House buying - mortgage for green card holder?

[elle13 15]

Hello

I moved to the US on a CR-1 (my husband is the USC petitioner) and my current 2-year green card expires in May 2015. We are currently house-hunting and I am arranging to see a loan officer this weekend. I am the sole breadwinner. Is this going to be a problem when the loan officer/underwriters start crunching numbers? My USC husband doesn't work so we will be relying solely on my income when applying for the mortgage. Does anyone else have any real life experience/anecdotes to share? My concern is that the lender will want to see that I at least have a 10 year green card before lending to me.

Thanks!

Edited August 6, 2014 by elle13

[nab-400 16]

Not true, I bough my house and my green card was expired but I had a one year extension, they only need your ssn and driver license. As long you have a good score and enough money than you shouldn't worry, and I was borrower and my wife was only on title.

Good luck on your hunt for a new home it's a bit stressful and make sure you do a good inspection to the house.

[novedsac 355]

All you will need are:

valid SSN / ITIN

verifiable income

credit history

cash-in-hand or other source of downpayment

Your loan will be based on joint income/credit score if you apply together, or just a single income/credit score if there is only one applicant.

The only issue I see you having is if your credit history is not sufficient then you may be paying a higher rate, but since you are relying soley on your income then there is no way around it. Have the bank play with the numbers to see if you get a better deal with your husband on or off of the mortgage.

[elle13 15]

Thank you both above posters! I've only been working for 10 months but have the permanent employment contract to demonstrate the minimum annual income needed to buy the house. I don't earn a crazy amount of money but enough for the price range I'm looking at.

My credit score is currently 730. My husband's is 765 but not sure if they'll consider his if he is not the income earner (we will be borrowing jointly)

Oh and may I ask which banks you got your mortagages from? I've been using the zillow pre qualification website but the banks showing up aren't your mainstream BoA, Chase, Wells Fargo etc

[novedsac 355]

Again, have the lender run the numbers with and without your husband's information.

Even if you secure the mortgage only under your name, you can sign a Quit Claim to add your husband to the deed of the property.

i worked through a mortgage broker before. Look for the best deal you can find. I think I used AmeriPrise Financial back then. Being a mainstream bank is not as comforting as you may think. Having access to group rates, through a work union, professional association, AARP, military, etc. may provide additional benefits and lower rates. Also, most mortgages will most likely be sold to another bank/lender within the first six months. My mortgage has been sold four times in the past ten years. No impact to me other than the minor inconvenience of setting up new autopay details.

[EmigratingSwede 16]

I had real trouble getting a loan because I could not provide W2's for the last two years. If you have not worked in the U.S. for two years (and have gotten two W2 forms) most lenders will not lend you money. It is apparently a requirement that the institutions backing the loans have (Freddie Mac and Fannie Mae http://en.wikipedia.org/wiki/Fannie_Mae ).

I ended up getting a mortgage from a local credit union at a slightly higher rate (+.25%).

[elle13 15]

Thanks everyone for your advice.

I got a pre-approval today!

[nab-400 16]

Congratulations! on your first debt :-) but its better to have a mortgage than paying for rents, in future you can still sell your house and get your money back.

Thanks

[elle13 15]

Thanks I live in Southern California (LA County) - it's notoriously expensive here! Not sure what I can afford with the preapproved amount but here comes the house hunting

[novedsac 355]

Congratulations! on your first debt :-) but its better to have a mortgage than paying for rents, in future you can still sell your house and get your money back.

Thanks

That's not a sure thing nowadays.

Owning a home is not the security blanket is used to be in the 1950s - 1970s.

My primary home lost 40% of it's estimated market value in the real estate crash a few years ago … while I'm not upside-down in my equity, I think it will take many years to come up to a point where I realize a net gain from my original purchase price + capital improvements. Not even considering the maintenance costs, repair costs, taxes and other fees.

After having both rented and owned, I've come to the conclusion that home ownership is overrated - there are much better investment vehicles for capital appreciation. I own my home for other reasons - place for the kids to spread out and live, pursuit of hobbies, etc.

[elle13 15]

Update: we just put in an offer for a house!

[jjbandero 39]

Update: we just put in an offer for a house!

Congratulations! I'm late to this thread, but just wanted to let you know that my husband and I were able to get a loan with me as a PR. The lender's main concern is whether you are in the country legally and whether you will be able to pay the mortgage.