Buying first house with mortgage on H1B

Asked by John, Sarasota, FL Tue Mar 6, 2012

We want to buy a house with a mortgage, but we are required to provide the following:

• With the acceptance of an H1B visa class HUD also requires
continuance of income that can be documented for three years.

Which is almost impossible to get, who is going to get a letter from an employer saying that?
I have everything else but this point, what can we do?

Thanks!

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Answers

4
John, Home Buyer, Sarasota, FL
Wed Mar 7, 2012
Well, this gives me a little bit of hope, I'm currently paying almost $1700 on rent so we really want to move from renting.

Where do I get these requirements? The loan officer give me that
0 votes
Gregorio Den…, , San Diego, CA
Wed Mar 7, 2012
Annette is correct. Your loan officer is asking for the impossible. On a standard VOE it need only be noted the likelihood of continuance. In every case I have seen where people ran into problems, it was due to loan officer error in asking the wrong question.

Where did you get this statement from? "With the acceptance of an H1B visa class HUD also requires
continuance of income that can be documented for three years. "

The only place I see it through Google is an agents blog on Trulia.
0 votes
Annette Levi…, , New York, NY
Wed Mar 7, 2012
All we ask your employer is if the expect your employment will continue. No one gets a letter saying it will last for 3 years more. The mortgage officer who told you this doesn't know what they are doing. We ask for child support, alimony, disability and annuity payments to last 3 years or more in order to use that income to determine DTI.
0 votes
Raffie Hamil…, Agent, Sarasota, FL
Tue Mar 6, 2012
Call Keith Hamilton @ First Federal Bank of Florida 941-685-2443
0 votes
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