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@OP, lots of people have bought home on H1B, specially because the GC backlogs are so long. Lenders don’t care about your immigration status that much, as long as you have a good stable income, good credit score and an overall good debt/income ratio. Do your due diligence on the house you are planning to buy, and you should be good. Whether you want to pay 20% down payment on the house, should be dependent on multiple factors including what is the time-frame you potentially want to stay in the house, what is the interest rate difference you are getting for 20% down payment vs a lower one, do you have any other life events coming up for which you need a good amount of cash, etc. Run your numbers for a couple of scenarios and you will find your true spot. All the best!!!... First home is always truly special 😊
Same rules apply. You are not special. We bought our first home 10years ago. Ready to change and buy another one and still on H1B 😬
Lenders will happily loan you money provided your finances are good irrespective of your immigration status. Talk to mortgage lenders to know what rate you qualify for. In this low interest rate environment, it makes sense to borrow more and a lot of people have been borrowing more than 80%+ . PmI vary based on lenders. Closing costs can be 2-5% of the house costs.
AFA, right amount for house, there isn't one although most financial planners will tell you to restrict your monthly payments on housing to 30% of your income.
PMI depends on lender and there is a huge range in it.Do your loan shopping and compare quotes from different lenders, then take the best offer at hand. I am paying a $100 PMi on a 500k Morgage with 5% down,but was quoted as high as 300. FYI I bought in April of this year