Home loans during AOS process

[Mrs.J06 4]

I just got off the phone with our "financial services specialist"/mortgage company (again). Apparently it's a problem to get my name on the home loan paperwork since I don't have a greencard yet!

Can this be possible? I read that illegal immigrants can officially get mortgages in California now, and I'm not even able to get my freakin' name on the application?

I had to be on my knees for a while to make sure she would at least put my name on the title application for our new home! We're married, geeeez, and as soon as I can work a substantial amount of my paycheck will go into the payments, too!

Just seems to be unfair! Sorry for the rant, can't take it out on hubby, he's in Germany this week (and I'm jealous, that's why I'm so cranky....)

Thanks for listening!

Carla

[Yodrak 7]

Carla,

My wife was an LPR when we bought a new home last year. Yet the mortgage lender told us that we'd have a stronger application (translation - get a lower interest rate) if I applied alone. Because I have a long and good credit history and she has a very limited credit history.

So that's what we did and my name only is on the deed and the loan papers.

Yodrak

I just got off the phone with our "financial services specialist"/mortgage company (again). Apparently it's a problem to get my name on the home loan paperwork since I don't have a greencard yet!

Can this be possible? I read that illegal immigrants can officially get mortgages in California now, and I'm not even able to get my freakin' name on the application?

I had to be on my knees for a while to make sure she would at least put my name on the title application for our new home! We're married, geeeez, and as soon as I can work a substantial amount of my paycheck will go into the payments, too!

Just seems to be unfair! Sorry for the rant, can't take it out on hubby, he's in Germany this week (and I'm jealous, that's why I'm so cranky....)

Thanks for listening!

Carla

[Mrs.J06 4]

Yodrak,

I do understand the credit history part of all this, but isn't it a classical "cat bites it's own tail" situation? I would like to be on the paperwork to show it during our AOS interview, and they don't want me on the loan because that interview hasn't been done yet....?

Plus, she didn't say anything about my lack of credit history, she only mentioned the fact that I'm not a LPR yet? I could have a lousy credit history, if I was a LPR already, she'd love to put me on the loan/title???

Just makes no sense at all to me!

[rebeccajo 14]

Oh this came up last week. Yeah, there are programs now that allow the borrower to get a loan without a social security number even.

But the BETTER loans with a low rate, low points, low down-payment or programs for first time buyers....you gotta have a green card.

And guess what else? GNMA, one of the major buyers of mortage loans backed by T-bills and notes is considering buying loans if you can't produce a social security number. And guess who a lot of those people would be......

[perfect 39]

we came across this also when we refinanced last year as I had only been married 6 weeks and in the country two months. What we were able to do though was get a notary public to sign a quick deed which showed me as having claim to the title. Not that this was important to me - it just meant that I had something I could show immigration and that in law, only my husband who is on the actual title and myself who was then named as having claim to the title would have any stake in the house if anyone else such as an ex-wife made any claim.

Now as a CPR with a green card and a one year work history I have been able to sign loan docs as a secondary borrower. There is a bit of a catch 22 because it was suggested that I could be a primary borrower as my credit score is betetr than my husband's (!) but then as I don't have a two year work history that was a big issue for most lending companies, so i'm the secondary borrower.

The whole 2-year credit histroy thing sucks because as someone else mentioned, you can be a PR or even a citizen and have a poo credit rating!

however....

[rebeccajo 14]

Not to be picky, but it's called a 'quit-claim' deed. They are done frequently to grant a spouse full marital interest in the property PLUS create a survivorship interest - meaning that if either spouse dies title is fully vested in the surviving spouse.

Some lender's won't permit any changes to the title as it can make foreclosure more difficult. Example - only one spouse is on the loan so legally only that person can be foreclosed upon. But subsequent spouse added to the title by virtue of a quit claim deed now has an interest in the property. Thus another legal step or two would occur during the foreclosure process, causing the lender to have more legal fees wrapped up in an already delinquent loan.

That being said, I executed a quitclaim deed to myself and my husband after we were married. My lender doesn't seemed to be alarmed about it.

Edited June 19, 2006 by rebeccajo

[WretchedMidget 0]

We had the same trouble. Besides only having 1 1/2 years of credit history here, my overall credit score was significantly higher than my husband's. He's had a bankruptcy in the past. They couldn't put me on the loan because I didn't have a greencard. Luckily, we found one that would at least use my credit history as a joint sponsor as long as he was the primary applicant and we still ended up with a low fixed-rate loan It would've been a lot easier if we could've just got it in my name, though...

[Mrs.J06 4]

Not to be picky, but it's called a 'quit-claim' deed. They are done frequently to grant a spouse full marital interest in the property PLUS create a survivorship interest - meaning that if either spouse dies title is fully vested in the surviving spouse.

Some lender's won't permit any changes to the title as it can make foreclosure more difficult. Example - only one spouse is on the loan so legally only that person can be foreclosed upon. But subsequent spouse added to the title by virtue of a quit claim deed now has an interest in the property. Thus another legal step or two would occur during the foreclosure process, causing the lender to have more legal fees wrapped up in an already delinquent loan.

That being said, I executed a quitclaim deed to myself and my husband after we were married. My lender doesn't seemed to be alarmed about it.

That's excellent advice, thanks so much! I will certainly inquire into that with our mortgage company! It just frustrated me to be treated as such a "non-person" and on the other hand having to furnish proof of joint property to USCIS....

Thanks again!

[Yodrak 7]

Carla,

Don't let immigration concerns dictate your financial actions. That could be a cat swallowing its own tail and choking to death on it.

Yodrak

Yodrak,

I do understand the credit history part of all this, but isn't it a classical "cat bites it's own tail" situation? I would like to be on the paperwork to show it during our AOS interview, and they don't want me on the loan because that interview hasn't been done yet....?

Plus, she didn't say anything about my lack of credit history, she only mentioned the fact that I'm not a LPR yet? I could have a lousy credit history, if I was a LPR already, she'd love to put me on the loan/title???

Just makes no sense at all to me!

Edited June 20, 2006 by Yodrak

[Fandango 1,439]

In FL, you can only get a loan if you have a gc. Well, that's not entirely true, you can apply for a foreign national loan, but that's about it,

[bettenan 1]

I just got off the phone with our "financial services specialist"/mortgage company (again). Apparently it's a problem to get my name on the home loan paperwork since I don't have a greencard yet!

Can this be possible? I read that illegal immigrants can officially get mortgages in California now, and I'm not even able to get my freakin' name on the application?

I had to be on my knees for a while to make sure she would at least put my name on the title application for our new home! We're married, geeeez, and as soon as I can work a substantial amount of my paycheck will go into the payments, too!

Just seems to be unfair! Sorry for the rant, can't take it out on hubby, he's in Germany this week (and I'm jealous, that's why I'm so cranky....)

Thanks for listening!

Carla

We took the mortgage in my name and I insisted (upfront) that the house be deeded jointly. I made it clear to our mortgage guy this was a must. He worked it out. I had the HUD-1 (paperwork from the transaction...nothing to do with HUD) in both of our name to bring to the interview. Very strong proof of our joint life together. It was not a problem, because I told the mortgage guy this was necesaary, when I began the transaction and he worked from there.