Invetment property Mortgage problems - While in AOS

Hi all,

As usual I am back for some advice in this forum. We are planning to buy an investment rental property. We don't have our green card yet. We applied for I 485 (EB3 I 2006 PD). I am trying to understand what kind of challenges we might face trying to get a second mortgage. Our primary home lender denied our mortgage application saying that we don't have a GC, so we are not eligible for a second mortgage. Did anyone in this forum go through this process. Please help.

Thanks
Amul

Did you try other lenders ? There are lenders dozen a dime. Different lenders have different policies.

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Originally Posted by gcq

Did you try other lenders ? There are lenders dozen a dime. Different lenders have different policies.

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Thanks gcq. We are planning to shop around. We got little disappointed with the response we got from our primary lender. I just wanted to make sure that it is possible to get a second mortgage and get some insights if possible.

GCQ is right. You can find other lenders.

Tell that first lender - he is a bad businessman. Anybody can buy property in US and a lender has no restriction on lending money to people based on their visa status. It's a bad business decision if they don't want to lend you money when more than likely most of us have perfect credit history.

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Originally Posted by amulchandra

Hi all,

As usual I am back for some advice in this forum. We are planning to buy an investment rental property. We don't have our green card yet. We applied for I 485 (EB3 I 2006 PD). I am trying to understand what kind of challenges we might face trying to get a second mortgage. Our primary home lender denied our mortgage application saying that we don't have a GC, so we are not eligible for a second mortgage. Did anyone in this forum go through this process. Please help.

Thanks
Amul

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Originally Posted by qesehmk

GCQ is right. You can find other lenders.

Tell that first lender - he is a bad businessman. Anybody can buy property in US and a lender has no restriction on lending money to people based on their visa status. It's a bad business decision if they don't want to lend you money when more than likely most of us have perfect credit history.

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Thanks a lot for your response Q. We are shopping around now.

I am wondering if some one on this forum went through this process. I really appreciate if they could throw some more light on this. This is not merely an investment home but also could be our retirement home.

Regards
Amul

Quote:

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Originally Posted by amulchandra

Thanks a lot for your response Q. We are shopping around now.

I am wondering if some one on this forum went through this process. I really appreciate if they could throw some more light on this. This is not merely an investment home but also could be our retirement home.

Regards
Amul

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I am going to close on my first home in few weeks. Have no experience with investment homes. However I remember meeting an H1 guy who used to rent out 4 of his houses while on H1B.

During my home buying process, I also encountered different types of lenders. Some behave like a computer. If you provide them some inputs, they will provided some expected outputs. They won't put their brains to work. Then there is another lending officer whom I met who is so creative that he comes up with different solutions for different situations. So it depends on how creative and smart the lending officer is.