is concerned that her chosen lender may refuse to fund the loan due to the fact that we are still waiting on this final document. We have a contract on a house.
My question is, have any of you purchased a mortgage under similar conditions ? I am feeling really anxious about this and wonder what other folks in similar situations have done. any input would be appreciated.
#2
Re: Permanent residency and home ownership
Did you get the mortgage with the caveat that he was a GC holder, or did they make the offer on whatever his status was at the time?
My wife got a mortgage while on an H1-B. They told us it was about a 1/2 % higher than it would have been if we had a GC. Never did get around to refinancing that....
My wife got a mortgage while on an H1-B. They told us it was about a 1/2 % higher than it would have been if we had a GC. Never did get around to refinancing that....
#5
Re: Permanent residency and home ownership
My husband moved to the US from the UK about three years ago. Last January we filled out our application to have his conditional resident status switched to permanent resident status. This is being processed in Nebraska. As of today, they are processing similar applications that they recieved six days before ours.
A couple of weeks ago we were pre approved for a mortgage using my husbands income and credit to qualify. Today, our mortgage broker is concerned that her chosen lender may refuse to fund the loan due to the fact that we are still waiting on this final document. We have a contract on a house.
My question is, have any of you purchased a mortgage under similar conditions ? I am feeling really anxious about this and wonder what other folks in similar situations have done. any input would be appreciated.
A couple of weeks ago we were pre approved for a mortgage using my husbands income and credit to qualify. Today, our mortgage broker is concerned that her chosen lender may refuse to fund the loan due to the fact that we are still waiting on this final document. We have a contract on a house.
My question is, have any of you purchased a mortgage under similar conditions ? I am feeling really anxious about this and wonder what other folks in similar situations have done. any input would be appreciated.
Is yours one loan up to 100% or is it a combo loan (2 loans)? If its a combo there could be problems with the second loan as they're in the non conforming market and have stricter immigrant guidelines.
Let me know if you need further help or if there is anything I could do.
Spamming I know, but if you want me too take a look at your loan and get it closed on time let me know.
#6
Re: Permanent residency and home ownership
You need Mister Mortgage Broker to recall this information from the lender if it's gone out.
For their purposes, your husband is a US Legal Permanent Resident. Period.
#7
Re: Permanent residency and home ownership
Unfortunately a preapproval isn't worth the paper its printed on; your broker is right to be worried about funding as many lenders, in light of recent events have really revised their guidelines, especially for foreign nationals...so that is why they put the status as a loan condition... BUT you still should be seen as a perm resident for all good and purposes so there shouldn't be a problem in the first place. I also say that its something else to do with your file.
IMO your broker needs to get on the horn and either find another lender to source the loan or get insight from the underwriter and/or processor as what is going on. In any event, if the loan is to be swapped, make them stick to your GFE if its in favour to you as I would be concerned about the rate(s) they are giving you and if they have changed in the interim etc.
IMO your broker needs to get on the horn and either find another lender to source the loan or get insight from the underwriter and/or processor as what is going on. In any event, if the loan is to be swapped, make them stick to your GFE if its in favour to you as I would be concerned about the rate(s) they are giving you and if they have changed in the interim etc.
#8
Re: Permanent residency and home ownership
Any mortgage professional worth their salt would have known the loan program to put you into avoiding any potential problems.
In this case a 'Flex100' or somthing similar such as 'Home Possible' would have got you through UW without doubt on his immigration status.
I'm still not buying that his status is the real issue. They're just buying time while they look at the real issue which could be something with the appraisal etc.
Is yours 100% financing?
In this case a 'Flex100' or somthing similar such as 'Home Possible' would have got you through UW without doubt on his immigration status.
I'm still not buying that his status is the real issue. They're just buying time while they look at the real issue which could be something with the appraisal etc.
Is yours 100% financing?
#9
Re: Permanent residency and home ownership
In our experience two years ago, the problems were all with credit rating (ours was nil at the time because we'd just come over) and not at all with immigration status (were were on H visas). The thing that would have made a major difference with struggles that we had was money for deposit. If we could have had 20% of the house value, we would have eased our way into a mortgage. But with only 5% we really struggled, though we made it in the end by sheer persistence. So I'd be surprised if you have a problem at all with the question of immigration status; I would not be surprised if you had problems related to credit ratings.
Good luck.
Good luck.
#10
Re: Permanent residency and home ownership
In our experience two years ago, the problems were all with credit rating (ours was nil at the time because we'd just come over) and not at all with immigration status (were were on H visas). The thing that would have made a major difference with struggles that we had was money for deposit. If we could have had 20% of the house value, we would have eased our way into a mortgage. But with only 5% we really struggled, though we made it in the end by sheer persistence. So I'd be surprised if you have a problem at all with the question of immigration status; I would not be surprised if you had problems related to credit ratings.
Good luck.
Good luck.
Did you get one of those no credit rating mortages? Blimey your interest rate must be sky high! Refinance that puppy as soon as you can if true.
Without a credit score of at least 550 (with other stipulations) it would be wasting your time applying for even a sub prime mortgage.
#11
Re: Permanent residency and home ownership
In our experience two years ago, the problems were all with credit rating (ours was nil at the time because we'd just come over) and not at all with immigration status (were were on H visas). The thing that would have made a major difference with struggles that we had was money for deposit. If we could have had 20% of the house value, we would have eased our way into a mortgage. But with only 5% we really struggled, though we made it in the end by sheer persistence. So I'd be surprised if you have a problem at all with the question of immigration status; I would not be surprised if you had problems related to credit ratings.
Good luck.
Good luck.
I suspect the OP has confused MMB by bringing up "conditional" when that has nothing to do with anyone *except* USCIS and MMB doesn't know what it means and has confused Mister Lender.
Is Missus OP on the loan as well?
#12
Re: Permanent residency and home ownership
Eh?
Did you get one of those no credit rating mortages? Blimey your interest rate must be sky high! Refinance that puppy as soon as you can if true.
Without a credit score of at least 550 (with other stipulations) it would be wasting your time applying for even a sub prime mortgage.
Did you get one of those no credit rating mortages? Blimey your interest rate must be sky high! Refinance that puppy as soon as you can if true.
Without a credit score of at least 550 (with other stipulations) it would be wasting your time applying for even a sub prime mortgage.
#13
Re: Permanent residency and home ownership
But the OP has been here 3 years, and he's married to a US citizen. He probaly has a spanky credit score right now unless his USC had a horrible score. My DH arrived here non-existant and was +780 in a year or so.
I suspect the OP has confused MMB by bringing up "conditional" when that has nothing to do with anyone *except* USCIS and MMB doesn't know what it means and has confused Mister Lender.
Is Missus OP on the loan as well?
I suspect the OP has confused MMB by bringing up "conditional" when that has nothing to do with anyone *except* USCIS and MMB doesn't know what it means and has confused Mister Lender.
Is Missus OP on the loan as well?
#14
Re: Permanent residency and home ownership
They're a good get out if you need it.
#15
Russell Beattie
Joined: Oct 2005
Location: Eastlake OHIO (Cleveland)
Posts: 34
Re: Permanent residency and home ownership
I originaally came over on a H1B and bought a house after 1 year. The H1B status was not a problem and I got a good finance rate. I would look to another lender who will guide you better.