Most important thing when you are getting a mortgage is to be legal and being able to produce paperwork for Work Authorization that doesn’t expire at least for one more year. Of course, you will have to explain your situation. Either, it’s Asylum or Family Sponsorship that makes you still wait for a green card and qualify for work authorization.
Green Card holders
If you are permanent resident who have green card, then, all you have to produce is a copy of your Green Card and copy of social security card. It already assumes that you have a work authorization.
However, you still must qualify for the loan, which usually requires at least two years of tax returns that indicates an income, two years of job history in the same industry, decent credit score, saved money for a downpayment or ability to get a gift from one of your relatives.
Too new to qualify for a mortgage
New residents won’t have two years of US tax returns that’s why it will take for you at least two years to get a mortgage. There are some exceptions though. Some lenders may be willing to consider non-U.S. income history and accept only one year of tax retuns, especially if it is for the same employer. Request a free consultation to find out if you can qualify for your exception.
Asylum status
Some lenders has different requirements, so if one lender declined you for a mortgage when you are in asylum status, you should talk to another lender who has experience working with international borrowers. It requires knowledge of both: mortgage industry and some immigration sense to be able to help you with this.
Even if you are on work visa, you can potentially qualify for a mortgage if you have filed at least two years of tax returns. If your work visa is expiring in less than a year, lenders may require a letter from your employer stating that it will be renewed.
Foreign Nationals
If you don’t have a legal status here in US and live in another county, you might qualify for foreign national loan but there are different terms and higher interest rate. You have to prove you live in another country and have an income. Only way you can get this loan if you are buying an investment property as it would be illogical for you to live here since you don’t have a legal status in US. Minimum downpayment for this type of loan is 25%.
If you are ready to apply and see if you qualify for a mortgage, follow this link.
