Buying a house has been many people’s idyllic version of the American Dream for decades – This dream of home ownership is not necessarily limited to U.S. Citizens, in fact we regularly write loans to people from around the world! That being said, there are certain guidelines that you should know if you are hoping to buy a home in the U.S. Oftentimes, when immigrants are buying homes, the biggest obstacle they face is navigating financing options. One common question revolving this issue is if borrowers must be U.S. citizens to qualify for FHA financing. Financing a home loan as a non-U.S. citizen could be challenging, but if you choose the right mortgage advisor, it is possible!
Non- Citizen borrowers who have lived in the U.S. longer will often have an easier time qualifying for a mortgage. In addition, the more that non citizen borrowers can document their income through tax returns, the easier the process may be. Different documentation is required based on whether the borrower has permanent or non-permanent residency. The most popular loan type for these residents is FHA. Most lenders only require a few extra documents for these loans, mainly documents to verify legal U.S. residency.
The residency status of the borrower can be determined based on the information provided on the application. It is important to find a loan officer who will be willing to go through the extra steps needed to underwrite such loans. FHA Loans do accept both nontraditional credit and varied income sources which non citizen borrowers often find useful. Another reason FHA loans are popular among the immigrant community is that they only require a small 3.5% down payment, and is often considered more lenient when it comes to credit.
If you wish to find out if you are eligible to finance a home in the U.S. or you would like to learn more about this topic, connect with one of our awesome loan officers today.
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