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-   -   buying house when I485 is pending (https://immigrationvoice.org/forum/forum2-retrogression-priority-dates-and-visa-bulletins/18085-buying-house-when-i485-is-pending.html)

fide_champ 03-22-2008 01:17 PM

buying house when I485 is pending
 
my greencard is filed under EB3 category and it looks like a long wait. My PD is 2003 Nov and i am an indian. We've been debating whether to buy a house when 485 is pending. what is the risk involved? how many people are in a similar situation? I have twin boys and they are 3 yrs old now and it's getting increasingly difficult to keep them in an apartment. Now with housing market going down as well, we are in a tight spot and have to make a decision quickly. I would appreciate any suggestion in this regard.

nc14 03-22-2008 01:43 PM

Go for it.
 
My PD is May 2004 in the same category. I think you should have also got your EAD (which gives the safety net). I bought my house in September last year and got a hefty discount from the builder (State - OH). I think, its a buyers market, if you have some stability at your job and if you also have the EAD than it is time to take the plunge.

No doubt, It's a good time to buy (but also depends on where you are located). FYI, I bought a new house in a community which was getting completed and got if for a good price. The good thing about something like this is that since the community is over now, the builder is not competing with the existing home owners for the same buyer.


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Quote:

Originally Posted by fide_champ (Post 232554)
my greencard is filed under EB3 category and it looks like a long wait. My PD is 2003 Nov and i am an indian. We've been debating whether to buy a house when 485 is pending. what is the risk involved? how many people are in a similar situation? I have twin boys and they are 3 yrs old now and it's getting increasingly difficult to keep them in an apartment. Now with housing market going down as well, we are in a tight spot and have to make a decision quickly. I would appreciate any suggestion in this regard.


venram 03-22-2008 05:54 PM

Depends on how long you would stay in or retain the house
 
Here is the key thing - now it is crystal clear that purchasing a house cannot be a short term investment. If you plan to buy a house, you should plan on staying in (or retaining it by way of renting) the house for at least 5 years. I feel, that should drive the decision of your buying the house or not. Visa status is just a very small factor in this decision. If you are not very confident of keeping your visa status valid until you get a green card, then quit the idea of buying the house for now.

I would think even if one has a green card in hand and cannot be sure of being in one place for at least 3-5 years, then quit thinking of buying a house until you secure yourself in one place for that kind of a term.


Quote:

Originally Posted by fide_champ (Post 232554)
my greencard is filed under EB3 category and it looks like a long wait. My PD is 2003 Nov and i am an indian. We've been debating whether to buy a house when 485 is pending. what is the risk involved? how many people are in a similar situation? I have twin boys and they are 3 yrs old now and it's getting increasingly difficult to keep them in an apartment. Now with housing market going down as well, we are in a tight spot and have to make a decision quickly. I would appreciate any suggestion in this regard.


enqueued 03-23-2008 12:39 AM

I will go for it
 
IMHO - go buy a house. We cannot freeze our lives for green card.

I bought one in the first year of my H1. I changed it last year. I am in the 9th year now. It is the *only* sensible investment I made.

Cheers.

insbaby 03-23-2008 01:20 AM

LIFE matters.
 
If you want to buy a home after you get your green card, mostly you will get after your retirement.

I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.

I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.

Who cares when life matters.

nixstor 03-23-2008 01:36 AM

Quote:

Originally Posted by insbaby (Post 232608)
If you want to buy a home after you get your green card, mostly you will get after your retirement.

I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.

I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.

who cares when life matters.

First sounded funny, then it made helluva sense.

gveerab 03-23-2008 03:35 AM

Go ahead and buy
 
Quote:

Originally Posted by nixstor (Post 232610)
First sounded funny, then it made helluva sense.

I suggest to go ahead and buy. I bought a townhome in California. I have been working here from last 8 yrs and thought enough is enough and bought the house.

if you have plan to stay here for more than 5 yrs you should not wait.

inspectorfox 03-23-2008 04:23 AM

Immigration uncertainties should not be a reason for not buying a house in the US. In my opinion its always best to buy a house considering it as a long term investment You will eventually build equity even though the present US housing market is in doldrums.

I played the housing game differently to minimize the risks associated with my present immigration scenario (I am on 8th year H1B with I140 pending since Oct 2006)...
1) I did not buy an expensive place even though I could easily qualify for $500K mortgage.
2) I put only 3% down payment on my mortgage instead of conventional 20%. It was a difficult decision to make due to PMI but I feel more secure with cash liquidity.

