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Best Mortgage Rates for Non-Citizens in New Jersey

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   posted: Apr. 26, 2008 @ 7:23a
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I have an employment visa (no citizenship; no permanent residency). Good credit score. Sufficient assets. Decent Income.

What I need now is good mortgage rates. Does anyone have any recommendations?

Many websites hide that they don't lend to people in my position. That's fine, but it's frustrating spending the time searching for up and down for this information only to find out I don't qualify.


The best rate I've found so far was through www.loansearch.com. It would be nice to deal with a bank/credit union directly. Any advice?

   posted: Apr. 26, 2008 @ 7:23a

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   posted: Apr. 26, 2008 @ 11:46a
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try BofA. I know atleast a couple who used them

   posted: Apr. 26, 2008 @ 11:53a
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We never had a problem getting great mortgage rate with only working visa, never an issue for us. We put 20% DP and 730 FICO score, we got 5% rate few years back. They never asked about citizenship either. We got it through local lender. Just go and visit them, instead of looking at websites - often time they will be willing to work with you.

   posted: Apr. 26, 2008 @ 1:29p
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Your citizenship has no relationship with the mortgage rate. Penfed will lend money to you.

   posted: Apr. 26, 2008 @ 1:37p
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You can try ING Direct. They lend based on credit, not nationality.


alextan

   posted: Apr. 26, 2008 @ 3:38p
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bozo007 said:Your citizenship has no relationship with the mortgage rate. Penfed will lend money to you.

I found a lender that was offering 5.75% for 30-years fixed. I met all their requirements -- credit score; assets; etc. But once they found out about the lack of citizenship, they said they would not lend to me.

   posted: Apr. 26, 2008 @ 3:40p
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newintechno said: We got it through local lender. Just go and visit them, instead of looking at websites - often time they will be willing to work with you.

That's good to hear. Any local banks/credit unions you would recommend?

   posted: Apr. 26, 2008 @ 3:54p
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GreedyinNJ said:bozo007 said:Your citizenship has no relationship with the mortgage rate. Penfed will lend money to you.

I found a lender that was offering 5.75% for 30-years fixed. I met all their requirements -- credit score; assets; etc. But once they found out about the lack of citizenship, they said they would not lend to me.

not an equal housing lender? did you ask why? it sounds like discrimination.

   posted: Apr. 26, 2008 @ 7:26p
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aeinstein said:not an equal housing lender? did you ask why? it sounds like discrimination.

No it is NOT discrimination, it is risk management. Depending on the expiration date of the work visa, the lender has a legitimate concern about being repaid. The whole credit crunch has caused many lenders to be more cautious.

A lot of banks and mortgage companies would be in far better shape now if they had exercised a little more caution in issuing loans when there were legitimate concerns.

I am not saying the OP is a greater risk. However, I can understand the bank/mortgage company's concern.

   posted: Apr. 26, 2008 @ 7:40p
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aeinstein said:GreedyinNJ said:bozo007 said:Your citizenship has no relationship with the mortgage rate. Penfed will lend money to you.

I found a lender that was offering 5.75% for 30-years fixed. I met all their requirements -- credit score; assets; etc. But once they found out about the lack of citizenship, they said they would not lend to me.

not an equal housing lender? did you ask why? it sounds like discrimination.

Thanks for your concern. It may be discrimination, but it's not illegal discrimination. Discrimination based on national origin is illegal; but citizenship/visa status discrimination is not considered to transgress that rule. http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea08.shtm

In any case, I just wish it was easier to filter out the banks not interested in my business.

   posted: Apr. 26, 2008 @ 8:01p
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Do you have a prospect to get a green card? The reason I ask is that H1-B visa maximum admission period is 6 years, and if your 6 years are up soon, buying a house can be a big risk.

If you have green card in the pipeline and fairly sure you can get it, it should not matter to the bank that you are citizen, perm. resident, etc.

If you were on a different visa than H1-B, things change. Buying a house in US shows ties to US, and next time you are getting a visa stamp in a foreign consulate, this might be grounds for rejection.

For example, someone on F1 student visa buying a house is asking for potential trouble, although the probability of "getting caught" is small.

   posted: Apr. 26, 2008 @ 8:26p
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tolamapS said:Do you have a prospect to get a green card? The reason I ask is that H1-B visa maximum admission period is 6 years, and if your 6 years are up soon, buying a house can be a big risk.

I'm on H1B; my employer will sponsor for green card next year. Maybe getting stuck with these less than ideal rates now and refinancing when the green card comes threw might be best.

   posted: Apr. 26, 2008 @ 8:38p
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You could head over to the mortgage forum at creditboards, and ask the brokers there.

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