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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)

JunRN 05-29-2009 02:59 PM

I don't want to argue either.

In my case, I saved $400 per month as I got mine on 4.5% interest rate. If I got mine on 6% interest rate, I would have paid $144,000 more in the entire duration of my loan. I can't say enough on the value of my house because it is the lowest compared to all my neighbors with same model. The location has the best school district in the city and the elementary school is 3 blocks away.

Refinancing is a tricky part of this game. Refinancing is not always good because most of the time, you will start at month 1 again where the interest part is higher than the principal. It also has closing cost. One should only refinance if the difference is greater than 1%. 1% is only break even.

I am not saying all others should buy now. What I am saying is that we cannot say it's not a good time to buy either. It depends on where you're buying.

suavesandeep 05-29-2009 03:48 PM

Quote:

Originally Posted by JunRN (Post 343984)
I don't want to argue either.

In my case, I saved $400 per month as I got mine on 4.5% interest rate. If I got mine on 6% interest rate, I would have paid $144,000 more in the entire duration of my loan. I can't say enough on the value of my house because it is the lowest compared to all my neighbors with same model. The location has the best school district in the city and the elementary school is 3 blocks away.

Refinancing is a tricky part of this game. Refinancing is not always good because most of the time, you will start at month 1 again where the interest part is higher than the principal. It also has closing cost. One should only refinance if the difference is greater than 1%. 1% is only break even.

I am not saying all others should buy now. What I am saying is that we cannot say it's not a good time to buy either. It depends on where you're buying.

Agree with you. Was just offering some more perspective. Personally i dont see mortgage interest rates going north of 6% for a long time (say next 3 years at the minimum).
Reason being the dynamics are really different this time around.Fed has bought tons of treasury bonds this time to keep the interest rates low over a long period of time. Why is treasury bonds important because they have long term implications and mortgage companies use this as a important tool to decide interest rates.

Odd of a L shaped recovery are also high. This is an old article but good reading
http://online.wsj.com/article/SB124044454676445637.html

mmillo 06-08-2009 02:30 AM

20% down and Fannie/Freddie
 
Will Fannie/Freddie give loan with 20% down while in AOS? i mean in regualr interest rate?

Thanks

gc_dreamer_2010 03-19-2010 07:12 AM

Official rule from Freddie Mac website
 
Myths About Homeownership - Freddie Mac

gcformeornot 03-19-2010 08:42 AM

I just
 
got FHA loan on EAD..... My EAD was is expiring in July.... So they were skeptical... I showed them FHA guideline.... showed old EAD and all previous 797s.... they approved 30 Fixed FHA.....

sam_hoosier 03-19-2010 02:10 PM

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 was in the exact same boat 3-4 months ago. I had even paid $ 400 for appraisal and at the last minute the lender backed out.

However, I have managed to secure refinancing at a substantially lower rate with a different mortgage company. Send me a PM and I can let you know the details if you are still in the market for a refi.

thomachan72 03-19-2010 03:38 PM

IV should take this matter to the president
 
I would encourage that IV should compile cases of members who have been denied home loans because of their immigration status and present them to the president. Housing industry is in a crisis and they are denying loans to people with solid income????

Becks 03-19-2010 07:29 PM

EAD is not necessary
 
I bought a home recently in PA. All I showed are I485 receipt, expired visa on passport,employment and other proof of income . They never asked me the EAD. Loan is through BOA. Most of the immigrants maintain good credit scores so there is good chance of getting loans approved.

chandsri81 04-25-2010 10:52 AM

BOA doesn't recognize AOS
 
Hi

I just applied for a mortgage from BOA. The loan officer did not recognize what AOS was and asked me for an H1B - which has expired.

I explained about AOS and EAD and told her I could give the I-485 receipt, and she took in my application.
But I'm worried that my loan will be denied after underwriting - my closing is on 5/26 and I probably will not hear from the bank until second week of may.

Does anyone know of Banks in MA that give loans to EAD?

Chandana

bpratap 04-25-2010 01:41 PM

Give them a copy of I-140
 
its generally the case, where these loan officers doesn't understand the Immigration process.

I also had to go thru it. I would suggest to give them a copy of I-140 approval. that is an approved doc, than a pending I-485.

Good part is, the Underwriters generally know about the immigration process and would take 1-140 approval doc as a valid doc.

Dont worry, your loan will be approved.

chandsri81 04-25-2010 04:16 PM

Thank you for your reassurance. I will Give the bank the I140 notice as well. I would hate to lostme the house after coming so far. Which bank did you go with?

bpratap 04-25-2010 04:38 PM

Bank
 
I was dealing with GMAC Bank, But I know friends who used Wells Fargo & BAC with the status of AOS pending.

these People generally get nervous when they see a pending status, Approved I-140 will definitely help.

Good Luck !

chandsri81 04-27-2010 08:53 AM

Thank you! I have sent them my I-140 and 485 and also past and present EADs to show that this is something that needs to be renewed every 2 years.

Keeping my fingers crossed now..

va_dude 04-27-2010 09:52 AM

Check the forums for a link to a document that indicates that Banks do accept EAD, etc.

I have refinance with BoA and it went thru just fine. I tried to find the correct link but haven't found it yet. If i do, i'll send it across.

But do a forum search for refinance, etc.


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