Home > Home Buying > Can You Buy a Home On a H1B or L Work Visa Status?

Many new home buyers want to take advantage of the Federal Housing First Time Home Buyer $8,000 Tax Credit. This includes a group of buyers who are here in the US on a work visa status - known as a non-immigrant visa classification. These employees are here based on employment status sponsored by their workplace (H1B and L visas). This group is also typically known as nonresident aliens. It is different from immigrants with resident alien status - more commonly known as Green Card. Typically, it is this group's goal to obtain a green card status. Depending on where you emigrate from, this process may take 2-6 years.

The good news is YES, you can take advantage of the First Time Home Buyer $8,000 tax credit. Yes, you can get a loan with your H1B or L visa status.

For one, I bought my first home back in 1999 with this visa condition (employment based work visa). So, I know the ins and outs of working through this home buying process with work visa status or various immigration visa status. I serve many clients who are on these employment based work visas. I understand the heart of these people, typically knowing what they want without them finishing the sentence.

I work with several good lenders who can obtain these loans for you. Just call me and I will be happy to pass your name on to some lenders that I work very closely with. They speak different languages and I too, speak several different languages (Malaysian, Indonesian, English and Mandarin including several Chinese dialects).

Word of Caution:

Do not let any lender tell you that you need to pay more upfront fee because of your visa status. There is no difference in the eyes of the lender for your visa status. You start your loan process by explaining your situation and if your lender tells you that your visa status will impede or wont impede (they may not know) your home buying process, call me. I may be able to become another resource for you.

However, the only mortgage industry change that has affected this group is the inability to obtain the 80/10/10 loans. In the past, there are sub-prime lenders out there who could approve loans to buyers of non-immigrant visa status for 80/20 and 80/10/10 loans. There is none in existence these days.

So, your option is to put up 20% down payment to avoid PMI or to put 10% down for a 90% loan with paying mortgage insurance.

Note again: (To those in the real estate industry who does not understand) There is a difference between a green card status (typically known as resident aliens) and work visa status (typically known as nonresident alients or non-immigration status). As long as you live in America legally, you can purchase a home even if you can't afford to pay cash.

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