Green card holder applying for a loan
Looking to purchase a duplex that costs around $550k to $660k. We would stay in the other half and rent out the other for around $1800 a month. Our income goes up and down through the year, but the minimum we make is $150k a year for the past 5 years, even during the pandemic. I am married with 2 kids. No debts, is self-employed, and is a stay home mom. I am a green card holder with no credit in the U.S. What type of financing should I get? by janet338 from Sacramento, California. May 2nd 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
The best answer for "what type of loan should I get", it for you to make application with a local mortgage broker. Once they review the application, tax returns for self-employed, etc., then they can zero in on what loan works best for you. I lend in FL, MN, IA, ND, and SD. Find me at SaintPaulMortgageBroker.com Cambria Mortgage, NMLS 274132
Antonio Ramos (casagrande)
#395 ranked lender in California - 8 contributions
Good afternoon, looks like like you have a good plan, you keep your expenses low and since your income varies, you are going with a property that can also help you with the mortgage payment. SInce it is a 2 unit property, best option would be to do an FHA loan, as this require less down payment for a 2 unit than a conventional loan and it will be easier to qualify. As far as the Green Card, it is really not an issue, you should qualify as long as you have authorization to work and a valid Social Security number issued by the IRS.
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