Profile picture for pradeep dewda

Can a non-resident get loan who has job offer but job not started yet?

I am a non-resident student and recently got a job offer in CA. I want to buy home before my job start. Is this situation not good to get a home loan approved? I also recently got a credit card and expecting to build credit history in next 6 months. I have work visa for 6 years.
  • November 08 2013 - Mountain View
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Answers (14)

The foreign national program under our portfolio lending approval process allows us to consider unique situations in which we will consider all your information to paint a complete picture for qualification purposes.  Although we would need a first pay-stub as a final condition to close on the loan, we could get you pre-approved, find you a home, and through processing; planning to close right after your first paycheck.  let me know if you need additional information so I can put you in touch with one of our CA licensed mortgage bankers.
  • November 19 2013
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Hi pradeep 

lot of possibility depending on the down payment .contact your local broker and ask for foreign national program .

good luck


Omar Khamisa


  
  • November 16 2013
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Profile picture for frankc45
Hi Pradeep,

I am familiar with homes in Palo Alto and can help you with a Foreign National mortgage. In some programs, a SSN is not even required.  send me an email if still looking.

Thanks

  • November 15 2013
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Pardeep-

There are a number of Lenders that offer Foreign National loans.  BBVA Compass has a Foreign National/Corporate Foreign National Program. You have to have a work Visa/right to work in US, which sounds like you have.  As long as your employment is "active" and you have a valid employment contract, at least one paystub, and SS#, you should be fine. It also helps that you have been an intern and already have experience with company/field.  You can always start process, but all of these items would most likely need to be in place before you can close.   Hope this helps.  Please see free to contact me and I can get you more details.

Regards,
-Matt
  • November 15 2013
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Profile picture for AdelManuel
It depends on the lender. Most lenders require you to have 30 days of earnings before you can use the income. But some lenders will allow you to close on a conforming loan before you start your new job if you have a signed work contract and you can qualify based on the income spelled out in the contract. Your best bet is to talk to a lender licensed in your state and have them take a mortgage application with you so that they can see what you qualify for. 
  • November 15 2013
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I am not a lender but have closed similar transactions, and you may have options
-If you have a contract for the next 2 to 3 years, you may be able to find a lender to give you a loan.
-You can also get a foreign loan, which requires a minimum of 20% on some states.
Sitting with a lender that is willing to help and take you by the hand, even if you are not financeable now, the most important thing is to know your path to home ownership!
Congratulations and Welcome to USA!
  • November 15 2013
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Your previous employment stability will be looked at and as for the new job you haven't started the lender you use will probably want a letter from that employer that states you will be employed for at least a year. Since you haven't started it yet they will want a guarantee that you will have that job, starting on X date
  • November 15 2013
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Profile picture for aracz
Hi Pradeep,

What would your down payment be, as a pecentage figure?
Please email me, and I can put you in touch with a lender I know that can advise you in more detail.

All the best,

Arpad

  • November 08 2013
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Profile picture for pradeep dewda
Just to add more information to get relevant answer.

I am living in states since 2012 and worked in the same company for 6 months as an intern in Palo Alto.
  • November 08 2013
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Profile picture for Tony Ngai
Every lender's requirement are different.  Talk to your local bank, credit union, mortgage brokers and find one that will work with you.  Also you should apply for 3 credit lines to build on your credit.  Best of luck.
  • November 08 2013
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It depends on the bank but, I have a closing on the 13th and the bank had no problem financing my clients loan. He got a job in the local hospital MUSC and will be moving from PA to SC next week and moving right into the home on the date of closing. Good luck and congratulations!!
  • November 08 2013
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First off... Congratulations on your job!! The best thing to do is call up your lender and see if you qualify for a loan and if so, how much do you qualify for?  It's a 10 minute conversation and it's free.  I can tell you a lender is going to want to verify your income.  They are going to want to check your credit score.  A lot of factors come into play... like how much money are you planning to put down? How soon do you want to close on a new home?  Some banks are more strict than others so the answer may vary.  Also, I understand how buying a home is more attractive than renting as you will build equity and not throw away your money every month, but since you are new to the state... do you even know where you want to live or what area you will be happiest in?  Sometimes it's best to rent for a few months and make sure it's the right move for you.  All the best!
  • November 08 2013
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Hi Pradeep,

I am assuming this is a salary position?  You have options.  Have you been working the past 2 years, or in school?

Feel free to contact me via my profile to see some potential solutions.

Best,

Bryan
  • November 08 2013
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Profile picture for nwhome.us
It is possible but you will need to have at least 40-50% of the purchase price in cash.
  • November 08 2013
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