Meaning of "lender must determine the likelihood of renewal, based on information from the BCIS"?

Asked by Abhigyan Singh, Pittsburgh, PA Tue Feb 19, 2013

Currently i am on L1B Visa and i still have 11 month left, I have not applied for extension yet, and i can apply for extension after 5 month(6 months before expiry)

HUD guide lines for FHA says

If the authorization for temporary residency status will expire within one year and a prior history of residency status renewals exists, the lender may assume continuation will be granted. If there are no prior renewals, the lender must determine the likelihood of renewal, based on information from the BCIS.

now i do not understand meaning of " the lender must determine the likelihood of renewal, based on information from the BCIS"

Can anyone help me in this

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Answers

6
Claire Basti…, Agent, Fridley, MN
Mon Feb 25, 2013
If you have just arrived here, and have no prior renewal of your Visa, then the bank or lender will determine whether or not they will be able to loan you funds based on the likelihood of you getting an extension from the US Government Agency associated with Homeland Security, the USCIS or BCIS.

I would also not use FHA for a loan if you are planning on making an investment as unless you are going to put down sufficient collateral, you will be paying a larger sum for Mortgage Insurance to FHA than you might with a Conventional Mortgage Loan. Depending on what you wish to purchase, it might be easier to get underwritten with a Conventional Mortgage.

I would connect with an Exclusive Buyers Agent in your area, you can use http://www.Naeba.com the National Association of Exclusive Buyer Agents to find one, and get their advice on lenders.
You need the best representation possible and the help from an EBA to find the correct lender for your needs. If you are going to be transferring funds internationally you especially want to work with someone in advance of making any transfers as there are guidelines your underwriter will want you to work within in order to make ensure they can track the funds. I had a client transfer funds from an out of country account and it was necessary to delay the closing until the original account statement for that 30 day period could be reviewed by the underwriter. So you want to make sure that you move forward with the best advice possible.

I hope this is helpful. Good luck with your home purchase and your Visa Extension!

Claire@breg-tc.com
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Fri Feb 22, 2013
Hi Abhigyan Singh, consult a mortgage lender
0 votes
Matt Christe…, , Prior Lake, MN
Fri Feb 22, 2013
Here is the answer I got back from my underwriter;

All 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:
• E-1 Treaty Trader: 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, G-5): these visas are 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: this is the most common visa given to foreign citizens who are temporarily working in the United States.
Note: H-1B1 is not eligible.

If the authorization for temporary residency status will expire within one year, the likelihood of renewal must be determined, based on information from USCIS.

not much of an answer from them, but I hope it helps.
0 votes
Christopher…, Agent, Bloomington, MN
Thu Feb 21, 2013
Why not just ask Lisa? She is not going to lie to you. That is why we hired her as our loan officer in the first place.
0 votes
Matt Christe…, , Prior Lake, MN
Tue Feb 19, 2013
Abhigyan,

Sorry for the typo in your name, it wont let me go back and edit it. My apologies.

-Matt
0 votes
Matt Christe…, , Prior Lake, MN
Tue Feb 19, 2013
Abhifyan,

I have not dealt with this specific situation before. I will foward your question to an underwriter and post back here when I get an answer.

-Matt Christensen
0 votes
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