Mortgages for E2 visa [Archive]

timjotom

03-28-2007, 04:24 PM

Hi

We enquired about a mortgage and were told as long as we had a 25% deposit we could get a mortgage no problem without proof of income etc.

I would be happy to pass on the guys details, he is based in Virginia but may be able to help you.

Joanne

Jan

03-28-2007, 05:08 PM

We arrived here on an E2 Visa in Dec 06 and although we can get a ("no-doc") mortgage for the first 2 years we will have to pay a premium interest rate of around 7.5%. This is because of the lack of credit history and because we are self employed with no tax or earnings history.
Does anyone know if this is the norm?
Thanks
Jan

britcan

03-28-2007, 05:44 PM

Hi- so you managed to get a mortgage though as an E2 visa holder?

timjotom

03-28-2007, 06:00 PM

Hi Jan,

Yes from what i understand this is the norm but after 2 years you can refinance and reduce the interest rate.

britcan

03-28-2007, 06:02 PM

Hi there- please would you let me have details of your guy in Virginia thanks appreciate it, along with anyone else reading this please advise by PM if you like how you got mtg after 3 months of being here and with what company thanks-as an E2 visa holder not as a permanent resident.

peter gold

03-28-2007, 11:20 PM

There are many people getting mortgages no docs and stated income but they pay dearly for that with extra points, interest and commissions.

lorraine

03-28-2007, 11:28 PM

Hi if you do the mortgage whilst in the uk they dont check anything we got ours with World Savings no problem at all ( I can pass the broker if you want he is british in Florida). We now want to change the mortgage and we need to wait till the 1st June this year as we will then be able to go to any lender as we classed same as american (apparently lol) We now have credit cards as well about time...

Susie

03-29-2007, 12:42 AM

Hi

I can recommed Top cats husband Peter, for mortgages, he is very willing and able to assist you all

Bobby

03-29-2007, 12:05 PM

There are many people getting mortgages no docs and stated income but they pay dearly for that with extra points, interest and commissions.

I agree. ...but what option do we have?
We have money, but no credit score when we arrive, and we need to get our foot on the first rung of the ladder.
I'm sure that my first stated income loan was around 1.5% over Libor for the privilege.

My advice. Speak to some people in finance and ask them for tips on improving your credit score. It seems to be a huge difference in what and who will lend to you.

....and of course, file your taxes. It's a little bit Catch 22 as far as this goes. You need to show that you earn pretty good money so that they'll lend you more and with better rates, but you don't want to make your return too rosy, because you have to pay the taxes on all of that.

Bobby
_______________________________________
Just telling it like it is! .....as usual.

Susie

12-01-2007, 06:25 AM

Anyone been trying to buy a home or refinance lately ? If so wondered what the reaction is from US mortgage companies? Are they closing the door to non USC's and/or investment properties ?

Carl

12-01-2007, 12:05 PM

Anyone been trying to buy a home or refinance lately ? If so wondered what the reaction is from US mortgage companies? Are they closing the door to non USC's and/or investment properties ?

I spoke to Peter (peter and Bernadette ( Top cat )) the other day and he said that as far as he knows there are very few if any now doing mortages for non residence, although I have a realtor friend who is still selling houses like they are going out of fashion. 1 of very few.

peter gold

12-01-2007, 01:19 PM

there is a Brit here in sarasota who claims he can still get them. I have never worked with him so dont know if it is true or not

Carl

12-01-2007, 02:24 PM

If anyone needs a mortgage i have a realtor friend who can get them no problem it seems, he is still closing on houses on a weekly basis.

Nina

12-01-2007, 03:19 PM

kirtida8

12-01-2007, 03:25 PM

Nina, you may find things a little harder for us E-2er's now as they are classing us as non-residents. I know because I have been trying to consolidate my 2 mortgages to get a better rate, and keep falling at the last hurdle or get a ridiculous rate. I have been told by 4-5 mortgage co's that lending has been tightened up considerably due to the high rate of foreclosures - esp in the investor sector, and this means that we are no longer considered a good risk. Despite being classed as residents for tax purposes, we are classed as non-residents by the banks which is grossly unfair. I too sailed through when I originally applied, but have had no end of problems within the last few months.

