Can F1 student apply for mortgage?

Asked by 564981239, Philadelphia, PA Sat Sep 21, 2013

I'm an PhD student (F1 visa). I wanna buy a condo or studio in the center city of Philadelphia, maybe around 150K and I can down pay around 50K. I have been here for 2 years and still 5 years to go, I'm planning to stay here after graduation. My credit score is around 670~700. My salary is 2100 per month before tax (actually my parents are going to pay for it monthly, but they are in my home country. So even if they cannot pay on time, my salary can afford the payment).

I wanna know any banks in the philadelphia area can provide me mortgage regarding my situation? Thanks,

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Answers

12
John Thomas, Mortgage Broker Or Lender, Newark, DE
Sun Sep 22, 2013
Hello,

The F-1 Visa for students is not an acceptable Visa for traditional mortgage loans which include: Conventional, FHA, VA, and USDA loans. Here are the guidelines:

Non-permanent resident aliens are non-United States citizens who are permitted
to reside in the United States on a temporary basis and may have been granted
authorization to work in the U. S. by the U. S. Citizenship & Immigration
Services (USCIS). These borrowers follow the non-permanent resident alien
guidelines.

These Non-permanent resident aliens must have valid visas or other
proof of legal residency.

Acceptable visas include but are not limited to E-1, H-
1B, H 2A, H-2B, H-3, L-1, G series and O-1.
For more information about visas, visit the USCIS website:
http://www.uscis.gov/portal/site/uscis

You would need to find a bank that lends to foreign nationals and they will probably want 40-50% down payment.

John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage, Inc.
610-906-3109 PA Office
302-703-0727 DE Office
410-412-3319 MD Office
1 vote
Michael Solo…, Agent, Huntingdon Valley, PA
Wed Sep 25, 2013
Call me i work with a few lenders that might have a mortgage program for your situation.Once i get you preapproved for a mortgage we cam focus on finding you a home to buy

Michael Solomon
Realty Mark Associates
215 583 7777 office
215 421 2121 cell
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Tue Sep 24, 2013
This is not that diffacult to do just follow the steps 1) Contact one of the two people that responded to you Alan or John Thomas 2) Contact a Realtor that has worked with an international Buyers 3) Start the house hunting process 4) settle the house 5) Live happy ever afterter Cakk me in my office when you get preapproved 215-725-5700 X49

Philip Cunningham
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700 X49 cell 267-934-1971
Philcunningham2004@yahoo.com
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Mon Sep 23, 2013
Here are the guidelines for non permanent resident aliens

Non-permanent Resident Aliens
Non-permanent resident aliens must provide evidence of a valid, acceptable visa. A copy of the unexpired visa must be included in the loan file evidencing one of the following visa classes:
• A Series (A-1, A-2, A-3)- given to officials of foreign governments, immediate family members and support staff. Only those without diplomatic immunity, as verified on the visa, are eligible.
• E-1 Treaty Trader and E-2 Treaty Investor- this visa is essentially the same as an H-1 or L-1; the title refers to the foreign country's status with the United States.
• G series (G-1, G-2, G-3, G-4, and G-5)- given to employees of international organizations that are located in the United States. Some examples include the United Nations, Red Cross, World Bank, UNICEF and the International Monetary Fund. Verification that the applicant does not have diplomatic immunity must be obtained from the applicant's employer and/or by the viewing the applicant's passport.
• H-1 (includes H-1B and H-1C), Temporary Worker- given to foreign citizens temporarily working in the United States.
• L-1, Intra-Company Transferee- given to professional employees whose company's main office is in a foreign country.
• O-1A- given to individuals with an extraordinary ability in the sciences, education, business, or athletics (not including the arts, motion pictures, or television industry)
• O-1B- given to individuals with an extraordinary ability in the arts or extraordinary achievement in the motion picture or television industry
• O-2- given to individuals who will accompany an O-1 artist or athlete, to assist in a specific event or performance.
• TN, NAFTA visa- used by Canadian or Mexican citizens for professional or business purposes.
• TC, NAFTA visa- used by Canadian citizens for professional or business purposes.

It appears that an F1 visa does not fit these guidelines for conventional financing.



Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Mon Sep 23, 2013
Here are the guidelines for non permanent resident aliens

Non-permanent Resident Aliens
Non-permanent resident aliens must provide evidence of a valid, acceptable visa. A copy of the unexpired visa must be included in the loan file evidencing one of the following visa classes:
• A Series (A-1, A-2, A-3)- given to officials of foreign governments, immediate family members and support staff. Only those without diplomatic immunity, as verified on the visa, are eligible.
• E-1 Treaty Trader and E-2 Treaty Investor- this visa is essentially the same as an H-1 or L-1; the title refers to the foreign country's status with the United States.
• G series (G-1, G-2, G-3, G-4, and G-5)- given to employees of international organizations that are located in the United States. Some examples include the United Nations, Red Cross, World Bank, UNICEF and the International Monetary Fund. Verification that the applicant does not have diplomatic immunity must be obtained from the applicant's employer and/or by the viewing the applicant's passport.
• H-1 (includes H-1B and H-1C), Temporary Worker- given to foreign citizens temporarily working in the United States.
• L-1, Intra-Company Transferee- given to professional employees whose company's main office is in a foreign country.
• O-1A- given to individuals with an extraordinary ability in the sciences, education, business, or athletics (not including the arts, motion pictures, or television industry)
• O-1B- given to individuals with an extraordinary ability in the arts or extraordinary achievement in the motion picture or television industry
• O-2- given to individuals who will accompany an O-1 artist or athlete, to assist in a specific event or performance.
• TN, NAFTA visa- used by Canadian or Mexican citizens for professional or business purposes.
• TC, NAFTA visa- used by Canadian citizens for professional or business purposes.

It appears that an F1 visa does not fit these guidelines for conventional financing.



Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes
Gregorio Den…, , San Diego, CA
Sun Sep 22, 2013
I'm so glad at least 1 person here knows what an F-1 is and that you cannot obtain financing with one. Thank you John for your answer.
0 votes
Joshua Stein, Agent, Conshohocken, PA
Sun Sep 22, 2013
Don's right. The green card is key. I've seen a few deals fall apart recently because of green card issues.

Best of luck on your purchase!

Joshua Stein, REALTOR®, e-Pro
Coldwell Banker Preferred – Conshohocken

Office:(610) 828-9558 * Cell: (215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894
Email: jstein@cbpref.com
Web: http://www.joshuasteinhomes.com
Blog: http://jsteinhomes.wordpress.com/
PA License #RS317975
0 votes
Farirai Fund…, , Philadelphia, PA
Sat Sep 21, 2013
Hi

I purchased my first home my Junior year at Temple University. Being from Zimbabwe I was on an F1 student visa at the time so I can relate. Please give me a call, shoot me an email or feel free to text me. Also take the time to go to my website to view what's available in specter city. My information is below.

Farirai Fundira
2156090932
Ffundira@buyandsellpahomes.com
http://www.buyandsellpahomes,com
0 votes
Genevie Brown, , Philadelphia, PA
Sat Sep 21, 2013
Based on the information that you provided, you should be able to obtain financing. I would welcome the opportunity to assist you with the buying process and get you connected with a mortgage lender. Please feel free to contact me.

Genevie E. Brown
Realty Mark Cityscape
267-414-4838
0 votes
James G Brop…, Agent, Phila, PA
Sat Sep 21, 2013
Based on verification of income and credit as stated, you should be able to obtain financing. I can have you preapproved for financing for no up front cost or obligation and that way you will have someyhing, in writing, that will state that you can be approved for any financing etc.

Jim Brophy
Associate Broker
RE/MAX 2000
215-698-2063
0 votes
Don Sherman, Agent, Philadelphia, PA
Sat Sep 21, 2013
Good afternoon;
As long as you have a green card you will be able to get a mortgage.
As far as your parents making the monthly payments, that will not have an effect on being approved for b the mortgage as only persons applying are considered to be responsible for making the payments.
I would like to speak with you in detail regarding the buying process and getting you with a mortgage lender.
My best;
Don Sherman
Century21 Advantage Gold
Cellphone-267-716-8228
Email-realtor94@gmail.com
0 votes
Andre Keith…, Agent, Philadelphia, PA
Sat Sep 21, 2013
Yes. Please call me at 267-249-6645 Andre Robinson. I can help you.
Web Reference:  http://www.andrerobinson.com
0 votes
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