I (H-1B status, just effective this Oct./ no W2) and my boyfriend (F-1 status, Phd) plan to buy a condo around $250,000 in northern Virginia. We have $125,000 in hand for the down-payment. I make $33,000 per year, and my boyfriend gets $23,000 fellowship per year as an RA in his University. We have no loan, no credit card debt. Excellent credit score. Do we qualify for a $125,000 mortgage? Does a F-1 visa holder qualified as a borrower as well? Thanks!
Delaine,
Can you ask him if the F-1 Status is allowable for all conventional and FHA loans? I'm curious to know.
Hello, according to one of the lender's that I work with, who is local and very credible, he said that yes you can. Here is his contact information if you want additional information:
Peter S. Accolla II
Mortgage Banker
8405 Greensboro Drive, Suite 960
McLean, Virginia 22102
__________________________
MOBILE: (703) 888-6889
DIRECT: (703) 738-0912
FAX: (703) 738-0962
http://mcleanlending.com
I'm not sure about your boyfriend's F-1 status, but I do know you can get a loan with a H-1B Visa as a "Permanent Resident Alien".
I would have to double check to see if that's fine for FHA guidelines but I do know it's fine for conventional loans.
Yes you can however the approval requirements are tougher. My advice is to speak with a lender. We have an inhouse lender who would be happy to sit with you and discuss your options. Coldwell Banker prides itself on being able to offer clients a "one stop shop" Do not hesitate to contact me as we would be happy to assist you in your purchase and hold your hand through the entire home purchasing process.
Best Wishes
Lorraine
I've always been told that underwriting would require either a green card, H1 (3 year renewable visa), or an L1 (3 year renewable visa). This applies to conventional and FHA financing. I'm not faimiliar with an F1 visa.
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