One of the biggest myths surrounding the lending industry is that only US citizens would be able to qualify for mortgages to buy their dream homes.
This cannot be further from the truth.
This myth might have originated decades ago when aliens, whether resident or non-resident, found it tough to obtain home loans.
But that was almost certainly due to them not searching hard enough.
Somehow the folklore started being spread around. And it’s absolute nonsense.
This is the free-est country in the world, full of capitalists who don’t even need to think twice before finding a way to offer loans to foreigners.
The fact is that i this age, resident aliens and non-resident aliens are being granted mortgages every day.
What one must provide, is proof of residency which can be easily obliged with a Certificate of Residency or a Green card.
Documentation will however, be a little more thorough for non-permanent aliens.
But as long as one can provide paperwork that verifies two years of employment and assets, have at least two years of credit record, and has the full intention of using the home that will be purchased as his permanent residence, a mortgage can be approved.
The thing is that if a loan officer is not lazy, and the borrower is not trying to pull a fast one, there must be a program somewhere that one is eligible for.
This is the case even for foreign nationals!
This might be news to some people, but this situation has been around for years.
What can be shocking however, is that even sub-prime loans can be catered to this specific niche market.
This means that non-citizens can even qualify for creative loans like:
- No down payment
- No credit check
- No income
Do be mindful that like any borrower, do note that going into this route will mean higher interest rates and closing costs.
Finally, don’t make false declarations or omit material information during the process of loan application.
That would be illegal. And you can expect a lender to pursue a case if it feels cheated.