EAD and Refinancing

[RNGC]

Rates are low and I was trying to refinance. Two brokers offered great rates, but once they came to know that I am on EAD, they said rates would be higher if one does not have green card and they stop responding to emails..

Has this hapenned to you ?

[lagsam]

Rates are low and I was trying to refinance. Two brokers offered great rates, but once they came to know that I am on EAD, they said rates would be higher if one does not have green card and they stop responding to emails..

Has this hapenned to you ?

I did refinanace recently on EAD and the rates are the same. That's discrimination.

There is a section on "I think" FHA regarding EAD. It says there very clearly. At first, American Financing ask me for other immigration documents, but when I presentedhem the FHA section, there were no more questions ask.

I got that info here. Somebody posted it.

[lagsam]

Here's the infor on FHA Handbook.

See the section: c. Non- Permanent Resident Aliens

[lagsam]

Here's the thread:

http://immigrationvoice.org/forum/forum99-tax-social-security-and-financial-issues-for-immigrants-and-nonimmigrants/1316216-fha-house-loan-on-ead-or-h1b.html

[fall1998]

Unfortunately, that is new "normal". I am told that it is Fannie Mae guideline to consider H1-B people more stable as opposed to people with EAD. The argument that they give (with not much knowledge of how the immigration system works) is: If a person's !-485 is denied, he/she loses the job and has to leave the country, if a person with H1-B loses job, he/she still has 30 days to look for other job.

Thus, there are only a handful of companies that offer loans to people with EAD and hence higher rates.

[gc_check]

Rates are low and I was trying to refinance. Two brokers offered great rates, but once they came to know that I am on EAD, they said rates would be higher if one does not have green card and they stop responding to emails..

Has this hapenned to you ?

Try working with some credit union / bank directly. It happened to me as well with one for leading brokers (Link to Broker I Worked (http://www.carolinaequity.com/)) in the Triangle Area. This guy tried to help me very much and worked with the Underwriter that deals with loans (Whole sale) by providing various docs/links I sent showing EAD as an acceptable document, etc but the underwriter declined to accept EAD/AP and was asking for H1 & I-94 which I do not have or expire since I am using EAD. I ended up re-fi with the same credit union I had the original loan last year. Try re-fi with your current bank and it might work. This is one additional head ache to deal with when waiting for GC.

[bigboy007]

Unfortunately, that is new "normal". I am told that it is Fannie Mae guideline to consider H1-B people more stable as opposed to people with EAD. The argument that they give (with not much knowledge of how the immigration system works) is: If a person's !-485 is denied, he/she loses the job and has to leave the country, if a person with H1-B loses job, he/she still has 30 days to look for other job.

Thus, there are only a handful of companies that offer loans to people with EAD and hence higher rates.

As per law if h1 loses job he has to leave country immidiately as is the case with any one else. Thats bad interpretation though. I am in the same boat EAD trying to get a loan its a hassle. FannieMae doesnt provide any guidelines on loan documents for immigration where as FHA does and for FHA loans it is fine. Conventional is the pain.