topic Re: FHA Loan for Visa holder in Mortgage Loans

FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 13:57:39 GMT

Hi all,

Long shot here, but after some advice.

I hold an E-2 Visa to live and work in the US. We were pre-approved by Quicken for an FHA backed mortgage for a house we are now under contract on. I got a call on Friday saying that they could not approve me for an FHA because I do not hold an EAD Card.

My visa is my work authorization, I have provided tax returns, I-9's, E-Verify documents, but these have all beenpushed back. E-2 visa holders do qualify for FHA backed loans, but I do not see how this can happen in practice as we do not get EAD cards, our visas are our EAD's.

Has anyone got any experience with this at all? We can probably go conventional, but it will wipe out all of our funds

Thanks

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 17:16:57 GMT

Did the derivative from your E2 not receive an EAD?

They are certainly not required to work in the business so should have applied for one. THat woulds resolve their issue at least. I'm not sure how you would get this resolved tbh from an immigration stand point.

Does the E2 visa itself that was stamped upon entry state anything about work auth?

Re: FHA Loan for Visa holder

JVille — Mon, 12 Aug 2019 17:26:21 GMT

Ignore Yellow Hi Lite that is someone else’s notes.

https://www.housingwire.com/ext/resources/files/Editorial/Documents/FHA-Guidelines---40001-Retail-Wholesale.pdf
SEE PAGE 11

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 17:49:02 GMT

My wife has got an EAD, although unfortunately she does not work, so we have no way of utilizing that. The lender will not accept her EAD and my salary

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 17:51:53 GMT

@JVille wrote:
Ignore Yellow Hi Lite that is someone else’s notes.

https://www.housingwire.com/ext/resources/files/Editorial/Documents/FHA-Guidelines---40001-Retail-Wholesale.pdf
SEE PAGE 11

This is the issue. Holders of L-1, H-1B and E visas qualify, but do not get the EAD card. Our visas are our work authorization as that is the only reason to be given that visa.

It must be possible, because I do not uderstand why it would clearly say we qualify, if we are unable to provide the very specific EAD card that we apprently must have. It's very frustrating as we entered contract after the "pre-approval" of an FHA loan.

Re: FHA Loan for Visa holder

JVille — Mon, 12 Aug 2019 17:59:13 GMT

Does your E2 have an expiration date in it?

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 18:04:43 GMT

@JVille wrote:
Does your E2 have an expiration date in it?

Yes it does, late next year.

I am also about to enter the Green Card Process and have an I-94 (right to be in the US) which is valid until July 2021

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 18:12:03 GMT

Without wishing to turn this into an immigration forum (with which I have much experiance) on what basis are you applying for PR? How soon?

The PR adjustment may well be your quickest route, since that application will generate an EAD for you and all beneficaries after it is accepted.

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 18:13:43 GMT

@Anonymous wrote:
Without wishing to turn this into an immigration forum (with which I have much experiance) on what basis are you applying for PR? How soon?

The PR adjustment may well be your quickest route, since that application will generate an EAD for you and all beneficaries after it is accepted.

EB-2, I am some way away from getting my adjustment of status and EAD Card through, certianly not going to be here in time.

I just can't understand how anyone on an H1-B, L-1 or E visa qualifies for an FHA loan, when it clearly states we do

Re: FHA Loan for Visa holder

JVille — Mon, 12 Aug 2019 18:21:01 GMT

“The EAD card is required to substantiate work status. If the EAD card will expire within (1) year and a prior history of residency status renewals exists, the underwriter may assume that the continuation will be granted. If there are no prior renewals, the underwriter must determine the likelihood of renewal based on information from the USCIS. (this would be proof of registration for renewal in process with the USCIS website)”

How many times have you renewed?

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 18:23:58 GMT

@JVille wrote:
“The EAD card is required to substantiate work status. If the EAD card will expire within (1) year and a prior history of residency status renewals exists, the underwriter may assume that the continuation will be granted. If there are no prior renewals, the underwriter must determine the likelihood of renewal based on information from the USCIS. (this would be proof of registration for renewal in process with the USCIS website)”

How many times have you renewed?

I don't have an EAD card, and don't qualify for one, that is the issue.

I have not had to renew my visa yet (it is a 5 year visa) I have however submitted the necessary paperwork for my Green Card

Re: FHA Loan for Visa holder

JVille — Mon, 12 Aug 2019 18:28:29 GMT

The rules say 3 yrs plus remaining on your Visa or proof of likelihood of renewal based on prior renewals.

Re: FHA Loan for Visa holder

Anonymous — Mon, 12 Aug 2019 18:33:20 GMT

@JVille wrote:
The rules say 3 yrs plus remaining on your Visa or proof of likelihood of renewal based on prior renewals.

o The borrower satisfies the same requirements, terms and conditions as those for US
citizens. The EAD card is required to substantiate work status. If the EAD card will
expire within (1) year and a prior history of residency status renewals exists, the
underwriter may assume that the continuation will be granted. If there are no prior
renewals, the underwriter must determine the likelihood of renewal based on
information from the USCIS.

I see this about the EAD, but I can't find anything about needing 3 years on a Visa? With the sole exception of a first time issued E-2 visa, all US non resident work visa's are 2 years in duration

Re: FHA Loan for Visa holder

JVille — Mon, 12 Aug 2019 19:15:20 GMT

Apparently the folks who write the Guidelines do not understand the finer points of Visas

Re: FHA Loan for Visa holder

Anonymous — Tue, 13 Aug 2019 12:39:23 GMT

Imagine that!!!

Perhaps you could book an Infopass appointment and get a kindly officer (does such a thing exist? Not in my experiance) to write a letter stating that your visa IS your emplyment atuh, and that as such you are not elligable to apply for or receive a distinct EAD card.

I would suggest you ask this question over at https://britishexpats.com/forum/usa-57/ too, we are a pretty knowledgeable bunch and maybe someone can come up with a better suggestion.

Re: FHA Loan for Visa holder

homeloanexpert — Thu, 15 Aug 2019 12:17:58 GMT

I have closed several FHA loans for borrowers with Visas i.e. (E1, E2, H1B, H2A, H2B, H3, L1 and G1-G4) or with EADs. You applied with the wrong lender.

Re: FHA Loan for Visa holder

Anonymous — Thu, 26 Mar 2020 00:04:32 GMT

Hi, can you help me out by providing the names of some lenders who accepted E2 visa as EAD?

I am stuck in the middle of the lending process because as a principal E2 visa holder I am not able

to provide an EAD card (even though I asked the lender specifically about E2 visa at the beginning and

before signing the purchase agreement and their answer in both cases was that they do not see any problem with it).

Re: FHA Loan for Visa holder

JVille — Thu, 26 Mar 2020 00:08:48 GMT

Reach out to the poster just above.