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Can I buy Home in H1B now

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Posted by risaki (14) 05 Jan 2018#1
Almost 10 years completed in USA.Very high rent in NJ.Planning to buy a house.Is right time to buy or need to wait? friends telling me that the mortgage int rate will shoot this year.Wondering whether to buy now or wait.
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Posted by suckupRpackup (227) 05 Jan 2018#2
to risaki:

Well.. tough position. one other thing is the tax break you could get on property tax and mortgage interest is nullified with increase in standard deduction.
So you might save a little more than previous years on taxes and child credit if applicable in 2018. Weigh in the immigration scenarios and tax advantage you are in.
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Posted by Ram8 (37) 05 Jan 2018#3
to risaki:

I bought new home 2 months back
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Posted by trumpsarkar (38) 05 Jan 2018#4
to risaki:

yes its a good time to buy, house is best investment. nothing will happen to h1b, trump is business man
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Posted by ZONEMAN (380) 05 Jan 2018#5
to risaki:

Depends on multiple factors bro. If you are ready to loose 30-40% on the investment in a worst case scenario then go for it.

Dont fall for the mortgage increase rumors that are going on for the past 3-4 yrs . Its a gimmick by the feds to give out more mortgages making people FOMO (fear of missing out)Even though they increase it wont be drastic may be a 1% which shouldnt matter a lot. especially with Indian communities who usually pay off the mortgage within 15-20 years at the most.
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Posted by ZONEMAN (380) 05 Jan 2018#6
to trumpsarkar:

I disagree with house is the best investment part. Ive seen people buy houses 500k-1Mil at the peak of the market and during recession foreclosed for almost 60% of the price and even lost more after foreclosure because they haven't paid off enough to meet the foreclosure amount.

House is the best investment in USA "until a recession hits"
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Posted by bkulkarn (397) 05 Jan 2018#7
to risaki:

It's sellers market right now. Wait till there is clarity on immigration reforms.
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Posted by Rosha91 (111) 05 Jan 2018#8
to risaki:

If you are buying only for investment ,do not buy.

But if you are buying to raise a family so that the kids have a nice place to grow up in and go to good schools and grow up along with their neighbor friends/classmates etc. then definitely buy.

If you are single/empty nester. you can wait till you have more clarity on whats going to happen in the next few years.
Why waste 30-40 % of hard earned money if something were to go bad.
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Posted by risaki (14) 05 Jan 2018#9
to bkulkarn:

When can we come to know exactly about h1b and aslo when will be the buyers market?Any specific months for the buyer.How do I know the buyers market?
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Posted by risaki (14) 05 Jan 2018#10
to Rosha91:

It's not an investment.We are renting home for the past 10 years.Thinking to buy a home that's it.No other specific reason.
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Posted by ZONEMAN (380) 05 Jan 2018#11
to risaki:

It will be an year atleast by the time we will know anything substantial about H1.

Regarding the market, its a buyers market only when the market crashes from what i see in the next 2-3 years it will crash if only there is a big news like DT's ousting if not this bull run will continue.
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Posted by getmeacard2018 (30) 05 Jan 2018#12
to risaki:

just buy if you can afford. dont ruin your life based on non verified information.
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Posted by ZONEMAN (380) 05 Jan 2018#13
to risaki:

Bro here is a checklist , based on ticks and crosses you decide for yourselves after all its your money.

1. If you buy the house are you sure you are going to stay in the same location until you get the GC?
2. If you move out of that place is your house in a place where it can fetch enough rent to cover the mortgage?
3. If you have to move out of the country in the next 2-3 years and unfortunately the market crashes are you willing to lose 30-40% of the money ?
4. Are you really aware of happening's in H1 space and you are ok with the risk? if not do your research.
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Posted by mailme321 (42) 05 Jan 2018#14
to getmeacard2018:

May be you can wait for a month to see how immigration things will unfold. You already have waited for a long time, may be few more days wont cost you much. Its a big investment where you need to plan well and consider all aspects of your life specially your ability to remain in job the for a long time. Good luck for your new home.
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Posted by Nick5066 (34) 05 Jan 2018#15
to risaki:

I purchased a condo 4 years back never repented. Wanted to buy a single family house in next 6 months. If immigration mess stays like this I am strongly considering renting my current place and rent a bigger place.
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Posted by Tirunelveli (449) 05 Jan 2018#16

Almost 10 years completed in USA.Very high rent in NJ.Planning to buy a house.Is right time to buy or need to wait? friends telling me that the mortgage int rate will shoot this year.Wondering whether to buy now or wait.

to risaki:



Please do not buy. My number one reason would be NJ's high property taxes! Even if you own your house outright (i.e., completely paid off/no mortgage etc.), you are still paying property taxes to city hall. Put it other way, you are paying rent to the city hall instead of your landlord. I wouldn't give this advise if you were buying in places like Charlotte, NC or cities with similar mill rates (typically 1% or less of assessed value). However, in NJ, the property tax rates are atrocious. In some places it is approaching 2.5% of the assessed value. For a house valued at $500,000, you will end up paying $12,500 per year. And single-family homes in decent neighborhoods in NJ are priced at much higher than $500,000. Now, add mortgage interest (+ PMI if putting down less than 20% downpayment) to your monthly payment and compare this to your current rent.

