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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)

h1techSlave 04-17-2009 11:37 AM

what about H4 + 485 pending?
 
Thank you Mr. Hammer.

My question was about H4 + 485 pending? Then what is the status? I have earlier given EAD, but they did not accept that. I am submitting 485 receipt with A#. Let me see how it goes.


Quote:

Originally Posted by sledge_hammer (Post 335247)
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.


radhay 04-17-2009 02:59 PM

I have closed on two mortgage loans recently and found that Loan Underwriters don't understand EAD/ AOS applications. For my original loan with Pulte Mortgage I explained them that AOS is a period authroized stay by Attorney General until Green card is approved. When they still didn't understand I had to bump my down payment to 20% which apparently puts less resrtictions (By Fannie Mae guidelines).

When I refinanced this week with PFCU (pentagan federal CU) I sent them EAD copies and they were OK with it.

sledge_hammer 04-17-2009 03:20 PM

H4+ I-485 pending still is a valid status. Now what rules they have regarding approving the loan to someone who is not working (because of H4 status) is something I am unaware of and not immigration related, I guess.

But if you are going to send them a copy of your I-485 application, that should mean SOMETHING in their eyes.

Do let us know how it goes. It will also be helpful to others in your situation. Good luck!

Quote:

Originally Posted by h1techSlave (Post 335249)
Thank you Mr. Hammer.

My question was about H4 + 485 pending? Then what is the status? I have earlier given EAD, but they did not accept that. I am submitting 485 receipt with A#. Let me see how it goes.


h1techSlave 04-17-2009 08:58 PM

485 does mean something
 
After I have submitted the 485 receipt, my loan guy went to a meeting. I will hear back from him in a couple of days.

485 does mean some thing to them. But they seem to avoid that so that they can charge more interest rate.

Right now, there is huge demand for loans. So they are bringing in many artificial road blocks to increase interest rates.


Quote:

Originally Posted by sledge_hammer (Post 335325)
H4+ I-485 pending still is a valid status. Now what rules they have regarding approving the loan to someone who is not working (because of H4 status) is something I am unaware of and not immigration related, I guess.

But if you are going to send them a copy of your I-485 application, that should mean SOMETHING in their eyes.

Do let us know how it goes. It will also be helpful to others in your situation. Good luck!


phugar 05-09-2009 06:44 PM

can you please let me know what all immigration documents they asked for. My loan with WellsFargo is approved and is currently being underwritten

enthu999 05-09-2009 08:41 PM

Refinancing issues while on EAD
 
I had similar issue when trying to refinance
My loan was Jumbo and to bring it to confirmation limits to get better rate the lender
tried doing home equity loan, at the end when we thought every thing was ok
they back and told they cannot give home equity loan because my Green card has not been aproved though I provided the AOS reciept and EAD.
The underwriter is FannieMae.
This for sure is a discrimination, in the current situation we cannot really make any benefit out of low mortgage rates..and the when the ARM is close to expire...god knows how
the interest rates would be.

ramkigr@hotmail.com 05-10-2009 06:27 PM

refinance on AOS
 
HSBC has rejected my refinance application because neither I hold a valid H1B nor a GC. They are rejecting, if you are in AOS not have one of the above docs. BEWARE. Don't loose time and money trying with this bank, if you are in this situation. I heard some success stories, with other banks though. Good luck.

bpratap 05-15-2009 06:08 PM

Visa Docs for Home Finance
 
I am working with a bank for my new Mortgage. The bank is asking for 3 year continuous VISA (forward) as a requirement.

My situation is H1 + 485 (I-140 Approved)

my current H1 will expire in December 2009, I cannot apply for extension until June 09 (180 days )

but Bank guys are asking for 3 yr VISA, they are not even looking on my H1b Approval letter as there is a line mentioned in there as "This form is not a visa nor may it be used in place of a VISA"

Anybody have similar experience ? and any suggestions of how to approach / explain this to bank guys ?

Appreciate ur views n comments

radhay 05-15-2009 06:19 PM

bpratap, faced similar issue since they don't understand. Even if they do they are worried it may cause trouble when they sell the loan to some one else.

I have refinanced with Penfed and they don't have this requirement. It helps to put 20% down payment as some banks waive this 3 year rule with that.

Can you post the name of the bank so others don't waste time and money with those banks.

amit_sp 05-15-2009 06:21 PM

I would recommend to shop around more. There are some banks who ask quetions such as visa status and other documentation and then there are some which don't. In my case; Citibank quoted for 0.5 additional rate due to my visa status but ING didn't.

bpratap 05-15-2009 06:24 PM

The bank is GMAC.

this is a bank owned property, and there is a pre-condition that we should use their bank for the loan.

Wondering how to explain the VISA situation in a way they would understand.

h1techSlave 05-15-2009 07:03 PM

tough work ahead, buddy
 
I have recently tried to explain them the EAD/485-pending concept and failed.

At the end, they waived their commission of 1%, so that I don't have to pay that amount.

Quote:

Originally Posted by bpratap (Post 341611)
The bank is GMAC.

this is a bank owned property, and there is a pre-condition that we should use their bank for the loan.

Wondering how to explain the VISA situation in a way they would understand.


bpratap 05-15-2009 07:10 PM

But were U able to get the loan at the end ?

h1techSlave 05-15-2009 07:15 PM

no
 
I was trying to get the loan thru NVR Mortgage. Because of my wife's EAD status, we could not get the loan from NVR.

Then they brokered it out to another agent, who accepted H4. But the loan rate went up from 4.75% to 5.25%. Finally we went with FHA loan (4.875%). FHA loan has an initial payment requirement of 1.75%.

End of story: because of EAD, we lost that 1.75% of the loan. Plus need to pay 0.125% extra.

Quote:

Originally Posted by bpratap (Post 341630)
But were U able to get the loan at the end ?


bpratap 05-15-2009 07:23 PM

I am also working on a FHA (4.875%) with GMAC with 3.5% down.

Wife's H4 was an issue, but that got cleared

Now the last thing is they are asking for 3 yr Continous VISA from the date of closing.

How did U convince the Bank to accept the H1 +485 stage

U can send a PM abt it


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