Mortgage lender advice for a permanent resident

[JaEnglishGirl 34]

I got a mortgage in Dec 2006 to buy or house... it was not easy as I had only been in the US since Feb 2005 and of course had very little credit history.... I do have a very good job and a good income and I think that helped.... The mortgage is in my name as my husband does not Work and we did have to come up with over 20% of the cost as a down payment....

Find a good mortgage brooker and get them to do all the hard work of checking with lenders....

Good Luck

Kez

What about adding him as a user to your credit cards and then he gets to ride on your tail-coats, credit wise until he gets his own credit established? That is what my husband did for me, and within 6 months I was getting all sorts of credit card offers on my own. You could take out a smaller loan together, ie for a car, and then pay it back and again that would help his credit score.

Piggybacking no longer works as of Dec 31st.

Please provide a link or info as to where this information came from......

Kez

There have been references and links to it in more posts than I can count, but:

http://www.kiplinger.com/magazine/archives/2007/11/faq.html

http://articles.moneycentral.msn.com/Banki...reditScore.aspx

http://www.ralphroberts.com/blog/admin/cre...-score-no-more/

Thank God.

Thanks....Unfortunately this will undoubtedly disappoint Kez who seems to traipse after me in threads hoping I'll mess up

[JaEnglishGirl 34]

I haven't been on VJ for a minute! Me and my husband have just been pre-approved for a mortgage with Countrywide and I don't work! I arrived here in May '07 and now I have a better credit score than my husband! When I first arrived I was made an authorized user on 2 of his credit cards and added to his bank account (so now we have a joint one). After a while I opened up a Macys account and I got a Capital One Platinum card. Now I hate the offers I receive everyday! Piggyback riding has worked for me! I don't know why people keep saying that it doesn't work now because when we applied for the mortgage and they sent us the offer and info they attached a copy of our credit reports. All of my husbands cards were on mine and he has a card that he is an authorized user and that is showing up as just his! This was this month so it's still working for us!!!

Once again, AS OF DECEMBER 31ST 2008, PIGGYBACKING NO LONGER WORKS!

You came here BEFORE that date, PRIOR arrangements will STILL count.

Your score was being built up before it was stopped, so therefore this is why it has worked for you.

[rebeccajo 14]

Before or after piggybacking, in most cases the immigrant is going to be the 'co-borrower' on any mortgage loan entered into shortly after the immigration.

Any lender who tells you they can't make a loan to a permanent resident doesn't know the rules or the law. FNMA does not distinguish between permanent residents and citizens for underwriting puposes. Anytime someone tells you that nonsense, tell them to phone their underwriters and have them research underwriting regulations for permanent residents. Watch their eyes glaze over with confusion because they won't expect you to know the 'lingo'. You should end up getting the answer you want.

FNMA does however distinguish between borrowers with limited credit, no credit and good credit. And citizenship has nothing to do with that.

I was the 'borrower' on our mortgage, despite the fact that Wes earns the higher income. But I had the established credit score. It doesn't make diddly-squat difference if the immigrant ends up being the borrower or co-borrower - they will build a credit score of their own regardless. And you'll still be able to get the house.

[*julez* 124]

I haven't been on VJ for a minute! Me and my husband have just been pre-approved for a mortgage with Countrywide and I don't work! I arrived here in May '07 and now I have a better credit score than my husband! When I first arrived I was made an authorized user on 2 of his credit cards and added to his bank account (so now we have a joint one). After a while I opened up a Macys account and I got a Capital One Platinum card. Now I hate the offers I receive everyday! Piggyback riding has worked for me! I don't know why people keep saying that it doesn't work now because when we applied for the mortgage and they sent us the offer and info they attached a copy of our credit reports. All of my husbands cards were on mine and he has a card that he is an authorized user and that is showing up as just his! This was this month so it's still working for us!!!

Once again, AS OF DECEMBER 31ST 2008, PIGGYBACKING NO LONGER WORKS!

You came here BEFORE that date, PRIOR arrangements will STILL count.

Your score was being built up before it was stopped, so therefore this is why it has worked for you.

That date hasn't even occurred yet!

[JaEnglishGirl 34]

I haven't been on VJ for a minute! Me and my husband have just been pre-approved for a mortgage with Countrywide and I don't work! I arrived here in May '07 and now I have a better credit score than my husband! When I first arrived I was made an authorized user on 2 of his credit cards and added to his bank account (so now we have a joint one). After a while I opened up a Macys account and I got a Capital One Platinum card. Now I hate the offers I receive everyday! Piggyback riding has worked for me! I don't know why people keep saying that it doesn't work now because when we applied for the mortgage and they sent us the offer and info they attached a copy of our credit reports. All of my husbands cards were on mine and he has a card that he is an authorized user and that is showing up as just his! This was this month so it's still working for us!!!

