Mortgage Lender for Foreign Nationals with Permanent Residency

Hi, We are about to go in contract for a multi-family house in Brooklyn. We are pre-approved with a mortgage broker but would like another option to compare, his fees and rates seem high. We need someone who is used to work with Green Card holders and self employed. I am hearing also that large banks do take more time to close on a mortgage even if they say 45-60 days? Any input on that? Thanks for any recommendations! EJ

destreet

in Mortgage 10 years and 6 months ago

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vthatcher | 10 years and 5 months ago

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I am a mortgage broker. I would love to work with you. Vanessa Thatcher http://brownstoner.staging.wpengine.com/vanessathatcher

destreet | 10 years and 6 months ago

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Thank you Klilly, I appreciate you took time to reply. Turns out that both options worked for us. We decided for the mortgage broker though.

klilly | 10 years and 6 months ago

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Green Card holders are no different as far as getting a mortgage is concerned than citizens. You will need the same as everyone else to get a mortgage; Excellent US credit, strong income and savings + plus reserves after the closing. As a self employed person/s again it is the same as US Citizens; if you have excellent adjusted gross income numbers for the past three years tax returns, ( I know, the self employed write everything off your taxes and the AGI does not reflect what you really make!) But Banks do not care, they go by AGI. If you have high AGI, you are rare specimen, then just about any major Bank or Mortgage Banker can get you a decent competitive rate. As a normal self employed person who’s AGI does not reflect what they really make, then you are relegated to the few Banks that are slowly beginning to do the “stated Income” loans. Yes, the rates are typically a bit higher. Yes, you will need to put at least 25-30% into the deal. And you will need to show that you have other assets that a person making the kind of money that you are claiming “should” have. But as a self employed person you will also be able to write off a lot more of the expenses. As for which Banks do the stated income loans, strangely this a is a strange answer, but here goes: ie if you have Polish ancestors or are Polish, The Polish Immigrants Credit Union. Flushing Savings depending on what business you are in…. Where do you keep your business accounts? You may need to move them to get a better rate on your mortgage etc.