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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. 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.
     
    Purnaraj19, Feb 28, 2018
    Purnaraj19, Feb 28, 2018
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  2. Feb 28, 2018 #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.
     
    Grace09, Feb 28, 2018
    Grace09, Feb 28, 2018
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