Purchase a home while on H1-B through my LLC

Asked by Deepinder Singh, Somerset, NJ Fri May 4, 2012

I am interested in a new residential property. I am currently employed on H1-B issued in Oct 2011. My GC process has been just initiated. Is it legal and possible for me to purchase this property by creating an LLC? Would this be legal and/or create issues in my immigration process?

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Ian A. Wolf, Agent, Morristown, NJ
Fri May 4, 2012
Regarding legal questions it is best to contact an attorney. I can recommend one if you like. In the meantime, the main issue you will have is that unless you are putting down a significant down payment 25% or more, you will have trouble financing a purchase through an LLC. Especially a newly formed one. You could always transfer the deed to an LLC after the purchase, but just be aware that a mortgage company may evoke the due on sales clause and force you to transfer it back(as per the Garn St Germain Act of 1982). Your best bet is really to utilize a good agent who understand this along with a mortgage rep and attorney who do as well. Email me if you have any other questions, as I've done this before personally and may be able to refer you to some good resources.

Hope that helps.
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Could you recommend a Property Broker practicing in North Brunswick area (Central Jersey) who I can talk to and discuss my financials?
Flag Fri May 4, 2012
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