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FHA Loan for Visa holder

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FHA Loan for Visa holder

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

Message 1 of 16
15 REPLIES 15
Established Member

Re: FHA Loan for Visa holder

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?

'

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Message 2 of 16
Valued Contributor

Re: FHA Loan for Visa holder

Message 3 of 16
New Member

Re: FHA Loan for Visa holder

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

Message 4 of 16
New Member

Re: FHA Loan for Visa holder


@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-Wh...
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. 

Message 5 of 16
Valued Contributor

Re: FHA Loan for Visa holder

Does your E2 have an expiration date in it?
Message 6 of 16
New Member

Re: FHA Loan for Visa holder


@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

Message 7 of 16
Established Member

Re: FHA Loan for Visa holder

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.

Chase Freedom Unlimited $1k
Discover It $3.4k
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FICO8 @ 8/12/19 Ex 727 Eq 740 TU 748

Gardening and preparing to buy a house!
Message 8 of 16
New Member

Re: FHA Loan for Visa holder


@financialcontroller 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

Message 9 of 16
Valued Contributor

Re: FHA Loan for Visa holder

“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?
Message 10 of 16
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