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Home Loan for Foreign National in US on O1 Visa?

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Services for Real Estate Pros with Christine Wade

Loan QuestionsThe buyer was brought over here by the U.S. government to work for one specific company because he had unique skills / abilities that no one here had and he has a 01 Visa (lets him work for this one company - if he gets fired before his permanent green card comes through I guess he has to go back to the UK), he has good credit in the UK - but no credit to speak of here in the US.  He has had 3 mortages over there.  He has "permanent employment" status with his company and is only a few months way from having a permanent green card - I guess he's been here for 16 or 17 months now. 

His down payment and income have all been verified, at this point it's all about the non-US credit history and his greencard status.  All other contingencies on the contract have been removed.  He was preapproved when the property went into escrow, but because of his Visa status I guess they will not fund the loan.

Do you have any suggestions or referrals for a loan that might be able to go through for him?  Has anyone been in this situation and how did it turn out?  Sale price is $675,000 with 20% down.  Thanks for any insight!

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BIO:  Christine Wade has successfully owned and operated a Real Estate Virtual Assistant business, specializing in Real Estate Support Services, since March of 2000. I have several accreditations and have received many client testimonials over the years.  I have over 26 years of administrative experience, I am a licensed agent in California (#01442002) and I specialize in on-going, value-based services provided to real estate agents and brokers...long term relationships with my clients are my greatest success stories. I was a contributing author over at RealBlogging.com, you can read my articles that I have written, all directed towards real estate professionals, by clicking here

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John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Christine that is a unique situation.  I would try emailing someone like Jim Crawford.  I bet he could help.

Mar 18, 2010 08:59 AM
Christine Wade
Christine Wade - Derby, VT
Operations Strategist / Online Business Manager

John - Thanks for your advice / referral.  I have a great gal here working on it with some progress right now, but if I don't get some guarantees (are there really ever any in life>) by Tuesday...I may have to call Jim!  Thanks again.

Mar 20, 2010 12:19 PM