Can a non-immigrant visa holder (a J1 visa, if this is pertinent) get a mortgage with a U.S. citizen to buy a house? Credit history is pretty good but the visa holder will be the one making all the mortgage payments so it would be good to be included on the mortgage. Any suggestions for buying a house whilst being a citizen of another country would be most appreciated.
2006-12-03 06:03:06 · 6 answers · asked by John F 1 in Business & Finance ➔ Renting & Real Estate
It will depend on the paperwork in which you will be able to provide and also depend on what bank. There is no definate answers but what I can suggest is either you go online to my company site http://www.justgetaloan.net or you can contact me directly at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net
2006-12-04 07:59:48 · answer #1 · answered by Anonymous · 0⤊ 1⤋
1
2017-01-21 12:49:22 · answer #2 · answered by ? 2 · 0⤊ 0⤋
Yeah, the visa type can make BIG difference! A J1 visa is a student visa. Employment of foreign students is tightly controlled and is usually limited to employment relevant to their course of study, i.e. internships. Without a regular source of income, a mortgage isn't likely to be approved.
If the property is being held jointly, both will need to be on the mortgage.
You're getting into an area potentially fraught with difficulties. Not the least of which is what will happen when the student completes their course of studies. There's no guarantee that they will be allowed to stay in the US. Laws can be changed at the whim of Congress and right now is probably not the best time to get involved in complex financial and legal issues with someone who does not have long-term legal status in the US.
You definitely need the advice of an attorney -- and maybe several attorneys. There are immigration issues as well as real estate and other financial issues that need to be addressed. The mortgage is only a small part of the whole picture.
2006-12-03 06:24:50 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes you can. There are certain lenders that will do this. They will want to see a two year credit history and a two year housing history in the U.S. among other things. You are going to need a down payment under these circumstances.
Depending upon the credit, it might be worthwhile to do the loan in the U.S. citizen's name. There are programs such as no ratio that do not measure the debt to income ratio. This might present some more options being available.
I hope this helps. ajohnston@ftmc.net
2006-12-07 05:38:10 · answer #4 · answered by Mama of Four 4 · 0⤊ 0⤋
Contact a local title company. A company that specializes in transfering titles of houses NOT cars. I used to work for a national comapny called Midland Title Securities, Inc. You can find one in your state, they have toll free numbers, and will direct you to someone local.
They will know your local rules regarding this. It not only varies state to state but county to county.
My husband is from India and he had and H1B when we bought our home. This was pre 9/11. And, I'm sure some rules have changed. You can also call some local lenders out of your yellow pages and see what their requirements on giving mortgages to J1 visas are.
2006-12-03 06:12:45 · answer #5 · answered by Baby #3 due 10/13/09 6 · 0⤊ 0⤋
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2016-12-18 06:48:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