Once again, AS OF DECEMBER 31ST 2008, PIGGYBACKING NO LONGER WORKS!

You came here BEFORE that date, PRIOR arrangements will STILL count.

Your score was being built up before it was stopped, so therefore this is why it has worked for you.

That date hasn't even occurred yet!

Gremlins stole my 7 and replaced it with an 8!

[athena_ny 1]

I got a mortgage in Dec 2006 to buy or house... it was not easy as I had only been in the US since Feb 2005 and of course had very little credit history.... I do have a very good job and a good income and I think that helped.... The mortgage is in my name as my husband does not Work and we did have to come up with over 20% of the cost as a down payment....

Find a good mortgage brooker and get them to do all the hard work of checking with lenders....

Good Luck

Kez

What about adding him as a user to your credit cards and then he gets to ride on your tail-coats, credit wise until he gets his own credit established? That is what my husband did for me, and within 6 months I was getting all sorts of credit card offers on my own. You could take out a smaller loan together, ie for a car, and then pay it back and again that would help his credit score.

Piggybacking no longer works as of Dec 31st.

Please provide a link or info as to where this information came from......

Kez

There have been references and links to it in more posts than I can count, but:

http://www.kiplinger.com/magazine/archives/2007/11/faq.html

http://articles.moneycentral.msn.com/Banki...reditScore.aspx

http://www.ralphroberts.com/blog/admin/cre...-score-no-more/

Thank God.

Thanks....Unfortunately this will undoubtedly disappoint Kez who seems to traipse after me in threads hoping I'll mess up

Too bad!

[Nicole72082 0]

Before or after piggybacking, in most cases the immigrant is going to be the 'co-borrower' on any mortgage loan entered into shortly after the immigration.

Any lender who tells you they can't make a loan to a permanent resident doesn't know the rules or the law. FNMA does not distinguish between permanent residents and citizens for underwriting puposes. Anytime someone tells you that nonsense, tell them to phone their underwriters and have them research underwriting regulations for permanent residents. Watch their eyes glaze over with confusion because they won't expect you to know the 'lingo'. You should end up getting the answer you want.

FNMA does however distinguish between borrowers with limited credit, no credit and good credit. And citizenship has nothing to do with that.

I was the 'borrower' on our mortgage, despite the fact that Wes earns the higher income. But I had the established credit score. It doesn't make diddly-squat difference if the immigrant ends up being the borrower or co-borrower - they will build a credit score of their own regardless. And you'll still be able to get the house.

This is kind of the point I'm at right now. I work at a bank, so I've just been dealing with the mortgage lender there. And I just had to make a copy of Dave's permanent resident card, so they could see when it expired. I guess they've dealt with foreigners like twice, and have had some problems, but one guy's card had expired and only had a year's extention. Could you provide me with a place where I could read more about this FNMA not distinguishing between the citizens and permanent residents. Although I'll be trying to search it after i post this lol My mortgage lender was looking at options of only me buying the house, but she mentioned having an ARM loan for 3 years and then refinancing back through them. Which, of course, I want to avoid at all costs. I just don't think this part should matter. But I am going to copy and paste what you said into an email and send it to myself at work, so I can talk to her about it! Thank you!

[rebeccajo 14]

VIII. Declarations

Noncitizen Applicants: If an applicant indicates in his response to Question J that he is not a U.S. citizen, and also indicates in his response to Question K that he is not a permanent resident alien, the lender may wish to ask whether he is a nonpermanent resident alien or otherwise is lawfully present in the United States. Fannie Mae will purchase loans where the borrower is not a U.S. citizen provided that the borrower is lawfully present in the United States. We do not designate specific documentation that is required to establish lawful presence. Lenders should consult their counsel or other sources for information on standard documents that can be used to establish lawful presence. An Individual Tax Identification Number (ITIN) alone does not establish either that the holder is lawfully present or that he is not lawfully present. Fannie Mae does not require that the borrower have a Social Security Number.

https://www.efanniemae.com/sf/formsdocs/forms/1003.jsp

Then this PDF:

https://www.efanniemae.com/lc/ou/pdf/uwnonuscitizens.pdf

Page 9 and beyond.

Edited April 6, 2008 by rebeccajo