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  #1 (permalink)  
Old 03-04-2009, 11:44 AM
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catopa is infamous around these parts catopa is infamous around these parts
Exclamation Home financing denied while on EAD

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.....
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  #2 (permalink)  
Old 03-04-2009, 11:57 AM
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Default This is getting ridiculous

I can understand rejecting loans for H1 since it is supposed to be temporary employment, but it does not make sense to reject for people on EAD.
I am in the process of refinancing, but I provided my H1 papers instead of EAD and my application was approved.

It is possible each company has a different policy. I went through Wells Fargo this time.
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  #3 (permalink)  
Old 03-04-2009, 12:01 PM
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Default EAD is not a valid status

First of all EAD is not a status. You need to provide them details on whether you are on H1B or AOS / Parolee (if used AP to travel or EAD to work).

Hope this helps.
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  #4 (permalink)  
Old 03-04-2009, 12:06 PM
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Default

I don't think this is a pattern, its probably specific just to the lender you were working with.

Frankly speaking the lender has the right to deny you the loan for whatever reason they feel is risky. So no point arguing with them.
Try another lender and hope it works.

-va_dude
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  #5 (permalink)  
Old 03-04-2009, 12:18 PM
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Default

In my case; I was offered a refinancing rate that was 0.5% more than what I would pay if I were a GC holder. The reasoning is the short term validity of H1. Ironically I wasn't discriminated 3 years ago when I bought my house. At that time; I even didn't have my labor cert cleared. Now 3 years down the line; I have cleared first 2 stages and applied to I-485; bank charges me more Weird!!!!
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  #6 (permalink)  
Old 03-04-2009, 01:08 PM
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validIV will become famous soon enough validIV will become famous soon enough
Default

Just refinanced with Chase. I have a pending I-485 and am on EAD. They just asked for all the paper work and it was a non issue. I think you just have a crappy lender.
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  #7 (permalink)  
Old 03-04-2009, 01:46 PM
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Default

What is your rate and who is your lender?

Quote:
Originally Posted by amit_sp View Post
In my case; I was offered a refinancing rate that was 0.5% more than what I would pay if I were a GC holder. The reasoning is the short term validity of H1. Ironically I wasn't discriminated 3 years ago when I bought my house. At that time; I even didn't have my labor cert cleared. Now 3 years down the line; I have cleared first 2 stages and applied to I-485; bank charges me more Weird!!!!
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  #8 (permalink)  
Old 03-04-2009, 01:56 PM
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hindu_king will become famous soon enough hindu_king will become famous soon enough
Default They didnt ask me any immigration documents

Thats ridiculous. I recently bought a home and got FHA loan from Chevy Chase Bank. To my surprise, they did not ask me a single immigration related document or any proof of legal presence. All they ever asked was a valid ID during closing, and I showed them my drivers license.
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  #9 (permalink)  
Old 03-04-2009, 01:58 PM
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validIV will become famous soon enough validIV will become famous soon enough
Default

Quote:
Thats ridiculous. I recently bought a home and got FHA loan from Chevy Chase Bank. They did not ask me a single immigration related document or any proof of legal presence. All they ever asked was a valid ID during closing, and I showed them my drivers license.
LOL. I think you meant JP Morgan Chase CHEVY CHASE is an actor.
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  #10 (permalink)  
Old 03-04-2009, 02:04 PM
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hindu_king will become famous soon enough hindu_king will become famous soon enough
Default Come on man!

Quote:
Originally Posted by validIV View Post
LOL. I think you meant JP Morgan Chase CHEVY CHASE is an actor.
Try www.google.com
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  #11 (permalink)  
Old 03-04-2009, 02:05 PM
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Chevy Chase is a bank in this part of the world!

I like the actor too btw...

Quote:
Originally Posted by validIV View Post
LOL. I think you meant JP Morgan Chase CHEVY CHASE is an actor.
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  #12 (permalink)  
Old 03-04-2009, 02:28 PM
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Default

Just FYI, on Form 1003 - Uniform Residential Loan Application:

https://www.efanniemae.com/sf/formsd...trans/1003.pdf

It asks on page 4 of Section VIII. Declarations, questions (j) and (k) - are you a citizen or permanent resident?
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Last edited by jung.lee; 03-04-2009 at 02:48 PM.
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  #13 (permalink)  
Old 03-04-2009, 02:49 PM
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Default I dont recall signing this

Quote:
Originally Posted by jung.lee View Post
Just out of curiousity, did you or your mortgage broker fill out Form 1003 - Uniform Residential Loan Application (or a similar form)?

https://www.efanniemae.com/sf/formsd...trans/1003.pdf

If so, what did you answer (since you must have signed the document) on page 4 of Section VIII. Declarations, questions (j) and (k) - are you a citizen or permanent resident?
I dont recall signing this but I've to go back and check.
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  #14 (permalink)  
Old 03-04-2009, 02:55 PM
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Default Loan denial ...

Quote:
Originally Posted by catopa View Post
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.....
A loan application can be denied for any reason and as amatter of fact due to current financial mess, lenders are very wary. So don't be surprised by denial. Try another place.

I secured loan after 2.5 months of constant battle. My lender tried all possible means to discourage me and only after I fired-back with technical arguments did they clear my loan. But than I was also asking for 5% down, which nowdays is no more entertained by lenders.

Try different sources and atleast you have the house in possesion. You will get a new lender, don't worry!
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  #15 (permalink)  
Old 03-04-2009, 03:17 PM
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Default I got an approval from DCU

I have a refi approval from DCU for a 15yr 5% 0pts and I am in AOS status. They did not have any issues with that.
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