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Navigating Homeownership with H-1B: Mortgage Options and Pre-Approval Guide

Updated: May 3

H1-B Visas are acceptable for Conventional, VA loans (for present military personnel or veterans), and Jumbo loans. For Conventional loans, the minimum down payment for first-time homebuyers is 3%, while non-first-time homebuyers require a 5% down payment. VA loans offer 100% financing. However, both Conventional and VA purchase loans mandate that closing costs cannot be rolled into the loan but must be paid at closing, similar to a down payment.

To qualify for a Conventional loan, a credit score above 620 is typically required, while for VA loans, a credit score ideally above 580 is recommended. The three primary components for mortgage qualification are credit scores, income and debt-to-income ratio, and funds for the down payment and closing costs. Funds intended for closing must have been in your bank account for 30-60 days to be used. Additionally, gift funds for down payments and closing costs are permissible from various sources like family, friends, or relatives. Sellers may also cover some or all of the closing costs (depending on the loan type) if negotiated into the purchase contract.

The initial step in the home buying process is obtaining full pre-approval, which involves completing an application, undergoing a credit check, and submitting required documents such as IDs, pay stubs, W-2s, bank statements, and tax returns. This process is swift if all necessary information is provided promptly. Once pre-approved, you collaborate with a real estate agent who can aid in your home search and negotiate the purchase price. Typically, most purchases are finalized within 30-45 days from the contract date.

Guest Blog by:

Mike Johnson

Mortgage Consultant | NMLS: 325330

Direct: 303-588-1951

Fax: 877-244-9693

8354 Northfield Blvd, Ste 3700, Denver, CO 80238 I assist buyers with all their mortgage needs. From first time home buyers to someone buying their 5th home. I'm an expert in Conventional, VA, FHA and Jumbo loans. I serve homeowner's in Colorado, Georgia, Nebraska, Washington and Florida! 

All of the content mentioned herein represents the individual opinions of the author or authors, but none of it should be taken as legal advice.  All content is provided freely and without any warranties, guarantees, or liabilities.  In no event shall the writers or providers of this content be liable for any damages or other liability resulting from the opinions shared herein.

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