Mortgage Loans

[dingomc]

Hi, I am an L1 visa holder from the UK. looking to buy a house with a mortgage.

I have a very well paid job with a credible company, a totally clean UK credit history, a SS#, 2 US credit cards (HSBC and AMEX) and a wife who holds a US passport. Just about every lender I call needs 20-30% down and a 640 credit score. The problem I'm facing is I have just 10% to put down and I'm not showing on any credit report.

So any advice? The 10% down I have a feeling could be ok, I just need to find the right lender? However the lack of score is weird. Why am I not showing up on credit checks? I've had the HSBC card since early January, have made 3 payments on time, and have had the Amex card just under a month, with one payment due soon.

Would love some help from anyone who has experience of this area.

Thanks

[mauve]

You have to have an account open and reporting for 6 months to generate a score

[ShanetheMortgageMan]

FHA mortgages are fine with an L1 Visa - 3.5% down and you are good (assuming the loan amount is within FHA loan limits).

Also provided you:

1. Have a valid SSN and
2. Occupy the property as a principal residence and
3. Are eligible to work in the U.S. – Copy of Employment Authorization Document  (EAD) issued by the Department of Homeland Security required.  There must be at least one remaining year of authorization to work unless the borrower has history of renewal (only borrowers having refugee or asylee status granted by the USCIS are automatically eligible tor work in the United States.  Therefore, refugee or asylee borrowers are not required to provide an EAD).

Not many lenders do non-permanent resident aliens however, so that is key.

[JBurkel]

Hello ,

Advancial Federal Credit Union out of Dallas offers immigrant / expat loans with a L1 Visa.

The program is for professional immigrants entering the U.S. on an acceptable work visas.

No US credit or SSI or TIN number required.

Product is available in all 50 states.

20% down allowed up to a $1,500,000.00.

Foreign assets are considered on a case by case basis for reserves and down payment.

Pre-qualify using an offer letter. First paystub is required for funding.

Edited to remove personal information - MarineVietVet, myFICO moderator

[Staceymrod]

Hi Shane,

can you give me an idea of any lenders that will give me an FHA mortgage? 

I live in Weston, fl and am looking to purchase but really have no clue where to start.

tnx

[JM-AM]

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Staceymrod wrote:

Hi Shane,

can you give me an idea of any lenders that will give me an FHA mortgage? 

I live in Weston, fl and am looking to purchase but really have no clue where to start.

tnx

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Without any basic information not much help can be offered.

As far as what lenders do FHA loans, probably 98.5 % of them. Whether or not you would be approved depends on many different factors. 

Good Luck.