Financing in Tempe>Question Details

Mauricio Cor…, Renter in Tempe, AZ

Can I qualify for a loan if I'm on F-1 visa but with permission to work (OPT)?

Asked by Mauricio Cortés, Tempe, AZ Thu Aug 29, 2013

Hi, I'm on an F-1 visa but with permission to work called OPT, do I qualify for a loan? Chase already told me no even though I have good credit score, I just started working three months ago and have decent credit but only from two companies. What's the best way to go? I can put 20% down payment on property of around $100,000

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Have you spoken directly with a lender about this?
0 votes Thank Flag Link Fri Aug 30, 2013
I would suggest trying to talk to one of the Canadian banks that have branches in Tempe or Phoenix, and see what programs they have for foreign investors.
I live in Tempe, and would love to help you with your home search.

Steffy Hristova, MBA, SFR, Realtor®
HomeSmart
Tel: (480) 966-9353
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Thu Aug 29, 2013
As long as you are on an F1, you cannot get traditional financing. Without an H-1B, you would have to secure financing through non-traditional sources, hard money lenders etc.
0 votes Thank Flag Link Thu Aug 29, 2013
The OPT program only extends for 1 year on your student visa before you have to get a H-1B. You need to show a likelihood of continued employment to be eligible for financing and you cannot do that even with OPT. You may find a portfolio lender or hard money willing to do it, but you won't find traditional financing (Conforming, FHA, VA, etc.) while on an F-1.
0 votes Thank Flag Link Thu Aug 29, 2013
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