Mortgages and greencards

[rebeccajo 14]

One of my pet peeves with my husband's yet un-approved AOS has been the fact most mortgage lenders say - no greencard no mortgage - using the excuse that FNMA won't allow it.

I've just been digging around in the FNMA (Federal National Mortgage Association) guidelines to see what immigrant category my husband falls into. According to FNMA he's a 'non-permanent resident alien' and it's up to the LENDER, not to FNMA, as to whether or not they will grant him a mortgage.

According to FNMA, each of these cases should be underwritten on their own merit and the alien should have all documentation supporting their claim to their status. Non-immigrant visa holders (including the fiance' visa category) are specifically cited in the Selling Guide as being eligible for a home loan that is purchased by FNMA.

Armed with this new knowledge, I'll be talking to my lender tomorrow.

From the FNMA Selling Guides, Part VII, Section 101, Borrower Eligibility.

Edited December 29, 2006 by rebeccajo

[LaL 418]

we were also told it's up to the lender how to handle my husband's situation. We had a a "lesser" mortgage co who had no problem as long as he is here legally and working, where as MY company won't process us due to lack of gc.

[rebeccajo 14]

Well, my point here is that most lenders will simply say they can't sell the loan, when in fact they can.

I was in the mortgage business for several years and I can tell you the industry is rife with lack of knowledge when it comes to something a bit out of the ordinary. Many mortgage companies will tell you they can't do this or that type of loan, when in fact their investors would be perfectly willing to buy it. It's not necessarily laziness or stupidity - it's just that when something seems out of the norm they 'assume' FNMA won't do it. The opposite is often the case.

[Yodrak 7]

rebeccajo,

You may have taken away their most convenient excuse, but that may not change their final answer. Or you may not like the interest rate you're offered due to the perceived (perhaps real) additional risk of a mortgagee having 'non-permanent' rather than permanent resident status.

My wife was still pending adjustment when we bought our current house. The builder's affiliated mortgage company was willing to write a mortgage with us both on it, but if we wanted the promotional low rate that the builder was unwriting then I had to take out the mortgage on my own.

Yodrak

Well, my point here is that most lenders will simply say they can't sell the loan, when in fact they can.

I was in the mortgage business for several years and I can tell you the industry is rife with lack of knowledge when it comes to something a bit out of the ordinary. Many mortgage companies will tell you they can't do this or that type of loan, when in fact their investors would be perfectly willing to buy it. It's not necessarily laziness or stupidity - it's just that when something seems out of the norm they 'assume' FNMA won't do it. The opposite is often the case.

[rebeccajo 14]

Yodrak -

That's a possibility. But it was actually my loan officer who yesterday mentioned 'digging through' the regs because she knew that in the past she had been able to make loans to persons on B visas and the like.

As far as element of risk on the borrower goes, I believe the lender will go further out in correlation to the loan-to-value on the collateral - their risk being tempered by the investment of the immigrant borrower and his family.

I gotta try!

Becca

rebeccajo,

You may have taken away their most convenient excuse, but that may not change their final answer. Or you may not like the interest rate you're offered due to the perceived (perhaps real) additional risk of a mortgagee having 'non-permanent' rather than permanent resident status.

My wife was still pending adjustment when we bought our current house. The builder's affiliated mortgage company was willing to write a mortgage with us both on it, but if we wanted the promotional low rate that the builder was unwriting then I had to take out the mortgage on my own.

Yodrak

Well, my point here is that most lenders will simply say they can't sell the loan, when in fact they can.

I was in the mortgage business for several years and I can tell you the industry is rife with lack of knowledge when it comes to something a bit out of the ordinary. Many mortgage companies will tell you they can't do this or that type of loan, when in fact their investors would be perfectly willing to buy it. It's not necessarily laziness or stupidity - it's just that when something seems out of the norm they 'assume' FNMA won't do it. The opposite is often the case.

[sjoefl01 1]

We bought a really cool house with no problems through Countrywide. We may have paid a half point more than we could have but they treated Lucero with respect. I had talked to a few companies that wanted to treat our relationship like a broken law.

If you really want the house then you just have to do what it takes to make these folks happy. Even if you push your way past the front desk you will get stopped on the second desk. It's really not worth the fight. Take a half point loss and go with Countrywide. You will have your house and you can always refinance later.

[rebeccajo 14]

They said no.

I'm going to go speak to the Credit Union manager next week. I'm going to take my husband's passport with his visa in it, all of our NOA's, his EAD and the letter I have from Senator Byrd saying there is nothing he can do to move our namecheck along.

It won't do me one damn bit of good but I'm going to show him the face of legal immigration in America and ask him to keep this in mind the next time he votes.

[Ban Hammer 13,599]

They said no.

I'm going to go speak to the Credit Union manager next week. I'm going to take my husband's passport with his visa in it, all of our NOA's, his EAD and the letter I have from Senator Byrd saying there is nothing he can do to move our namecheck along.

It won't do me one damn bit of good but I'm going to show him the face of legal immigration in America and ask him to keep this in mind the next time he votes.

get 'em queen becca

[KarenCee 3]

The company we're possibly going through has said they'll accept Joel's employment (proof of employment and paystub) but his name can't be on the mortgage since he doesn't have PR status yet. So how can they accept his employment but not allow his name to be on the mortgage...that would help him get his credit established here in the US! Not that I'm complaining...his income will allow us to buy our first home...I just don't get their reasoning. Oy Vey!

[rebeccajo 14]

The company we're possibly going through has said they'll accept Joel's employment (proof of employment and paystub) but his name can't be on the mortgage since he doesn't have PR status yet. So how can they accept his employment but not allow his name to be on the mortgage...that would help him get his credit established here in the US!

They will put him on the note, which means he's legally responsible for the payment, but they won't put him on the deed, which means they can foreclose without any immigration messiness.

Edited January 2, 2007 by rebeccajo