Permanent Resident Aliens are treated the same as United States Citizens when it comes to qualifying for home loans.
- Permanent Resident Aliens just needs to provide proof of residency by the Immigration and Naturalization Service
Proof can be verified by providing the following types of forms to the lender:
- Permanent Resident Alien Card and/or Green Card issued by the INS
- Passport that is current and valid and stamped stating it has been approved as evidence for I-551
- I-94A form stating that the person is granted refuge and/or asylum
- Foreign valid passport that states permanent residency along with an employment authorization form
- Other legal documentation provided by the INS stating the validity of the Permanent Resident status of the borrower
Non-Permanent Resident Aliens Applying For Mortgage
There are more challenges for non-permanent residents applying for mortgage. Depending on the type of mortgage non-permanent residents are applying for, there are certain documents that will be required.
Fannie Mae/Freddie Mac And VA Loans
Borrowers applying for Conventional Loans and/or VA Loans, the following forms needs to be provided:
- Proof stating that they are currently residing in the United States
- Valid current visa with work authorization by the INS
- Proof that their current employment is likely to continue for the next three years in the United States
- If the work visa is nearing the expiration date, proof that the likelihood that it will be renewed needs to be provided
- Need to provide employment authorization documentation form which is Form I-766 or I-765 as proof and validation of employment eligibility
- Borrower need to provide Form I-797A along with the attachment of I-94 or other valid employment authorization
- Borrowers who are applying for jumbo mortgage, three years of U.S. residence proof and three years of employment history with authorization needs to be provided
Applying For Non-Conforming Portfolio Loans
The Gustan Cho Team at USA Mortgage has several Foreign National Portfolio Loan Programs.
One of the most popular loan programs is the following:
- Need to be employed by U.S. Company and/or subsidiary of a company that is stationed in the U.S
- Can recently have moved to the U.S. with no history in living here
- No credit score required
- No work history required
- 20% down payment
- One year reserves of P.I.T.I.
- 30 year adjustable rate mortgages
- Minimum loan size is $100,000 and maximum loan size is $5,000,000 million
We have other Foreign National Loan Programs and Investment Property Loans. Please contact us at The Gustan Cho Team at USA Mortgage at 262-716-8151 or email us at email@example.com to go over the many foreign national loan programs that may best suit the borrower’s needs.
Who Cannot Qualify For Home Loans
There are those who cannot qualify for mortgages in the United States.
Here are borrowers who cannot qualify for mortgages:
- Borrowers who are temporary residents of the U.S. and are here for a short period of time
- Borrowers who have diplomatic immunity are immune to the laws of the United States so therefore would not qualify for mortgages