Profile picture for user1201357

My H1B visa expires next month. What are the chances of me closing on a loan within a week?

My H1B visa expires at the end of next month. My employer has already submitted the extension documentation earlier this month, but I haven't received the new visa yet. I've been in the USA for about 9 years now, first on a visitor visa, then on F1 for schooling for 5 years, and now H1B for 3 years. I'm worried that my loan won't get approved. Is there anything I can do or any documents I can give my lender to smooth out the process? 
  • July 24 2012 - Lake View
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for Matt Laricy
I would speak to a lender about what you would need. If your Visa is expiring and you dont have proof of your new one, its going to be tough to get a loan. Its very risky.
  • July 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am a lender. You will need to show proof of extension or request of extension. If this is first time expiring then you may need the extension to proceed. If you have history of prior extension(s) then a request may suffice at underwriter discretion. Please call me direct as myself and my team would be happy to assist you. Do you have a house and a executed contract yet? 
  • July 24 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

its going to be tough to get a loan. 
=====================
no it's not.

provide a copy of the employer's letter of sponsorship for the visa renewal. You can also provide your i-797.
  • July 25 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user7509508
Did you get loan approved anyways? I am in the same boat as you. Visa is expired and extension on way.
  • December 08 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for jugta21
Guys, did you get your loans approved?

I am in the same boat:

My current H1b expires in about 45days. However, my employer will be extending it for another 3yrs. That process will be initiated by end of this month. I have an accepted offer on buying a house and am working towards the P&S right now. Closing date is scheduled for end of July 2013. We are in a good position financially and making a down-payment of more than 40% towards purchasing the house. 

My question is: 
Will I qualify for the mortgage? when my current stamped H1b expires shortly?
I will be having a valid approved visa extension (I-797) by the time of the closing date. I have been on H1B for last 3yrs (with 2 visa extensions) & my credit scores ate 740+. 
Will the lenders accept a valid I-797?  After all, it is a valid legal permit to live & work in the US. 

Any info on this would be greatly appreciated!!!
  • May 22 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I believe if you have already been through two extensions and that you will have the extension before closing, you should be fine with your loan.  What is your lender telling you?  Happy to help in any way that I can
  • May 22 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.