Carl

12-01-2007, 03:25 PM

We were told when we were on L1 that we were classed as non resident aliens when we got our mortgage, I beleive you can get a better rate when you have a green card, our credit history was very good but we still had to put down 20%.

Carl.

britcan

12-01-2007, 04:07 PM

I have sourced a broker who can do mortgages for E2 visa holders so if anyone is interested please PM me.

Sharon

12-04-2007, 04:04 AM

Carl, Britcan didn't ask about mortgages for non-residents, he asked about mortgages for E2 visa holders, who are legal residents. We are E2ers and had no problem whatsoever getting a motgage. We did rent for a little while to build up some credit history. After that, it was plain-sailing.

Friends of mine have just tried to refinance and were up a gum tree but mainly because the value of the home has gone down so much since they bought it that the new mortgage company would not lend what they already owe on their home, something to do with the mortgage companines valuation

gazza_tyler

12-04-2007, 02:47 PM

We have just been through the mortgage nightmare, we bought new house and were going to use the builders recomended company 'Countrywide'. These are a big lender, but at the last minute they pulled out as we were foreign nationals.

When we then went looking for a new lender we found it was like beating your head against a wall and haggling all the time for a better rate.

One thing I did find out from this experiance is that we are not looked on favourably and unlike the UK were the figures are clerly stated the brokers really try it on. My advice is really shop around and play them off against each other.

We are hopefully coming over on E2 and were advised to get house whilst I am still employed.

One other thing we were also told that some lenders are wanting foreign nationals to put 40% down in certain areas......predominatly the holiday zones....Davenport / Kissemee as they have had more buyers handing the keys back there........not sure if true though!

tracifrost

12-04-2007, 02:56 PM

One other thing we were also told that some lenders are wanting foreign nationals to put 40% down in certain areas......predominatly the holiday zones....Davenport / Kissemee as they have had more buyers handing the keys back there........not sure if true though!

probably true yes!

peter gold

12-04-2007, 03:01 PM

I am hearing of many non immigrant visa holders who are having severe problems getting mortgages and refinances.
I have a Brit contact here in Sarasota who claims he gets them so pm me and I will send details.

Kriz1

12-04-2007, 03:27 PM

We nearly lost our mortgage when on an H1B...but our greencards had just come through...we were told by the bank we should never have been given a mortgage in MA on an H1B...and a lady from Canada lost her home when she went for a new mortgage with our bank....without a greencard....its seems very hit and miss...

britcan

12-04-2007, 05:04 PM

ok everyone- I am very concerned about the lack of information here. Please pm for a definite contact for foreign national mortgages.

davidmartin_uk

12-04-2007, 05:05 PM

Hi

We are just going through this in New Hampshire. As long as you have 20% to put down there are products out there for e2 holders. These are called situational visas by the underwriters and each one is assessed on the individual situation of the visa holder.

Dave

britcan

12-04-2007, 05:07 PM

hows it going up there in Nw Hants?

peter gold

12-04-2007, 05:27 PM

link removed for now...
An old British friend of mine in Colorado

Could people please PM Peter for details....

davidmartin_uk

12-04-2007, 05:30 PM

Bored! Broke! and Bloody Cold!!!

Dave

britcan

12-04-2007, 06:23 PM

Bored! Broke! and Bloody Cold!!!

Dave

why bored? Thought you would be busy little bee...I am with you on the broke side- we are still waiting to earn $$. Cold is a relative term.

v2002

12-04-2007, 08:10 PM

What a load of C.............:D kirzi ....
I had my home mortgage on H1b...... and our Gc came after almost two years... Never had problem to get mortgage and to be honest got the best rate....4.5 fixed.
Depends what you earn and what is your credit history. It also depends how efficient agent do you get and how much keen is he to close your deal. LOL :D. The best part was that I was asked not to put a penny down ...... but for our own sake we did put some money down for the title Co. to close the deal and reduce the loan.
We nearly lost our mortgage when on an H1B...but our greencards had just come through...we were told by the bank we should never have been given a mortgage in MA on an H1B...and a lady from Canada lost her home when she went for a new mortgage with our bank....without a greencard....its seems very hit and miss...

