If you are a Canadian citizen who has moved to the United States or temporarily living and working here, buying a home here may be on your mind. Fortunately, getting a mortgage here is not predicated on citizenship, but on income. Consequently, if you have taxable income in the United States, you can qualify for a mortgage here.
As a noncitizen, your ability to be approved for a mortgage here will vary depending on your immigration status, the property you are purchasing, the type of mortgage you are interested in, and the financial documentation you can provide the lender.
Those who are permanent resident aliens or even non-permanent aliens may apply with any lender with the same qualifying criteria as a United States citizen. Permanent resident aliens will be required to provide their green card and social security number in order to qualify for a conventional mortgage. For non-permanent resident aliens, if they have a social security number, an employer-sponsored visa, or a work permit, they may also be able to qualify for a conventional mortgage.
But What About Foreign Nationals?
But what happens if you are not a resident and can show no taxable income here in the United States? Unfortunately, foreign nationals, ITIN holders, and those who are covered by the DACA Act are neither United States citizens or resident aliens. For these individuals who want to purchase a home or investment in the United States, getting approved for a conventional loan is nearly impossible.
But there are mortgage products specifically geared toward non-US-citizens who wish to buy property here. Foreign national mortgages, otherwise known as ITIN loans or non-permanent resident loans, enable noncitizens to pursue real estate in the United States regardless of immigration status or US taxable income.
What Are Foreign National Loans?
Foreign national loans are lending options for nonresidents of the United States who want to purchase property here, either as an investment or a home base to use when visiting. Unfortunately, nonresidents can face considerable challenges when trying to get approved for a mortgage here unless they file income taxes in the United States.
A foreign national mortgage allows a nonresident to secure mortgage financing without a Social Security number, a green card, or a visa and without a credit score. Instead, a nonresident borrower can prove their creditworthiness through other means or a credit report from their country of citizenship.
Foreign national borrowers will be required to submit other documentation in order to qualify for a foreign national mortgage. These can include
- Self-employed borrowers will need a letter from an accountant or auditing firm verifying income for the last two years and a year-to-date income figure.
- Salaried borrowers will need a valid pay stub or letter from their employer verifying their monthly salary.
- A letter of reference from a banking or financial institution must be submitted showing relationship status and a 24-month banking history. This must show enough money to maintain expenses in their home country as well as payments in the United States.
- Two utility bills or other documents from the home country must be submitted reflecting the borrower’s name and address to prove residency.
- A copy of the borrower’s passport or visa must be submitted, if applicable.
- The borrower will be required to set up an automatic payment debit account with a US bank allowing the lender to withdraw mortgage payments automatically.
If you are a nonresident who is considering purchasing property in the United States, understanding your financing options is very important for your success. It is critical to choose your lender wisely.
At NonQMHomeLoans.com., we work closely with our borrowers to ensure that they get the type of financing that completely meets their needs. We offer a broad range of non-QM mortgage products, including foreign national mortgages. Contact us at (800) 413-0240 or apply for a loan easily here.
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