I am an optimistic person but here is my realistic backup strategy if anything falls apart due to immigration (Worse case scenario) -

1) Sell the house and move out of the US (Housing market conditions could be a determining factor)
2) Rent the house (I don't think this should be a problem... LOCATION is the key)
3) Go into Foreclosure (Highly unlikely but you are destined to be screwed anyways)

Does anyone have a better backup plan? Please share here :)

fide_champ 03-23-2008 06:04 AM

Quote:

Originally Posted by inspectorfox (Post 232621)
Immigration uncertainties should not be a reason for not buying a house in the US. In my opinion its always best to buy a house considering it as a long term investment You will eventually build equity even though the present US housing market is in doldrums.

I played the housing game differently to minimize the risks associated with my present immigration scenario (I am on 8th year H1B with I140 pending since Oct 2006)...
1) I did not buy an expensive place even though I could easily qualify for $500K mortgage.
2) I put only 3% down payment on my mortgage instead of conventional 20%. It was a difficult decision to make due to PMI but I feel more secure with cash liquidity.

I am an optimistic person but here is my realistic backup strategy if anything falls apart due to immigration (Worse case scenario) -

1) Sell the house and move out of the US (Housing market conditions could be a determining factor)
2) Rent the house (I don't think this should be a problem... LOCATION is the key)
3) Go into Foreclosure (Highly unlikely but you are destined to be screwed anyways)

Does anyone have a better backup plan? Please share here :)

That's interesting. You paid only 3% and how much loan you took and what's your monthly payment?

You guys are providing me with lots of encouragement. I very much appreciate your suggestions or inputs.

vrbest 03-23-2008 09:10 AM

I agree with all the posters here. I also went ahead and bought the house while on H1B. Me and my family are really happy with our decision.

I got 100% loan (80-20) with no PMI. both 30yrs fixed. You can try with Mortgage agents who would do better deal initially and may transfer loan to big companies later. I got it at 5.7% first and 7% second last year.
Best of luck on your new Home(Lifestyle)!

rima1805 03-23-2008 10:36 AM

Buy that home!
 
Quote:

Originally Posted by fide_champ (Post 232554)
my greencard is filed under EB3 category and it looks like a long wait. My PD is 2003 Nov and i am an indian. We've been debating whether to buy a house when 485 is pending. what is the risk involved? how many people are in a similar situation? I have twin boys and they are 3 yrs old now and it's getting increasingly difficult to keep them in an apartment. Now with housing market going down as well, we are in a tight spot and have to make a decision quickly. I would appreciate any suggestion in this regard.

We bought a townhome in my 1st yr of H1 as I had just got married and my wife (from India) was literally living out of her boxes in my 1-bed rm apt. My decision was based less on home being an investment (due to decling real est market, etc) and more on being a necessity. Try one of the "rent vs buy" online calculators to see how much more you would have to pay. For instance, I was shelling out ~1000 bucks a month on a decent 1 bed apt with garage; and now, I pay ~1500 on a 3 bed, 2.5 bath, 2 car garage townhome. This year I could also itemize my mortgage int payments and pay less tax too, where as the rent you pay every month goes straight into the drain! We recently had my parents from India stay for 6mo with comfort. Try that in an apt. In view of the GC situation, I'd go for a not-so-expensive but good neighborhood home so that you can 'enjoy' your life as others have rightly pointed out and sell it with lesser pain if you have to move & the housing market tanks. Good luck!

fedex_uscis 03-23-2008 11:03 AM

I am 28!!!
 
Buy home at 82,marry at 68.USCIS will never change, this Barack Obama will be stuck in name check.I am sure he will get stuck in FBI name check. AILA should apply GC for Barack and see where it goes?

ameryki 03-23-2008 09:59 PM

go for it mate. i bought a home in my 3rd year of H1 granted now I have Ead etc but immigration was never a factor when investing in a pad...hope this helps

mbawa2574 03-23-2008 10:57 PM

Go for it dude
 
This whole GC process is unpredictable. Don't waste ur life for it. Do whatever u think is best for you. It will be America on the loosing side if they deny u the GC after u have bought the home.

mariner5555 03-23-2008 11:23 PM

Quote:

Originally Posted by mbawa2574 (Post 232693)
This whole GC process is unpredictable. Don't waste ur life for it. Do whatever u think is best for you. It will be America on the loosing side if they deny u the GC after u have bought the home.

it is not just america losing - the person who has bought the house would lose his downpayment / equity too -not to speak of the mighty credit score - am I right ??
depends on yr situation and your priorities and more important the place where you are planning to buy. is it in florida, mich, Ohio, california or nevada (I guess no - else you would not have asked this question). if you think of a house as investment and you dont want to take a loss - then wait. if you need the space desperately and you are o.k with the prospect of yr house depreciating for couple of years - then go ahead and buy. BTW there was another thread where this was discussed in detail
http://immigrationvoice.org/forum/sh...ad.php?t=17986


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