Getting a Mortgage in the U.S. as a Non-U.S. Citizen
You Can Get a Mortgage as a Non-U.S. Citizen!
We understand that owning a home is a key component of the idea of the American Dream. Depending on the type of loan you are eligible for, you can get a mortgage in the United States even if you aren’t a U.S. citizen. The type of loan you qualify for, and the documentation needed to get that loan, depends on your immigration status. In all cases, a social security number is required, but there are some key differences. Let’s break down the differences:
Permanent Residents with a Green Card
If you are a permanent resident with a green card, you may be eligible for the same standard conventional or FHA loan that U.S. citizens are eligible for. Aside from your lender requiring additional documentation, your loan options should be the same as any naturalized U.S. citizen.
It is worth noting that you must still qualify for the loan. This usually requires:
- At least two months of bank statements
- Two years of credit history
- Two to three years of tax returns or other proof of income continuity
New residents may have to wait to provide enough years of proof that they have been paying U.S. taxes and earning income in the U.S.
Temporary Residents with a Work Visa
If you are legally working in the United States, even on a temporary work visa, you should be able to qualify for the same loans as permanent residents. This includes FHA and other down payment assisted programs. The loan process should be the same for temporary residents as permanent residents and citizens.
If your work visa is expiring in less than a year, some lenders may require a letter from your employer guaranteeing the renewal of your visa. An Employment Authorization Document (EAD) can also be provided in lieu of a visa. Like new permanent residents, new temporary residents may have difficulty providing two years of tax returns and credit history. If that’s the case, some lenders may be willing to consider non-U.S. income history, especially if it is from the same employer.
Foreign Nationals without the Legal Status to Work in the U.S.
If you don’t have a U.S. work visa or permanent resident status (sometimes called a green card), unfortunately, you are not eligible for a conventional or government-backed loan in the United States. There are options out there, like foreign national loans, but they are meant for investment properties, not permanent residences.
If you have questions about getting a mortgage in the United States as a non-citizen, or wonder if you qualify, contact us!
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