Financing in 84111>Question Details

Cyril Thomas, Home Buyer in Salt Lake City, UT

Are lenders lending to individuals with H1B here in Utah? I know that they do in NJ and California. How is the real estate market looking in SLC?

Asked by Cyril Thomas, Salt Lake City, UT Thu Jul 7, 2011

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Interesting that you haven't run into any lenders who have guidelines on Visa's, I'm fairly certain we all have them, but some lenders will accept certain types of Visa's when others would not, however in most situations when there has been a 2-year residency, credit and employment history in the U.S. then it is good enough - F Visa's can have some trouble qualifying.

We lend to individuals with H series Visa's. If it'll expire within 1 year, and a prior history of residency status renewals exist, then we should be OK with it, if it's over 1 year left then that is fine too. If you are sponsored by a specific employed we wouldn't need an EAD, just a passport & a letter from your employer/sponsor (we need more than just a SS card). I am with FNB Layton, out there in Layton, UT.
1 vote Thank Flag Link Thu Jul 7, 2011
I'm going to skip the first part of your question since the mortgage people have answered it quite well, but to answer your second question the market is still experiencing a downward trend, although only slight. I just did a blog post with the latest prices which are almost even year over year, with the greater avenues area up a little bit. I mainly focus on downtown Salt Lake so that's the market I am most knowledgeable in.
Keep in mind that government stimulus has poured trillions into the economy lately which is inflationary, so even slight price increases can be seen in a declining market if the nominal appreciation is less than the rate of increase of the monetary base, it can be very hard to analyse the market in these "stagflation" situations. Anyway the link to the latest stats is below.
0 votes Thank Flag Link Tue Aug 30, 2011
Hey Cyril, There are many Owner Financing options out there for you. check out my blog for details on the Mortgage Payment Assignment method. no bank qualifying. no cost or credit hit for the seller. the seller qualifies you directly based on your income and how much down payment you can make.
0 votes Thank Flag Link Fri Aug 5, 2011
I guess that I generally have the clients without residency go to larger banks (such as Wells Fargo, and B of A). It does take time to show employment history, and establish credit, that is to be expected, but it not changed based on your visa status.
0 votes Thank Flag Link Thu Jul 7, 2011
Cyril, did you realize that THOMAS is the 14th most common sir-name in the US?

Maybe we're related?

Shane did an excellent job of answering your question, I just wanted to chat.

From what I hear, SLC is one of the hardest hit areas of the Country for foreclosures. You should be seeing some really low prices.

Good luck and may God bless
0 votes Thank Flag Link Thu Jul 7, 2011
I have not talked to a lender that cares what the Visa status is of a borrower. They normally just want to have established credit, and verifiable income.

I have some friends here on a B1/B2 visa, who have gotten an ITIN, and are building credit using that number. They should be able to buy a home in a year or so.

Micah Olson
0 votes Thank Flag Link Thu Jul 7, 2011
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