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Mortgage on H1B Visa

Hi,

I am currently on H1b visa that is expiring in October 2013. I have an approved I140. My company told me that H1b will be renewed over the summer. With this information, I had approached Chase bank for pre-qualification. They pre-qualified me for a home loan, but while doing it they did not ask me much about my visa status. I liked a builder in PA and signed the contract. Will my visa expiry in October 2013, prevent me from getting the loan, although the renewed 3 year H1b will be available in late October. I have otherwise good credit history high 750, with 20% down payment.

Your suggestions will be much appreciated.

Thanks

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May 27 2013 - Allentown
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Answers (3)

As long as you have your renewal in Oct and the home will be completed in Dec, you will be fine.
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May 27 2013
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Hi Vikram,

My renewed H1B visa(Set to expire in 2016) will be available by closing (likely to happen in late December/Early Jan). So what kind of a proof would help?

Can a letter from my immigration department/my green card lawyer explaining to the bank that my H1B will be renewed over the summer help?

Thanks
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May 27 2013
Your immigration status should not be a consideration when applying for a mortgage. Your legal presence in the country is required for you to get a loan - in other words, no loans for people illegally present here.

Your lender will ask for proof of your legal presence when you apply for loan and if your current document is expiring within the purchase process, they may ask for additional proof. But otherwise, your application should be processed like any other.
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May 27 2013
 
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