Applying For Mortgage As Permanent Or Non-Permanent Resident Aliens

This ARTICLE On Applying For Mortgage As Permanent Or Non-Permanent Resident Alien Was UPDATED And PUBLISHED On April 16th, 2020 And Written By Dora Ali of Gustan Cho Associates
Homebuyers do not have to be United States citizens to purchase a home in this country.

  • People who immigrate to the United States to realize the American Dream can often run into hurdles when buying a home
  • Home Ownership is the American Dream
  • Most immigrants come to the U.S. to better their lives and the lives of their families and owning their own home is a common goal for all immigrants
  • There are separate requirements when it comes to Applying For Mortgage As Permanent Or Non-Permanent Resident Alien which we will cover on this article
  • Qualifying for a mortgage as a non-permanent residence can be challenging but not impossible

In this article, we will discuss and cover Applying For Mortgage As Permanent Or Non-Permanent Resident Aliens.

General Rules When It Comes To Applying For Mortgage As Permanent Or Non-Permanent Resident Alien

Which means applying for a mortgage as a permanent or permanent resident

Legal documentation is a requirement when it comes to Applying For Mortgage As Permanent Or Non-Permanent Resident Alien.

  • People who have recently moved to the United States will need to provide certain documentation depending on the type of mortgage loan program they are applying for
  • The documentation required depends on whether the borrower is Applying For Mortgage As Permanent Or Non-Permanent Resident Alien

Permanent Resident Aliens Who Are Applying For Mortgage

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

How to apply for a mortgage if you are a permanent resident

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
  • The borrower needs 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 need to be provided.

Applying For Non-Conforming Portfolio Loans

How to apply for incompatible portfolio loans

GCA Mortgage Group 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 the maximum loan size is $5,000,000 million

We have other Foreign National Loan Programs and Investment Property Loans. Please contact us at Gustan Cho Associates Mortgage Group at 262-716-8151 or text us for a faster response. Or email us at [email protected] 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

The team at GCA Mortgage Group are experts on government and conventional loans. The team at Gustan Cho Associates is not just an expert mortgage loan officer with a national lender but we are also experts in real estate and credit consultation. We are available 7 days a week via phone at 262-716-8151 or text us for faster response. Our email address is [email protected]

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