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Buying Land To Build House On H1b Visa On A Mortgage

Discussion in 'General Discussions - USA & Canada' started by Purnaraj19, Feb 28, 2018.

  1. Purnaraj19

    Purnaraj19 Silver IL'ite

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    hello all!
    Has anyone secured a mortgage to buy land and build house in USA while being on h1b visa. Is it possible to get a mortgage from a bank to do this? Would really appreciate your input on this. Many thanks.

    Purna.
     
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  2. Grace09

    Grace09 Senior IL'ite

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    Hi OP,

    Yes I got mortgage to buy a home ( though not land & build on it) about 3 years ago while on h1b. Not only that I have also taken out personal loans from banks. Not sure if rules have changed since then. How I went about it to call various mortgage lenders for pre-qualification of loan, where they run your credit, get all ID, pay & tax documents and decide the amount they can lend and at what interest rate. Based on this pre-qualification, I made my budget and contacted a real estate agent and made an offer on a house that fell in the range of mortgage I was pre-approved for. The most important document in your offer to buy a property is mortgage pre-approval letter as it lets seller know you can pay and thus increases chances of acceptance of your offer.
    Good luck with you home buying search.
     

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