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Some interesting Guideline Changes from the lender
March 8th, 2012 3:01 PM

Provident Funding can still do H1B visa loans
if you have the visa with expiration days
3 years after the funding date.

I don't know why the changes, maybe they don't like
to do the loans with those who has H1B visas?

Plus they recently announced that they will no
longer do condo loans unless it's highrise
loans in San Francisco(and some other areas).

This is as interesting as those days when
no income no assets loans can be approved.

Just FYI, HARPII does not apply to those who have
have more than 4 financed properties yet
unless that property is the primary.


Posted in:General
Posted by Eric Fang on March 8th, 2012 3:01 PMPost a Comment

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"Provident Funding can still do H1B visa loans if you have the visa with expiration days 3 years after the funding date." Hi, do you know what is the effective date for this change? Just curious since my loan application went on 9th March. Would appreciate your response!!

Posted by Aruksha on April 1st, 2012 3:24 PM
The cut-off date is: March 7th. The borrower must have a minimum 2 year history of residence, employment and established credit all within the U.S. The Validator is required to obtain one of the following to verify eligibility: 1) A copy (front and back) of a valid Visa I-94 with classifications E-1, E-2, G-4, H-1, H-2, H-3, L-1, TC-1 or TN, allowing residence in the U.S. for at least 90 days 3 years from the date of the loan funding. 2) Notice of Action for Case Type I485-Application to Adjust to Permanent Resident Status. The form must state that the application has been approved.

Posted by Eric Fang on April 1st, 2012 4:16 PM
But a later announcement (March 20th) saying that they will not get the loans for H1Bs any more.

Posted by Eric Fang on April 1st, 2012 4:27 PM
Thanks a lot for the info. Is the cut off date is of loan application date or funding date? So let's say if the application was sent to March 2nd, and Provident provided disclosures/GFE etc. on March 2nd, will this requirement apply on the loan - H1B with 3 years validity or no loan on H1B? Again, appreciate your comments and help.

Posted by Aruksha on April 1st, 2012 8:52 PM
It depends. Here is the comments from the lender: Locks prior to March 7, 2012 will be honored and will not be subject to the new requirements.

Posted by Eric Fang on April 1st, 2012 9:16 PM

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