U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-30-2015, 12:05 PM
 
39 posts, read 34,583 times
Reputation: 11

Advertisements

Hello everyone,

Finalising on buying a home. One of the lenders i visited turned down a mortgage because i have less than 2 years of work history. What are my options?

I have a stable job with a letter from my employer than i will be working with them for atleast 2 years upto 2017 march and then re-appointment every 2 years.

Me and my wife make decent money and can afford a 450-500k home with our income, we are not looking to spend more than 270-300k anyways.

What are our options?

We are LPRs will be applying for citizenship in 3 years.
Reply With Quote Quick reply to this message

 
Old 06-30-2015, 01:10 PM
 
Location: Austin
7,078 posts, read 16,898,623 times
Reputation: 9484
Try Compass BBVA as they work with Foreign Nationals all the time. The work history might be a huge issue, but doesn't hurt to ask them.
Reply With Quote Quick reply to this message
 
Old 06-30-2015, 05:08 PM
 
3,318 posts, read 7,257,563 times
Reputation: 4100
Quote:
Originally Posted by Aronwright View Post
Hello everyone,

Finalising on buying a home. One of the lenders i visited turned down a mortgage because i have less than 2 years of work history. What are my options?

I have a stable job with a letter from my employer than i will be working with them for atleast 2 years upto 2017 march and then re-appointment every 2 years.

Me and my wife make decent money and can afford a 450-500k home with our income, we are not looking to spend more than 270-300k anyways.

What are our options?

We are LPRs will be applying for citizenship in 3 years.
You should be able to obtain a mortgage. It is similar to someone new to the workforce (out of college, etc)

Question is: describe your income. Are you full time employees with guaranteed minimum work week/base salary? W2d?
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 04:51 PM
 
Location: MID ATLANTIC
7,600 posts, read 17,629,190 times
Reputation: 8084
I will reach out to you via DM tomorrow. (I am a bit under the weather today). My organization lends to foreign nationals here on a VISA. (We have done loans without a SS#) What type of VISA do you have? Not having a SS# does not mean no credit references required, but we certainly understand no or low scores due to the short time in the country. We will verify prior housing payments, jobs, and assets. There are restrictions on what income and assets can be counted that is not in the US. Documents not in English require translation.

More tomorrow...the loan you seek is not widely found, talk to as many people as you can, but use caution letting everyone pull credit. Not being in the US for a long time will strain what scores you have.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 05:07 PM
 
3,975 posts, read 3,142,030 times
Reputation: 2210
Quote:
Originally Posted by Aronwright View Post
Hello everyone,

Finalising on buying a home. One of the lenders i visited turned down a mortgage because i have less than 2 years of work history. What are my options?

I have a stable job with a letter from my employer than i will be working with them for atleast 2 years upto 2017 march and then re-appointment every 2 years.

Me and my wife make decent money and can afford a 450-500k home with our income, we are not looking to spend more than 270-300k anyways.

What are our options?

We are LPRs will be applying for citizenship in 3 years.
Are you one of those who are driving up house prices?
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 05:54 AM
 
39 posts, read 34,583 times
Reputation: 11
Quote:
Originally Posted by Pfhtex View Post
You should be able to obtain a mortgage. It is similar to someone new to the workforce (out of college, etc)

Question is: describe your income. Are you full time employees with guaranteed minimum work week/base salary? W2d?
Full time , both of us.

Income in 170s with wife's overtime and everything.

I am salaried , my wife is hourly.

Both of us have greencards and not a visa.


Quote:
Originally Posted by SmartMoney View Post
I will reach out to you via DM tomorrow. (I am a bit under the weather today). My organization lends to foreign nationals here on a VISA. (We have done loans without a SS#) What type of VISA do you have? Not having a SS# does not mean no credit references required, but we certainly understand no or low scores due to the short time in the country. We will verify prior housing payments, jobs, and assets. There are restrictions on what income and assets can be counted that is not in the US. Documents not in English require translation.

More tomorrow...the loan you seek is not widely found, talk to as many people as you can, but use caution letting everyone pull credit. Not being in the US for a long time will strain what scores you have.


We are not on a visa. As i mentioned we are LPRs (Legal Permanent Residents) and have a SSN.

Income right now is in 170s ( had a small rise last week !!) but this is our first year of working in america and the incomes will go up in the future.
We dont have too many expenses apart from a two car loans @ 250/m each.

We wont be moving back to england so we would be applying for Citizenship maybe by 2018.


We got our SSNs in dec 2013 and the scores are around 710-720 for both of us. They used to be more but we got a new car few weeks back and two new cc and the scores dropped.


Quote:
Originally Posted by Quaker15 View Post
Are you one of those who are driving up house prices?

not sure what you mean by that :|
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 06:54 AM
 
Location: MID ATLANTIC
7,600 posts, read 17,629,190 times
Reputation: 8084
LPR is not a term we use and my company provides loans in many countries. "Permanent Resident" is what is common for the industry.

Your lack of a two year history should not be an issue.
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 07:11 PM
 
19 posts, read 63,240 times
Reputation: 56
Quote:
Originally Posted by SmartMoney View Post
LPR is not a term we use and my company provides loans in many countries. "Permanent Resident" is what is common for the industry.

Your lack of a two year history should not be an issue.
I have a green card and my lender didn't even ask for more than 2 years of work history. I'd shop around.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top