Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors)

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Rainmaker
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Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

What the hell?  I agree with Kenneth J. Jones.  Lets not blow this thing up into making it something that it is not.

Every foreign national, visitor or immigrant buyer that I have worked with always have their own attorney or tax accountant, as they all should.

Eve

Jan 30, 2017 09:41 AM
Rainmaker
1,487,544
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Gita Bantwal, I have several buyers with same questions, I've advised them to speak with an attorney as it's a legal question I can not answer. I do have a letter from an Immigration attorney one of my clients forwarded over to me, basically telling them not to leave the US at this time and speak with an attorney with any questions they might have.

Jan 30, 2017 08:18 AM
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Hi Gita --- here is the verbiage directly from Fannie Mae's and HuD's selling guide: The short answer is buyers with an H1 Visa are fine to purchase ---- it is made much easier when they're buying a primary residence and they have a social security number.  The recent Executive actions should have no effect on lenders and the funding of loans for foreign workers, green card holders, or others looking to buy.

 

Non–U.S. Citizen Borrower Eligibility Requirements

Fannie Mae purchases and securitizes mortgages made to non–U.S. citizens who are lawful permanent or non-permanent residents of the United States under the same terms that are available to U.S. citizens. Fannie Mae does not specify the precise documentation the lender must obtain to verify that a non–U.S. citizen borrower is legally present in the United States. The lender must make a determination of the non–U.S. citizen’s status based on the circumstances of the individual case, using documentation it deems appropriate.

 

FHA 4000.1

(b) Non-Permanent Resident Aliens

A Borrower who is a non-permanent resident alien may be eligible for FHA insured

financing provided:

· the Property will be the Borrower’s Principal Residence;

· the Borrower has a valid SSN, except for those employed by the

World Bank, a foreign embassy, or equivalent employer identified by

HUD;

· the Borrower is eligible to work in the United States, as evidenced by

the Employment Authorization Document issued by the USCIS; and

· the Borrower satisfies the same requirements, terms and conditions as

those for U.S. citizens

The Employment Authorization Document is required to substantiate work

status. If the Employment Authorization Document will expire within one

year and a prior history of residency status renewals exists, the Mortgagee

may assume that continuation will be granted. If there are no prior renewals,

the Mortgagee must determine the likelihood of renewal based on information

from the USCIS.

A Borrower residing in the U.S. by virtue of refugee or asylee status granted

by the USCIS is automatically eligible to work in this country. The

Employment Authorization Document is not required, but documentation

 

substantiating the refugee or asylee status must be obtained.

Jan 30, 2017 11:40 AM
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Gita... I'm not sure this is so much a lender question as an attorney question for one specializing in immigration issues. Let us know what you find out.

Jan 30, 2017 08:24 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Personally, I wouldn't want to own property in a country I didn't have permanent residence in.  Managing a rental in another state is bad enough, can you imagine doing so from another country!

Jan 30, 2017 10:12 AM
Rainmaker
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Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Great answers especially Kenneth J. Jones ..not a new problem..seek an attorney's advice.

Jan 30, 2017 09:32 AM
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Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      Hi, Gita. 

      You know that my wife is from India.  I have helped her friends and relatives buy and sell real estate in America.  I also work with friends from China who buy, sell, or lease from time to time. 

      My first international transaction was in the 1980's.  I have always used a Title Attorney Law Firm.  Those lawyers give the legal advice, they prepare the deeds and do the closings. 

Jan 30, 2017 09:14 AM
Rainer
77,342
Christina Hayes
Everlasting Credit Repair - Morristown, TN
Credit Repair Expert

H-1 is just a work visa.  H-1B which is most likely what you are speaking of has to do with their residential status in the country.  And yes they can purchase a home with 20% down.  They will need a foreign national lender, or a local lender who specializes in foreign national loans.  

Has your client spoken to a specialized lender? If not I can recommend several. 
Have a great day... =)

Jan 30, 2017 02:35 PM
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

I'll be interested to see what's said. Perhaps John Meussner , Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi or George Souto will weigh in

Jan 30, 2017 07:51 AM
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Gita Bantwal These are scary times for all.  Thanks for asking the question. I will watch for answers.

Jan 30, 2017 07:39 AM
Rainmaker
1,521,521
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

As Beth Atalay wrote. Ultimately, the loan underwriters will be the deciding parties.

Jan 31, 2017 06:41 AM
Rainer
51,313
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

Many lenders will not do them,but the minimum requirements are the following:

  • 2 years residency (common)
  • 2 years of credit history (common)
  • 2 years of employment (common)
  • Must have a Social Security Number
  • Must Have an EAD
  • Min. down 10% but normally 20-30%
  • Find a lender can be very difficult,due to the possibility of property vacancy......I hope this helps.
Jan 30, 2017 09:36 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a good question at this uncertain time.

Jan 30, 2017 08:26 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I can understand their concerns, it may be a while before anyone knows what is going on with this type of thing.

Jan 30, 2017 08:21 AM
Rainmaker
984,194
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

If they invest in $1,000,000 in urban or $500,000 in rural they are eligible to stay. In our area, a termite infested condo 2 br 1 ba start at $1.05M in Sunnyvale or $1.6M for a fix-upper entry level home in not good part of Silicon Valley.  Want to try something closer to Google double that....   

Show me your wallet and quit worrying about your legal status. Money $$ talks.

Jan 30, 2017 08:14 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Have not run into this issue, so interesting reading the comments.

Feb 01, 2017 10:47 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This may not be a question that can be answered by loan officers.

Jan 31, 2017 06:00 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for all the answers . 

Jan 31, 2017 04:29 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

John Meussner nailed this one!

Jan 31, 2017 03:54 AM
Rainmaker
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Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I learned something today from the question and answers.  Thanks!

Jan 30, 2017 11:15 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Gita Bantwal - I have come across this situation in past - and it was okay.

Now things are a bit different!

Jan 30, 2017 11:07 PM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I had the same thing happen last year with a buyer - first time ever!  The lender will have to make the determination as to whether or not they can/should move forward and counsel them accordingly.  

Jan 30, 2017 07:43 PM
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Wait for things to settle down.

Jan 30, 2017 12:51 PM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Can always rent it out worse case and then return to it in time...No lose here

Jan 30, 2017 12:28 PM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Will have to see the answer coming in.

Jan 30, 2017 10:09 AM
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Speak with local attorney

Jan 30, 2017 09:39 AM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

I don't know

Jan 30, 2017 09:13 AM
Rainmaker
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Yolanda Cordova-Gilbert
Richmond, TX

Great question and I would advice them to speak with an attorney.

Jan 30, 2017 08:48 AM
Rainmaker
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

They should have second thoughts....

Jan 30, 2017 08:44 AM
Rainmaker
1,157,264
FN LN
Toronto, ON

We don't have this visa in our great nation.

Jan 30, 2017 08:38 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

this is just so damaging on so many levels....

Jan 30, 2017 08:38 AM