How to Secure Personal Loans for H-1B Visa Holders In 5 Steps?

If you want to secure personal loans for h1b visa holders, then you have come to the right place. H-1B visa can lead to OPT extension on any future f-1 visa or might even lead to a Green Card. But that’s not what you are here for. You want to know how to unlock the true potential of your H-1B visa and achieve your dream of homeownership in the heart of America.  Let’s take a closer look at the different documents that are required for approval of personal loans for h1b visa holders as well as 5 simple sets to apply for it.

What is a H1B Visa?

H-1B is a visa category that comes under the section 101 under the Immigration and Nationality Act. This visa allows US employers to sought out and hire highly educated or vocational foreign talent to offer jobs in the USA. The hired talent, such as yourself, work in certain ‘specialty occupations.’ You have to be a bachelor’s graduate or be highly knowledgeable in your field. H-1B is a temporary visa category that often has a 3-year limit which might be extended for another 3 years. Therefore, you can stay and work in the USA under this visa for up to 6 years max. You can convert H-1B visa to an employment based Green Card that can change your status.

What Documents Are Required for Personal Loans for H1B Visa Holders?

If you are planning to buy a house in America, you need to take certain aspects into consideration. Most lenders are hesitant in approving loans of H-1B visa holders, as they are worried that you won’t be able to repay the amount you borrowed due to time limitations. Therefore, you won’t be able to enjoy the same opportunities that are readily available for US citizens. However, you can still make the most of the H-1B visa by building credit and saving up for a down payment. The personal loans for h1b visa holders often offer competitive interest rates and comparatively low-down payments. The documents that you will be asked to present include:

• A credit card from a reliable bank.
• An authentic proof of your identity which can be your passport or driving license.
• A valid address which is often written on your personal credit card bill or your utility bill.
• Proof of income that can be in the form of pay stubs or a letter from your current employer.
• A valid and up-to-date H-1B visa.
• Financial details that show, you can capable of repaying personal loans for h1b visa holders.

5 Crucial Steps for Securing Personal Loans for H1B Visa Holders:

Becoming a homeowner with a H-1B visa has never been easier. All you have to do is gather the above-mentioned documents, have good credit score, decent down payment and funds in the bank. Here is a step-by-step guide to apply for personal loans for h1b visa holders:

• Check Eligibility and Gather Required Documents: Before you start looking at houses, you need to check the eligibility criteria for personal loans for h1b visa holders. You will be needed to show proof of credit history, credit score and a valid social security number. These are the basic requirements that will get your approved for mortgage loans. You will also need to produce additional documents such as proof of income, pay-stubs, tax returns and your bank statements. You might also need to present an I-797, which shows you are granted the benefits you had applied for. This includes but is not limited to Visa, Green Card or an employment authorization. If you lack any of these documents, you can reach out to lenders who specialize in dealing with non-immigrants and immigrants loan approvals.
• Find a Reliable Mortgage Lender:  Once you have all gotten all the documents and compiled them in an orderly fashion, you can reach out to lenders. You don’t have to settle for the first lender that you find—instead survey the market, ask for referrals and check online. If you are planning on buying a house in Texas, then you can check out Dream Home Mortgage. They offer exceptional service and cater to H-1B visa holders.
• Apply for a Home Loan and Get Approval: Once you have chosen a lender and have all the documents on hand, you can now apply for personal loans for h1b visa holders. You can use this loan option to pay for a down payment and additional costs. Once you have applied for the loan, you will have to be patient as the approval process can take a few days or a few weeks. Make sure that you fully cooperate with your lender and quickly submit any document they ask for to streamline the process. You can secure an FHA loan option by depositing a 3.5% down payment.  
• Review and Accept the Loan:  As soon as your personal loans for h1b visa holders’ application has been approved, you should go-thorough the terms and conditions. You can discuss it with your mortgage lenders and get their expert insight. If you are okay with the highlighted terms and conditions, you can proceed with the home loan. All you have to do is sign the necessary documents and make your first payment.
• Start Repayment: As a H-1B visa holder, you need to properly manage your mortgage loan. Make sure that you keep up with your repayments. If you make multiple late repayments or simply fail to pay them, it can result in extra fees and your credit score will be damaged.

Pro Tip: To ensure that you repay the amount on a monthly basis, you should set up an automatic payment system. You can also separate a budget each month for repayments.

Where Can You Get More Information Regarding Personal Loans for H1b Visa Holders?

As a H-1B visa holder, you need to make the best of the opportunity that you have been offered. Buying a house in the USA can led to potential financial stability and help you move to USA. If you are looking for more information regarding personal loans for h1b visa holders, then you can reach out to Dream Home Mortgage. Under the able leadership of Mr. Hussein Panjwani, thousands of non-immigrants have been able to achieve their dream of ownership in America. You can book a 30-minute free consultation session and unlock the potential of your H-1B visa.