Mortgage and extension letter

[Stark44 2]

e and my wife are looking into getting pre-approved so we can purchase a home in the future.

 

(I have a 2 year green card based on marriage to a USC which I will then removed conditions on to receive a 10 year green card)

 

I was wondering if mortgage loan persons accept the extension letter and expired card, I read that having an I551 stamp in your passport would be suffice though I doubt I can get the stamp if I already have a valid letter proving valid residency.

 

For anyone that works in this industry or has went through this while RoC and had this occur before is the expired green card and 18 months extension letter suffice? 

 

Is there any large banks or credit unions that are good to work with or does it depend on the mortgage loan person? 

 

Additionally, do they review the green card and extension later at the early part of the process at getting pre-approved...that way we know if the mortgage loan person will accept it?

[Thegirl 225]

I had no issues getting a mortgage from BOA with my extension letter and green card.

[cosmonauts 125]

We're currently in the process of refinancing with a credit union. So far they've accepted my GC + extension letter. We got the appraisal and are waiting to hear from them. Nobody brought it up in the pre-approval appointment so they actually assumed I was a citizen on the forms, we asked them to correct this and then they requested LPR proof (I guess we should've brought it up). I can definitely keep you updated on how it goes.

 

I personally dislike BofA for maany reasons lol but it's a personal choice and that's why we went with a credit union this time around (original mortgage is with BofA btw)

[Stark44 2]

9 hours ago, tamaara said:

We're currently in the process of refinancing with a credit union. So far they've accepted my GC + extension letter. We got the appraisal and are waiting to hear from them. Nobody brought it up in the pre-approval appointment so they actually assumed I was a citizen on the forms, we asked them to correct this and then they requested LPR proof (I guess we should've brought it up). I can definitely keep you updated on how it goes.

 

I personally dislike BofA for maany reasons lol but it's a personal choice and that's why we went with a credit union this time around (original mortgage is with BofA btw)

That is good to know, as someone who has never bought a home or had a mortgage at the pre-approval process of obtaining a mortgage do they review your documents then at this early stage. Once pre-approved do you have a set amount of days to then but a home with that pre-approval before you are required to go back and get approved on a different rate?

Edited March 3, 2020 by Stark44

[cosmonauts 125]

9 hours ago, Stark44 said:

That is good to know, as someone who has never bought a home or had a mortgage at the pre-approval process of obtaining a mortgage do they review your documents then at this early stage. Once pre-approved do you have a set amount of days to then but a home with that pre-approval before you are required to go back and get approved on a different rate?

I actually don't have experience with buying a home. My husband had bought ours years before we met so I can only speak of the refinance process.

[Stark44 2]

21 hours ago, Thegirl said:

I had no issues getting a mortgage from BOA with my extension letter and green card.

Do they review the green card and extension later at the early part of the process at getting pre-approved...that way we know if the mortgage loan person will accept it?

 

I guess from an overall shopping point of view did you shop around with any of the other big banks for a rate? 

[Thegirl 225]

2 hours ago, Stark44 said:

Do they review the green card and extension later at the early part of the process at getting pre-approved...that way we know if the mortgage loan person will accept it?

 

I guess from an overall shopping point of view did you shop around with any of the other big banks for a rate? 

There were no issues. Needed it early on but the only time is mattered was that there was a stipulation that I had to close before my extension letter expired. Still got approved. Know that by law you can't be discriminated against because of your conditional green card. There are laws in place.... Well at least in NY. 

That's also important. Different states might have different stipulations.

Edited March 4, 2020 by Thegirl

[Stark44 2]

21 minutes ago, Thegirl said:

There were no issues. Needed it early on but the only time is mattered was that there was a stipulation that I had to close before my extension letter expired. Still got approved. Know that by law you can't be discriminated against because of your conditional green card. There are laws in place.... Well at least in NY. 

That's also important. Different states might have different stipulations.

I see so the normal process is to provide this at the start and they you will get confirmation that they should accept this, did the person you were working with lay out the stipulation at the start of the process too?

I guess as a first time home buyer was BoA the first bank you looked into for a loan or are there any others you would recommend when gathering rates?

[Thegirl 225]

20 minutes ago, Stark44 said:

I see so the normal process is to provide this at the start and they you will get confirmation that they should accept this, did the person you were working with lay out the stipulation at the start of the process too?

I guess as a first time home buyer was BoA the first bank you looked into for a loan or are there any others you would recommend when gathering rates?

The stipulation for closing came at the end it wasn't brought up directly but was listed on my commitment letter from the bank. I checked around online for different rates for a while but went with BOA of a variety of reasons. Certainly shop around. Rates are so unstable you never know.  The bank application had a section that asked if the borrower was a citizen or not... It was never verbally brought up in any way except if you select no you show your proof of status. 

 

 

Edited March 4, 2020 by Thegirl

[Stark44 2]

37 minutes ago, Thegirl said:

The stipulation for closing came at the end it wasn't brought up directly but was listed on my commitment letter from the bank. I checked around online for different rates for a while but went with BOA of a variety of reasons. Certainly shop around. Rates are so unstable you never know.  The bank application had a section that asked if the borrower was a citizen or not... It was never verbally brought up in any way except if you select no you show your proof of status. 

 

 

When you are referring to the application this is at the start of the process at pre-approval right? Additionally, in the situation if getting a mortgage with a spouse who is a USC is their an application or sheet that is completed per person that will be on the mortgage?

Edited March 4, 2020 by Stark44

[Stark44 2]

Edit I researched more into it the above and found my answer, it looks like there is a borrow and co-borrower section.

[Thegirl 225]

Not for the pre approval the form was part of the final mortgage application. Pre-approval is just an estimate of how much you qualify for. Once you find a house the application is specific to the property you want to buy. 

 

Also I don't remember all the specific details. From pre approval to finding a house etc was a long time and my husband deals with these sort of details more closely. 

 

Yes borrower and co-borrower... I am the borrower and my husband was the co-borrower. The USC can be either. That's your choice.