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-   -   Home financing denied while on EAD (https://immigrationvoice.org/forum/forum107-interesting-topics/24133-home-financing-denied-while-on-ead.html)

hpandey 03-04-2009 03:41 PM

Refinanced this week
 
I am on H1 and AOS and I refinanced my house at 5% . There were no issues and no questions. Just all the usual documents - W2 , paystubs etc etc . It was with a local bank too and not with any high profile institution.

dummgelauft 03-04-2009 04:07 PM

Loan
 
(1)EAD is NOT a status. Your status should be AOS, or H1B, L1, TN or whatever.
(2) I personally know more than a dozen people (including myself) who hgot mortgages, and this was not even an issue.
(3) You have a horse's ass for a lender. Just go to another bank. Countrywide is quite good, in my opinion. Go directly to them, not through a broker.

sledge_hammer 03-04-2009 04:17 PM

1. Did you pay for points?
2. When did you lock?
3. Who is your lender?

Quote:

Originally Posted by hpandey (Post 323075)
I am on H1 and AOS and I refinanced my house at 5% . There were no issues and no questions. Just all the usual documents - W2 , paystubs etc etc . It was with a local bank too and not with any high profile institution.


insbaby 03-04-2009 04:33 PM

Mixed Results
 
I have seen my friends refinancing, received mixed results.

Few say, can not approve loan because of temproary status (They have no answer for why they allowed last year when purchasing the home).

Same guys were able to get it done thru other banks.

EAD - is not popular as H1B in the financial area. They don't understand. You have to give this as a supporting document along with your H1B Visa and I-797.

hpandey 03-04-2009 05:52 PM

No
 
Quote:

Originally Posted by sledge_hammer (Post 323093)
1. Did you pay for points?
2. When did you lock?
3. Who is your lender?

I didn't pay any points. I locked in two weeks back and closed this week. Lender is a local bank in Mass.

mbawa2574 03-04-2009 07:16 PM

Yeah that's Obama style justice
 
Quote:

Originally Posted by catopa (Post 322951)
Not sure if anyone else has faced this so wanted to put this out: I own a home and have a loan on it since 2003 (I was on H1 when i took the loan), now that the ARM is about to adjust i am in the market for refinance.

There is however a question on all the loans underwritten by freddy/fanny asking for immigration status and if the answer is EAD the loan is denied. They even sent me an explanation of denial.....:confused:

Obama is ready to give out a home loan to a drug dealer on the street but a hardworking,tax paying , wealth creator skilled immigrant won't get it.

So this is a new feature of Obama Nation:mad:

Liberals shame on you for electing this inexperienced socialist communist to the white house.

sledge_hammer 03-04-2009 07:31 PM

One last question, if you don't mind.

I assume yours is a conventional loan, how much equity do you have on your home, and how much down payment did you make on your home purchase first time?

Quote:

Originally Posted by hpandey (Post 323135)
I didn't pay any points. I locked in two weeks back and closed this week. Lender is a local bank in Mass.


hpandey 03-04-2009 07:42 PM

Almost
 
Quote:

Originally Posted by sledge_hammer (Post 323187)
One last question, if you don't mind.

I assume yours is a conventional loan, how much equity do you have on your home, and how much down payment did you make on your home purchase first time?

I have a 30 Year fixed loan. I made more than 20% downpayment and since I bought my house only few months back not much change in equity yet.

GCSeekerCT 03-04-2009 09:30 PM

try another bank
 
They can deny for whatever reason they think is risky. Banks are looking for reasons to NOT loan right now, as opposed to 2 years ago when everyone waling in were offered free money.

I suggest you go to a reputed FCU or small, regional bank. IMO, they are much better to work with. I recently refinanced a loan with an FCU, originally extended to me by our local bank.

Terms and paperwork is VERY easy, you get to talk to the same people through your application as opposed to a big bank where your papers are pushed around the country every week (my experience with BoA).

HTH

GCSeekerCT 03-04-2009 09:34 PM

High profile
 
Quote:

Originally Posted by hpandey (Post 323075)
I am on H1 and AOS and I refinanced my house at 5% . There were no issues and no questions. Just all the usual documents - W2 , paystubs etc etc . It was with a local bank too and not with any high profile institution.

You mean Fancy, big building institution, I think. There are no high-profile banks left anymore. They lost their integrity in screwing people and are not to be trusted.

ramkigr@hotmail.com 04-17-2009 11:58 AM

Refinance denied while on EAD
 
HSBC denied my refinance application because of EAD status. They said EAD is not one of the statuses they accept. They needed either H1B or GC status. I lost my $325 rate locking fee, not sure what else my real estate attorney is going to charge me because of this denial. I am in the process of talking to other banks.

Hope this helps someone not to loose money.

h1techSlave 04-17-2009 12:02 PM

H4 and EAD what is the status
 
What is the visa or immigration status of a person who has H4 visa and 485 pending (has EAD also)?

It seems banks do not understand anything other than Citizenship, GC or H status.

Quote:

Originally Posted by dummgelauft (Post 323089)
(1)EAD is NOT a status. Your status should be AOS, or H1B, L1, TN or whatever.
(2) I personally know more than a dozen people (including myself) who hgot mortgages, and this was not even an issue.
(3) You have a horse's ass for a lender. Just go to another bank. Countrywide is quite good, in my opinion. Go directly to them, not through a broker.


validIV 04-17-2009 12:19 PM

Quote:

Originally Posted by h1techSlave (Post 335239)
What is the visa or immigration status of a person who has H4 visa and 485 pending (has EAD also)?

Can be either H4 or AOS

sledge_hammer 04-17-2009 12:21 PM

EAD is not a visa status. It is an employment authorization document. Of course they will not accept it in lieu of H-1B.

What you need to do is show them the receipt of your I-485 application with the A#.

In my case too he asked me if I was on EAD and I said yes. He said that I should then give him a copy of I-485 receipt. However, since I also maintain H-1B visa, I just gave him that.

Quote:

Originally Posted by ramkigr@hotmail.com (Post 335231)
HSBC denied my refinance application because of EAD status. They said EAD is not one of the statuses they accept. They needed either H1B or GC status. I lost my $325 rate locking fee, not sure what else my real estate attorney is going to charge me because of this denial. I am in the process of talking to other banks.

Hope this helps someone not to loose money.


YesGC_NoGC 04-17-2009 12:26 PM

Try Wells Fargo
 
Quote:

Originally Posted by catopa (Post 322951)
Not sure if anyone else has faced this so wanted to put this out: I own a home and have a loan on it since 2003 (I was on H1 when i took the loan), now that the ARM is about to adjust i am in the market for refinance.

There is however a question on all the loans underwritten by freddy/fanny asking for immigration status and if the answer is EAD the loan is denied. They even sent me an explanation of denial.....:confused:


I have refinanced with Wells Fargo without any issues. If you need more details, please PM me.


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