Best Practices For Getting a Mortgage When You Aren’t a U.S. Citizen

Non-citizens can get a mortgage in the U.S. just like a citizen, but they may find it a little more challenging. This is due to their inability to produce documentation that is necessary for a mortgage to be granted. You are a non-citizen if you fall in any of the following categories:

• A foreigner, implying that you do not have a permanent residence in the U.S.
• A non-permanent resident, with a valid work visa.
• Permanent resident through a green card.

Before any mortgage is approved, lenders have to determine that the borrower has an income, a credit history, and assets. They also have to establish that the property in question which acts as the collateral for the loan is valuable.

What is the documentation required?

The major challenge non-citizens face when applying for a mortgage is that the lender might not be able to establish whether you fit their risk profile. Here’s what you need to present:

Proof of income

Just like U.S citizens, non-citizens with a work visa or a green card can document their income. These can be in the form of payroll, duly signed tax returns, or any other proof of earning. Some lenders, require that you present social security number.

Credit score and history

This may be particularly hard if you have not lived in the U.S. for long. Should you be holding an account with an international bank with branches in the U.S., they might have a record of your finances. Alternatively, get recommendation letters from anyone in and out of the U.S. that indicate that you are a viable credit risk. Proof of payment and cash receipts to companies and utility companies to which you make monthly payments may also help.

For more information on how you can qualify for a mortgage if you are not a U.S. citizen, contact us, and we will answer any questions you might have. Browse through our site for more information on mortgages.

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