Home financing denied while on EAD

[mw_immi]

Originally Posted by syendu1

I have pending 485, used Bank of America for my home loan. No problems whatsoever. And, I know loads of people who have bought homes while on H1B or pending 140/485. I believe 2009-2011 will probably be the best time to buy a home. If you can afford it and if you have job security, then you must buy one (rent it if you dont want to live). The aprs available currently is unbelievable (of course, good credit history and the amount you put down will decide mainly).

Did you have unexpired H1B / I-94? In my case I am on EAD / pending I-485 / AOS (expired H1 / I-94) & BOA didn't approve.
Do you know any one who didn't have H1B / I-94 but got loan from BOA based on AOS?

[gc_check]

Originally Posted by mw_immi

Finally, BOA approved your loan or not. I am in exact same situation as you & they have denied my refinance.

No, I was not successful in getting loan approved from BOA last year when I was looking for re-fi. I was too busy with work and other issues and had less time to follow-up and trying to convince/educate them on EAD,etc.. and wasn't sure, If I could. Since mine was a re-fi and the current loan is already in a better rate, I did not take the effort to purse further.

[burnt]

Originally Posted by mw_immi

Has anyone done refinance from BOA on EAD / AOS (expired H1B & I-94)?

My current home loan is with BOA & I am trying to refinance with them, but they say we can't approve now because of status. I locked in rate in Sept. 2010 & now I am stuck as rates have gone up. After 4 months they have denied.

I don't know how to proceed further. They are not ready to give any letter & the lending policy. Any suggestions please......

I got my loan financed from BOA. I was putting 25% down on 550K home. They did not ask me even a single proof of my status before approving the loan . I am on EAD. Just a thought. May be you can increase the amount you are putting out of your pocket and may be they will approve. Again, just check this with them

[Greening]

Try FHA option with BOA. All they need is only proof of last two years employment.
And good credit score(not bad but at least good). Thats it. They will approve it without any problem.

I got my home after 1st year of H1B. At that time my perm status approved only.

Try FHA its very nice program.

Pros: Loan approval is very simple and you dont need to put any heavy downpayment
Cons: Once they give you loan you can not sell this within 3/5 years.

Just sharing my personal experience.

Cheers,
AJ

[cnag]

I closed on dec 27. Underwriter asked me about green card. I just sent EAD copy front and back as well as AP and explained to him that EAD is like learners driving permit that is issued when your GC is under process.

[smuggymba]

not related but when I was buying a new car, I was told that they can only finance until the visa is valid.........the other dealership didn't ask any questions.

Just try somewhere else. good luck.

[mw_immi]

Originally Posted by cnag

I closed on dec 27. Underwriter asked me about green card. I just sent EAD copy front and back as well as AP and explained to him that EAD is like learners driving permit that is issued when your GC is under process.

Did you close with BOA?

[mw_immi]

Originally Posted by burnt

I got my loan financed from BOA. I was putting 25% down on 550K home. They did not ask me even a single proof of my status before approving the loan . I am on EAD. Just a thought. May be you can increase the amount you are putting out of your pocket and may be they will approve. Again, just check this with them

When did you close the loan? BOA says there lending policy changed wef 05/28/2010.

[syendu1]

Originally Posted by mw_immi

Did you have unexpired H1B / I-94? In my case I am on EAD / pending I-485 / AOS (expired H1 / I-94) & BOA didn't approve.
Do you know any one who didn't have H1B / I-94 but got loan from BOA based on AOS?

yes, i had an unexpired h1b/i-94. yes, i do have friends who were not on h1b/i-94 and still got approved from boa. for some reason, i believe, its pretty much the agent who handles your case decides on these issues. i remem' for one or two things which are supposed to be important, my agent asked me not to worry about and i dont think i gave him a copy of my h1b visa either.

sy

[mw_immi]

Originally Posted by syendu1

yes, i had an unexpired h1b/i-94. yes, i do have friends who were not on h1b/i-94 and still got approved from boa. for some reason, i believe, its pretty much the agent who handles your case decides on these issues. i remem' for one or two things which are supposed to be important, my agent asked me not to worry about and i dont think i gave him a copy of my h1b visa either.

sy

Thanks sy. I fully agree it's the agent we deal with. My BOA loan coordinator is extremely stubborn & doesn't have any clue regarding immigration. From day 1 she is stuck on unexpired I-94 & till today she asks me to furnish that. Is it possible that I can contact you or any of your friends through email / phone & discuss to check where I am going wrong. I can furnish my contact details if needed.

[psaxena]

There are ton of companies that you can go thru. My case was worse than yours, I am on EAD with expired visa. I already had a house on which I was trying to get the loan modification and when going through that process my credit was screwed up. There was no way I could have got the loan from BOFA or chase or any other big names. I went thru a very small loan servicing company who service the loan and make a portfolio of loans and sell to big banks. Even with that small company it was almost impossible but my loan officer got it thru and finally we moved into a new house then.

So bottom line , kick the lame a** loan officer and look for someone else.

Originally Posted by mw_immi

Thanks sy. I fully agree it's the agent we deal with. My BOA loan coordinator is extremely stubborn & doesn't have any clue regarding immigration. From day 1 she is stuck on unexpired I-94 & till today she asks me to furnish that. Is it possible that I can contact you or any of your friends through email / phone & discuss to check where I am going wrong. I can furnish my contact details if needed.

[sravs1234]

Originally Posted by mw_immi

Thanks sy. I fully agree it's the agent we deal with. My BOA loan coordinator is extremely stubborn & doesn't have any clue regarding immigration. From day 1 she is stuck on unexpired I-94 & till today she asks me to furnish that. Is it possible that I can contact you or any of your friends through email / phone & discuss to check where I am going wrong. I can furnish my contact details if needed.

I am not how comfortable my friends would be, but, you can certainly contact me for any help/details you may want. sumanthyenduri@gmail.com is my email address.

sy

[sravs1234]

Originally Posted by mw_immi

Thanks sy. I fully agree it's the agent we deal with. My BOA loan coordinator is extremely stubborn & doesn't have any clue regarding immigration. From day 1 she is stuck on unexpired I-94 & till today she asks me to furnish that. Is it possible that I can contact you or any of your friends through email / phone & discuss to check where I am going wrong. I can furnish my contact details if needed.

DCU is the way to go. To get membership, you may have to donate a few dollars to some group and become a member, before you can open an account. Their rates are competitive, and closing costs are "very decent". 90% of the stuff can be done over ph/fax/email. The best thing that my friend said was even without 20% down payment, his PMI (private mortgage insurance) was a mere 30 dollars (for a 220k home).

sy

[semiGator]

I had a similar problem last year. Could not get the needed loan and finally gave up arguing with the 2 loan officers from 2 banks. Sorry can't give a cheerful picture

[vrbest]

I would say we all need to know our status well first There is no such status as EAD. It is Adjustment of Status (AOS) Pending. I had done multiple refi and all I had to tell them is GC pending. They get copy of EAD just to have a reference that I am legal here at the time of application (since it has an end date). Had no issues so for.

Originally Posted by ajaysri

I think the key is the person approving the loan needs to understand immigration to certain extent. Its important that we let the officer know up-front about our immigration status so that there are no assumptions and surprises.