Property taxes vary by city — from 0.5% in Hawaii to 2.5% in New Jersey. On a $600,000 home, that's $3,000-$15,000/year.
Overview
Property taxes vary by city — from 0.5% in Hawaii to 2.5% in New Jersey. On a $600,000 home, that's $3,000-$15,000/year.
H1B Eligibility for US Home Buying
H1B visa holders are fully eligible to purchase US real estate and obtain US mortgages. Lenders evaluate H1B borrowers on:
- Credit score (700+ preferred)
- US credit history (2+ years preferred)
- Stable employment with valid H1B status
- Debt-to-income ratio (typically under 43%)
Documents Required
Transfer money internationally with real mid-market rates and low fees. Trusted by 16M+ customers.
Send Money with Wise →
- Valid H1B visa + I-94
- 2 years of US tax returns (1040)
- 2 years of W-2s
- 3 months of bank statements
- Offer letter from current employer (if recent job change)
- Employer support letter confirming H1B status
Mortgage Options for H1B Workers
| Loan Type | Down Payment | Credit Score | PMI Required |
|---|---|---|---|
| Conventional | 3–20% | 620+ | If < 20% down |
| FHA | 3.5% | 580+ | Always |
| Jumbo | 10–20% | 720+ | Varies |
| Portfolio | 20–30% | 680+ | No |
Step-by-Step Process
- Step 1: Check credit score — aim for 720+
- Step 2: Calculate budget using 28/36 rule
- Step 3: Get pre-approved from 2-3 lenders
- Step 4: Work with a real estate agent familiar with H1B buyers
- Step 5: Make offer, negotiate, pass inspection
- Step 6: Close (bring cashier's check for closing costs)
Key Considerations for H1B Home Buyers
Property taxes vary by city — from 0.5% in Hawaii to 2.5% in New Jersey. On a $600,000 home, that's $3,000-$15,000/year.
The main risk is job loss during the 60-day grace period. Mitigate this by maintaining a 6-month emergency fund, having marketable skills, and avoiding stretching your budget to the maximum.
📥 Get the Free H1B Credit Card Guide
5-page free PDF — which card to apply for based on your month-in-US, visa, and credit score.
🔒 Free 5-page PDF. No spam. Unsubscribe anytime.