Jumbo Mortgage with an H-4 Visa

“I pledge my head to clearer thinking,

my heart to greater loyalty,

my hands to larger service,

and my health to better living,

for my club, my community,

my country and my world.”

Hold on a second! That’s the pledge for 4-H Club, Rob, and you’re supposed to be discussing the H-4 visa here. You’ve got it backwards. Ah yes….sorry about that.

The H-4 visa. This is a visa issued by the U.S. Citizenship and Immigration Services (USCIS) to immediate family members of H-1B visa holders. These individuals are not US citizens or permanent resident aliens (green card holders) but “non-permanent resident aliens.” Make special note that they are also not “foreign nationals” or “non-residents.” That aside, it is not uncommon for us to get a call from H-1B/H-4 holders who have attempted to qualify for a home loan and been told by their lender that the income from the H-4 holder cannot be considered. Naturally a married couple purchasing a home would plan to use the combined household income and often they’ve used online tools and calculators to determine their debt-to-income (DTI) ratio in this manner. However, the vast majority of lenders will not permit the income of the H-4 holder and when the spouse’s income is removed from the loan application, often a denied loan is the result. But there is hope and we do have jumbo mortgage programs that will allow H-4 income.  These programs will also allow for a 10% down payment up to purchase prices approaching $2MM.

Here in California, we will accept the income of both the H-1B and H-4 visa holder assuming, in addition to other requirements, we have the items below:

  1. Social security numbers for both borrowers.
  2. At least two years of filed tax returns in the United States.
  3. At least two years of US credit history and acceptable FICO scores.

Aside from the H-1B and H-4 visa, I am no stranger to the other types of non-permanent resident alien visas that we commonly see here in California, and they include; E-1 and E-2 visas, the L-1A and L-1B, the L2 and others. If you’re unsure if your visa type is eligible for mortgage financing, please get in touch any time.

To make the best better,

 

Rob Spinosa
Vice President of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: 415-367-5959
rob.spinosa@rate.com

Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960
Berkeley Office: 1400 Shattuck Ave., Suite 1, Berkeley, CA 94709

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate. In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate’s Human Resources Department.

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