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How much (%) down payment required on a O1/J1 visa?

I am 6 months through a O1 visa while my fiancé is on a J1. We are looking to buy in the Boston area, but are unsure on the minimum down payments for non-US citizens. We bring a fair bit of savings and our combined income is ~140K Thanks in advance!
  • May 11 2014 - Boston
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Answers (3)

O-1 Visa is acceptable, however a J-1 visa is only issued for 2 years at a time.. and the individual must leave the country for 2 years before another J-1 visa would be re issued.. for this reason, no lender will consider his income, or allow him to be on the loan.. only your income would be considered.. If you want to know exactly what you qualify for, you should contact a LOCAL mortgage broker and apply with them.   Once they see your complete profile including your job contracts and visa's, they should be able to lead you to the right loan product.  Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders…By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario.  Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.  I would be happy to answer another questions you might have.. William J. Acres, Arizona Mortgage Expert. 
  • May 12 2014
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There are lenders like myself that offer loans for non-citizens. One loan to consider is the Foreign National Loan. These loans are meant for non-residences/citizens seeking a home loan in the United States. Also, this type of loan usually requires about 25% down or more depending on the documents you have available so be prepared for that. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 12 2014
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Your O1 Visa is fine and we could work with your income. Unfortunately, the J1 would not be valid for my lender. Min down payment is 5% for conventional loans, and 3.5% for FHA.

Feel free to contact me through my profile so we can discuss further.
  • May 12 2014
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