houses hacking, prequalification's letter.
hello,
please i am looking for a agent who can help me buy a multifamily houses southern California with my employment authorization ' co8 ' and social security. i have a asylum pending case...
thank you.
Hi Chimi, A real estate agent does not issue you a preapproval letter...a lender would do that. Knowing your Visa Status is important as lenders are limited on the statuses they can lend to. Each lender might have a different approved status list. Check for lenders that lend in Southern California using "Foreign National" programs.
Quote from @Doug Smith:
Hi Chimi, A real estate agent does not issue you a preapproval letter...a lender would do that. Knowing your Visa Status is important as lenders are limited on the statuses they can lend to. Each lender might have a different approved status list. Check for lenders that lend in Southern California using "Foreign National" programs.
Ok. Thank you so much!
Quote from @Chimi Nayan:
hello,
please i am looking for a agent who can help me buy a multifamily houses southern California with my employment authorization ' co8 ' and social security. i have a asylum pending case...
thank you.
Hey Chimi, I have some lenders in my office that can do ITIN Loans for you if you are business owner and only would run off bank statements, and if you have employment. Let me know if you want their contact info.
ITIN: An ITIN can be issued to a U.S. resident alien or non-resident alien that files a tax return and is not eligible for a Social Security Number. An ITIN can also be issued to dependents and/or spouses of a U.S. citizen or resident alien.
Quote from @Chimi Nayan:
Quote from @Doug Smith:
Hi Chimi, A real estate agent does not issue you a preapproval letter...a lender would do that. Knowing your Visa Status is important as lenders are limited on the statuses they can lend to. Each lender might have a different approved status list. Check for lenders that lend in Southern California using "Foreign National" programs.
ok thanks .please can you sent me the contact information .thank you.
Quote from @Chimi Nayan:
Ok. Thank you so much!
I sent it to you! Check your messages on Biggerpockets
Quote from @Chimi Nayan:
hello,
please i am looking for a agent who can help me buy a multifamily houses southern California with my employment authorization ' co8 ' and social security. i have a asylum pending case...
thank you.
Hey Chimi,
If you have an SSN, and permanent residency here in the U.S., you won't need an ITIN loan. The interest rates on these are very high and you would be required to put at least 15% down.
Here are a few things a lender would need to know to prequalify you
1. Have you had stable income for the past 2 years?
2. Are you self-employed, or work a W2 job?
3. Have you filed your 2022 taxes already?
4. If self employed, have you been in business for the past 5 years?
5. Do you have 20% down? Most lenders require 20% down on 3-4 units on conventional loans. You could do 3.5% down on an FHA loan, but it must meet the self sufficiency test which is very hard to pull off especially in Los Angeles
Quote from @Chimi Nayan:
hello,
please i am looking for a agent who can help me buy a multifamily houses southern California with my employment authorization ' co8 ' and social security. i have a asylum pending case...
thank you.
Hi Chimi, I am in Escondido and offer an ITIN program loan. Sounds like would be the way to help you with your visa status. Happy to discuss. I will message you my info.
Quote from @Doug Smith:
Hi Chimi, A real estate agent does not issue you a preapproval letter...a lender would do that. Knowing your Visa Status is important as lenders are limited on the statuses they can lend to. Each lender might have a different approved status list. Check for lenders that lend in Southern California using "Foreign National" programs.
ok. can i have you phon number please.
HI Chimi, there is FHA that you can use for 3.5% down payment for 2-4units multifamily. As for conventional, it could be 15-25% down payment for multifamily depending on how many units. Typically rates are lower for FHA but there are more upfront cost and mortgage insurance can be higher than other loan products. As for conventional, rates can be higher, but the cost at closing and mortgage insurance is typically lower. It depends what your strategy is, would you prefer put more down payment upfront or pay more in the long term by spreading out the payment in 360 months. Happy to connect as we're located in Irvine, CA as well @Carlos Valencia @Albert Bui