Kriz1

12-04-2007, 09:14 PM

britcan

12-04-2007, 10:00 PM

It was the same for us...we got our mortgage within 2 weeks of getting here...the going rate for Americans at the time...but when we came to re-mortgage years later we were told we could not of got a new one on an H1B...

We did not have to put anything down...but did because we wanted to buy a second home later...which we did and now own outright....glad I never listened to the people saying we were silly to pay it off...but the only reason I remortgage is to buy another home... for major repairs... or improvements on a home I plan to keep....

Hubby earns 4 times the average here....and our credit is very very good...I think the new guy at the bank was a jobs worth....we got our first loan from the bank manger...

Hi Kriz- thought you were heading off to New Hants cos of hubby and his job.

As and when all the illegals are given the right to stay, and it will happen, ALL jobs will be up for grabs at less money. Cos thats what they do, they undercut jobs and work for far less money. Don't think the average American has thought about this!

For sure its happening more and more in the construction industry!

Kriz1

12-04-2007, 10:12 PM

Hubbys company is now owned by a Canadian one...they got it for the staff...so his job is safe for now...
We had a few illegals here...but they could not afford to stay....so they left...one of the joys of living in an area that no-one can really afford to live in....

Kriz1

12-04-2007, 10:46 PM

Bored! Broke! and Bloody Cold!!!

Dave

Its been a little cold here in MA....tell me again why I'm up here in the cold...when I have a home down south in the warm....:confused: :confused:

v2002

12-04-2007, 10:51 PM

Kriz1 did you say .....Its been a little cold here in MA?
ha ha ha the roads are freezing here ... we have ice everywhere....and about why you are not down south..:confused:.. may be its too cold to evan get to south where its warm lol :confused:
Its been a little cold here in MA....tell me again why I'm up here in the cold...when I have a home down south in the warm....:confused: :confused:

SHEILA 13

12-04-2007, 10:55 PM

Hey ,I had my jacket and socks on today down here !!!!! lol:D
Sheila

jay

12-04-2007, 11:23 PM

Hey ,I had my jacket and socks on today down here !!!!! lol:D
Sheila
Thats cos you have no meat on you girl lol
jayne

Kriz1

12-05-2007, 12:21 AM

Kriz1 did you say .....Its been a little cold here in MA?
ha ha ha the roads are freezing here ... we have ice everywhere....and about why you are not down south..:confused:.. may be its too cold to evan get to south where its warm lol :confused:

Its 54 degrees in my bedroom....hubby is moaning about it...
It 64 in the parts with panel heaters...and about 69 in the living room...we have a roaring fire in there...I think I've gone back in time....not lived in a house this cold since I was a kid and we only had coal fires....its not like its that cold out....26...its been that all day....had to put a coat on...getting a bit of a light weight in my old age...:D :D

Bern

12-15-2007, 02:18 AM

ok everyone- I am very concerned about the lack of information here. Please pm for a definite contact for foreign national mortgages.

Don't know if you are already sorted, but i have just joined as a new member today... I'm a UK mortgagae broker in Florida dealing with US and UK mortgages for Brits.

There have been dramatic changes in the loans available to Foreign National from even 3 months ago and many deals have been pulled.

There are still however some select lenders who are still open for business. Let me know if you need help....

britcan

12-15-2007, 01:53 PM

no I am good thanks. Actually I am Canadian not a Brit. What kind of deals are out there regards NINA?

Bern

12-15-2007, 10:07 PM

no I am good thanks. Actually I am Canadian not a Brit. What kind of deals are out there regards NINA?

You lost me on that one,,,,please elaborate about NINA

peter gold

12-15-2007, 10:22 PM

No Nina is her name

britcan

12-15-2007, 10:46 PM

You lost me on that one,,,,please elaborate about NINA

NINA- is No Income No assets

Bern

12-15-2007, 11:41 PM

In that case NINA = NO MORTGAGE !!

tracifrost

12-16-2007, 02:54 PM

peter gold

12-16-2007, 03:28 PM

NO NO NO it is fraud

tracifrost

12-16-2007, 03:54 PM

NO NO NO it is fraud

oh dear:(

Bern

12-16-2007, 05:31 PM

NO NO NO it is fraud

I agree, don't even go there !!

britcan

12-16-2007, 11:38 PM

really dodgy

v2002

12-16-2007, 11:47 PM

FRAUD???? Don’t think so. It’s a normal practice done with the consent of the buyer and seller the taxes are paid accordingly and the house sold. Its legal as there is no way anyone can tell you what you can sell your property for, and the amount is adjusted in cash later on after the sale between the buyer and seller. My next-door house was sold like this. and I know of few more where the same adjustments were made to secure mortgage.

