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Old 03-24-2014, 09:56 PM
 
1 posts, read 1,083 times
Reputation: 10

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Hi,

I am a first time home buyer on a non resident visa and recently started the mortgage process. Our rates were locked and the rate lock documents signed by us and the mortgage agent. However, we were later informed us that the rate needs to be increased by more than 0.25% since we are on a non-resident visa and he could not convince the lenders for a Jumbo loan (which was the one giving the lower rate at that time). We checked with other mortgage lenders, and on a preliminary check they said they do not mind the non-resident visa status.

Has anyone else who is on a non-resident visa experienced this? Also, to change the rate now, does the underwriting need to provide us with a document stating say, they will approve only this type of loan in order to approve, or is an email from the agent enough to do that?

If anyone knows about the process/has had any similar experience, replies are greatly appreciated. Thanks!
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Old 03-25-2014, 07:01 AM
 
Location: Austin
7,238 posts, read 19,876,658 times
Reputation: 9967
If you were locked for a specific loan and you're not able to obtain that type of loan, then yes, your rate can/will change to get you into the loan that you qualify. Just because you're locked at one rate doesn't mean that rate goes for all programs available. You can only get the rate that is specific to what you're approved for.

Yes, they will send you new disclosure forms because all the numbers would have changed. No, and email is not good enough.
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Old 03-25-2014, 09:48 AM
 
3,805 posts, read 8,611,872 times
Reputation: 4963
Quote:
Originally Posted by firsttimehomebuyerhere View Post
Hi,

I am a first time home buyer on a non resident visa and recently started the mortgage process. Our rates were locked and the rate lock documents signed by us and the mortgage agent. However, we were later informed us that the rate needs to be increased by more than 0.25% since we are on a non-resident visa and he could not convince the lenders for a Jumbo loan (which was the one giving the lower rate at that time). We checked with other mortgage lenders, and on a preliminary check they said they do not mind the non-resident visa status.

Has anyone else who is on a non-resident visa experienced this? Also, to change the rate now, does the underwriting need to provide us with a document stating say, they will approve only this type of loan in order to approve, or is an email from the agent enough to do that?

If anyone knows about the process/has had any similar experience, replies are greatly appreciated. Thanks!
They are lying. Change lenders.

If you do proceed, they will send you a Change of Circumstance form.
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Old 03-26-2014, 09:09 AM
 
Location: Southern California
4,453 posts, read 6,088,911 times
Reputation: 2226
Quote:
Originally Posted by firsttimehomebuyerhere View Post
do not mind the non-resident visa status.
They don't mind, they might just charge you a higher rate.
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