I understand the property taxes indirectly pay for city services and schooling but my point is they are way higher in New Jersey compared to towns elsewhere that provide the same services with comparable quality. There are states like New Hampshire where the property taxes are high and comparable to New Jersey but they don't have state income tax and sales tax. Similarly, Texas has no state income tax - yet the property tax rates are lower than that of New Jersey. Please wait for your GC, get the freedom to move wherever you want to and then decide. I'd also advise you to read up more about this on city-data. They have beaten this issue to death over there.
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Posted by Eb2Kttappa (45) 05 Jan 2018#17
to risaki:

Posted by risaki (13) 52 minutes ago#10
to Rosha91:

It's not an investment.We are renting home for the past 10 years.Thinking to buy a home that's it.No other specific reason.

risaki, looks like you are new to USA. Buying home in USA is not at all an Investment. Its luxury!!! In-fact you can raise your kids in best locality where you wanted.
Before Tax bill, Desi's were thinking and comparing Total expenses(Interest/Property TAX) Vs Apt Rental. So at that time having a house is not at all a burden.

Now Two major factors to delay yourself to save HARD EARNED money
Uncertainty on Employment Visas
NEW TAX Rules

Jara Sooch Samajh Kar Kaam KARO
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Posted by EB2Cali (1455) 05 Jan 2018#18

Almost 10 years completed in USA.Very high rent in NJ.Planning to buy a house.Is right time to buy or need to wait? friends telling me that the mortgage int rate will shoot this year.Wondering whether to buy now or wait.

to risaki:



Either you are incredibly brave or plain stupid :-). Or, being a Friday afternoon, you are just trying to get a raise from everyone on the forum :-)
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Posted by bechirag (14) 05 Jan 2018#19
I am in the 10th year of my H1B. I signed new house contract 3 months back. House is in Cumming, GA area which looks like H1B concentrated area near Atlanta as 50% are desi and most of them are in IT. Schools ratings are good(10/10). I already paid 7k as earnest money. I have to close the loan by March. My current H1B ext expires in March-2020. I know the H1 Ext news are not verified and there is high probability that it cannot be implemented as to completely stop H1 Ext but this news making me think about house. Should I back out of contract in that case I will loose 7k or should I continue with it hoping it cannot be implemented to completely stop H1 Ext after 6 years. Any suggestion or thought would be helpful. Thanks.
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Posted by EB2Cali (1455) 05 Jan 2018#20
to bechirag:

I didnt know they give 6 months to close a deal for a house. I was under the impression that the deal goes through within 4 weeks of making the offer.

Anyways, before everything we do, particularly if involves lot of money, we analysis the risk vs benefit analysis. Once done, if the risks are higher, we find out if there are suitable mitigation we can do for the risks. If the venture remains still pretty much a risk, we back out.

The current client is not that favorable for us. Risk here is to leave the country haphazardly vs benefit is getting our own home. This government does things without a care for consequences and we are already seeing the impact with increased number of RFEs as well as rejections for H1 Extn. There is no assurance that these will settle down; chances are the RFEs/Rejections might go up.

I do not see a good mitigation plan for this risk as well. If it is safe to do so, I'd refrain from buying. You get involved in a house, you pay 20% of the value as your part payment while the remaining 80% comes up as loan. With the immigration climate this bad, the peace of mind you get when buying a home would just not be there.

Personal opinion, I'd not. Then again, house is your own decision. Think hard, talk to your spouse/family and do the best for your family
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Posted by tired1234 (53) 05 Jan 2018#21
We started looking for a house last year (me up for 4th H1b extention, husband is on Employment based EAD). We want to have kids and I expect a set of parents to be here at all times. Secondary reason was tax advantage. We didn't get a house that we liked last year so we didn't buy. At the same time, neither me not husband want to stay here forever, but we could see we would be here for next 6 - 7 years. Buying a house was for purely practical reasons and we have no emotions attached to it.

With the next tax rules, there is not much tax advantage due to house ownership. That took away some of the incentive to buy the house. A week later came H1B announcement. The first thing we both said was "Thank God we didn't buy the house last year". Say, even if it doesn't impact us personally, it may impact other home owners around us which will have adverse impact on the housing market. As we want to move back to India after few years, it will so much head ache to sell it especially if there a housing market correction or recession etc (This risk was there regardless of H1b rules).We don't want to take that risk. If we need the house, we will just rent an independent house.
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Posted by tired1234 (53) 05 Jan 2018#22
to bechirag:

I also believe they cannot deny extension (including three year extensions) for everyone. If you are confident that you have a strong H1B case and planning to stay in the house for long term (in case where housing market tanks, you should be able to hold it till the market recovers), then you probably can go ahead.

The other thing is H4EAD will be gone. This will also impact the housing market especially where there are a lot of Indian people. I also agree with the other poster that this administration can do anything and they are pushing big changes so fast. So, I would be a bit wary.
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Posted by risaki (14) 05 Jan 2018#23
to EB2Cali:

Either you are incredibly brave or plain stupid :-). Or, being a Friday afternoon, you are just trying to get a raise from everyone on the forum :-)
------------------------------------------------------------------------------------------------------------------------------------

I am not plain stupid/incredibly brave.I am planning to buy a house and I need some suggestions.that's why I posted not a matter Friday or Monday etc.What I am going to get for this raise?
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Posted by rockertrackit (230) 05 Jan 2018#24
to bechirag:

dont be crazy buy home and dont worry about h1b crap.
if you are full time employee no need to worry at all , but if you are contracting then try to find a stable employer.

even if the rule passes there will be 1 year of multiple extension for approved i140s for sure
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Posted by bechirag (14) 05 Jan 2018#25
to rockertrackit:

I am FT employee with Anthem and level 4 wage. I believe if we still get 1 year ext, we should be fine. That’s the only reason I am thinking of keeping this house contract.
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