Qualifying for a Mortgage On EAD and H1B, L or O Work Visas in 2021

If you are a non-permanent resident on a valid work permit like H1B, L1A, L1B or O Visa or an Employment Authorization Document (EAD), you need to be aware of few mortgage guidelines to qualify for Conventional or FHA loan. The following base qualification is required: 2 years of employment history in the US (In some cases employment history in a foreign country may be combined, especially if working for the same organization) 2 years of credit history in the US (In some cases, a foreign credit history may be combined, especially from…
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Mortgage Pre Approval Process to Get the Pre Approval Letter

Whether you are a first-time home buyer, looking to buy a second home or an investment property, the first step is to understand the mortgage pre approval process so that you can get a pre approval letter. What is a pre-approval? The mortgage pre-approval process is where a lender reviews your income, employment, credit, and assets. After reviewing the credit qualifications, the lender will issue a pre-approval letter mentioning how much home loan you might qualify for. Why should I get pre-approved? There are several reasons: You will know how much loan you…
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2014 FHA Loan Limits For All California Counties

FHA recently announced the 2014 loan limits for all counties in California and rest of the country. In a significant move, the FHA maximum loan limits for 1-unit properties have been reduced from the current $729,750 to $625,500. California will see the biggest impact of this reduction, more so San Francisco Bay Area counties like Santa Clara, Alameda, San Mateo, Santa Cruz, Contra Costa and San Francisco. Get a live rate quote for an FHA Loan Below are the 2014 FHA loan limits for all counties of California. Blank cell 1 Unit 2…
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12 Ways to Secure a Down Payment for Your Mortgage

If you are a first time home buyer in California (or anywhere else in the country) one of the biggest challenges could be to accumulate the necessary down payment. I have put together the most comprehensive list of possible down payment sources. Below are listed 12 different ways to secure a down payment for your home purchase. You can use one or a combination of many. 1. Savings/Checking Account - Two most recent bank statements, may be used to verify savings and checking accounts. If there is a large increase in an account,…
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Bay Area First Time Home Buyer Seminar At ICC, Milpitas, CA

If you are thinking of buying your first home in the Bay Area, you don't want to miss this free event. I am leading a panel discussion titled - "How to buy your first home in the Bay Area". The seminar is on October 27th, 2013 at 3:00 PM. The event is hosted by India Community Center, 525 Los Coches St, Milpitas. You do not need to be a member to attend. The panel will consist of a Mortgage Lender (Me), Real Estate Agent and a Financial Planner. The goal is to educate…
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Home Warranty: Learning the Basics

Why you need Home Warranty? For many new owners, this is a great way to gain peace of mind about problems that they used to call the landlord to fix; ones that often aren't covered under their homeowner's insurance. But make sure you read your contract carefully to see what is covered, and the company offering the warranty will fix the water heater when it breaks on a wintry Saturday midnight. Two Types of Coverage: New Homes and Pre-Owned Pre-Owned Home Warranties: - This covers normal wear and tear but not major pre-existing…
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Home Owner’s Insurance: Why you should and need to get one

Most lenders will require that you have homeowners insurance in place before the closing. This is also be called hazard insurance because it covers natural disasters like fire and storms, and theft. Why do you need insurance for a house? The lender won't fund the loan on a property that isn't insured, and the lender will often require certain types of insurance and at a specific financial level (usually at least the amount of cost of replacement) to make sure they won't lose their money in the event of a disaster. Depending on…
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First Time Home Buyer Free Web Workshops

As part of Home Ownership Workshop (HOW) for first time home buyers, I am conducting a series of four webinars where I will talk about all aspects of home buying. The entire series is free. Find below the topics I would be covering along with a link to register for each of them. If you register and not able to attend, we will email you a recorded version of the webinar. Of course, I encourage you to attend the webinar live, because that way you can ask me questions during the webinar. Webinar…
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The ABC’s of Home Inspection – What’s Included, What’s Not?

What is home inspection? A home inspection- is a limited examination of a home's condition and is done when a home is put on the market for sale. State Laws do not require to have a home inspection or the number of inspectors you should bring. But even if the seller has done an inspection and given you an inspection report and disclosures, it is in your best interest to get a general inspection done. How much does home inspection cost? General inspections are relatively inexpensive costing between $200 and $600 depending upon…
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Home Ownership Basics: Ways to Hold Title

Title to real property may be held by individuals, either in Sole ownership or in Co-ownership. Co-ownership of real property occurs when the title is held by two or more persons. There are several variations of how a title may be held in each type of ownership. The following brief summaries reference seven of the more common examples of Sole ownership and Co-ownership. Sole Ownership 1. A Single Man/Woman - A Man or Woman who is not legally married. 2. An Unmarried Man/Woman - A Man or Woman who having been married is…
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