Mortgage for H1B visa, is it time to start or any blocks ?

Asked by SP_Farmington, Farmington, CT Sat Feb 8, 2014

I am planning to buy a house in and around the Hartford county (most likely in Farmington). I am an H1B visa holder valid until October 2015. I have no history of previous renewals of Visa but my company has already started processing Labor Certification for my permanent residency (Green Card) which i expect in around 6 months that i will have an approvd status of i140 application and queued for Visa number for the status.
I have established my credit in the last 1.5 years and will be in an average range 650-699 with 4 accounts. I have NO more than $2500 as credits. Am i in good shape to start mortgage process and look for houses, i have a local Credit Union that i am planning to inquire but any other recommendations are most welcome.

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SP_Farmington’s answer
SP_Farmington, Home Buyer, Farmington, CT
Sat Feb 8, 2014
I meant to say $2500 as my overall debt from all 4 accounts (credit card) in my original question.

Per my reading, as long as i can close the transaction before 1 year of my visa expiry which is Oct 2014, i should be good for the mortgage - Is this correct ?

How does the point accumulation work ? If i get pre-approved for certain amount of $$$ say in 1 month, can i start saving money in the account every month to accumulate points (i read 1 point = 1% of the loan).

Does my plan below work:
- Apply for a mortgage, get pre-approved
- Start saving money in the loan account or the approving CU's account to get as much as possible for down payment so i can bring down the interest rates (but i cant make it 20% down)
- Look for properties in the meanwhile and close once we find the right property.

I would like to work with local agents that can assist me in the right way.
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