P.S It does have long term drawback for BUYER...... he/she keeps paying taxes on property that is higher than its value and it can bite you back when you are ready to sell.

britcan

12-16-2007, 11:53 PM

in this current housing market, it will come back and bite you on the bum....if you don;t have enough money for a deposit then the lender is totally irresponsible. They are knowingly getting you a mortage without a duty of care to you as the client, in other words you will be in the brown and sticky stuff at some point in the future.

Anyone who does this is really out of their tree. In California they are actually prosecuting mortgage brokers and have folk under cover pretending to be clients, so stay well away from any one who even suggests anything out of the usual.

Susie

12-17-2007, 02:09 AM

ok, just recently spoke to a realtor friend of mine, what they are doing lately, and completly legal apparanty!!!!!!!!!!!!!!!!!!!
Is inflating the house by say 30,000 which is used as your deposit to buy a home;)

This is ok if the seller and buyer agree and will only work if the property apprasies for the full/near ? asking price. My guess is only USC will get zero down deposit though just imho

Susie

12-17-2007, 02:12 AM

NO NO NO it is fraud

I guess in someways it could be seen as so, if this is common knowledge and the mortgage company found out and were unhappy and what is happening was intensional , but my point is

You have and asking and selling price and if all agree and property appraises, then technically its not , if you get my meaning.

I think for it to be fraud, then you would have to prove the intension was fraud and not just over pricing the selling price.

Oh god, not good at getting my point across, am I ?

v2002

12-17-2007, 02:21 AM

Susie if you have very good Credit history you can get 0 down .. I got 0 down to buy our house and we were on H1B.
This is ok if the seller and buyer agree and will only work if the property apprasies for the full asking price. My guess is only USC will get zero down deposit though

Bern

12-17-2007, 06:04 PM

I guess in someways it could be seen as so, if this is common knowledge and the mortgage company found out and were unhappy and what is happening was intensional , but my point is

You have and asking and selling price and if all agree and property appraises, then technically its not , if you get my meaning.

I think for it to be fraud, then you would have to prove the intension was fraud and not just over pricing the selling price.

Oh god, not good at getting my point across, am I ?

There are always brokers who will bend the rules and lenders who will turn a blind eye, but the mess the sub-prime market is in should be a lesson that it will always come round to bite you in the bum ...!!!
Loan to values and built in equity within a mortgage are there for a reason, to protect both the lender AND the borrower...

kirtida8

12-17-2007, 07:22 PM

Please correct me if I'm wrong here, but houses are now appraising for a lot less than most sellers purchased them for resulting in negative equity. So how can the rules be bent in this situation? I am not confident in the housing market in Florida for the next year at least, and would definitely not be buying during this period irregardless of my ability to secure a mortgage.

tracifrost

12-17-2007, 09:07 PM

Susie if you have very good Credit history you can get 0 down .. I got 0 down to buy our house and we were on H1B.

not any more v2002, (well actually depends on what state you live in and what area).
they have stopped 99% of 0 down morgages in florida now. and will only allow you to get a morgage with a minimum of 10-15% down. If you are living here on a visa they are looking for 20-25% down.

v2002

12-17-2007, 09:46 PM

ahhh!!!! what a shame ...... :p ( By the way I bought house 4 + years back .... and I think now with good credit and good salary you can still get Mortgage with a 2% to max.20% down in states of OH , IN, MI, IL , KY and around. I do know from Kirzi that lately in some states they are denying mortgage to any visa holder (no matter what % of downpayment they are ready to put down )and that is not fair at all. So far don't see any problem for H1B visa holder in these states.
not any more v2002, (well actually depends on what state you live in and what area).
they have stopped 99% of 0 down morgages in florida now. and will only allow you to get a morgage with a minimum of 10-15% down. If you are living here on a visa they are looking for 20-25% down.