Non-citizens can still purchase homes

On Behalf of | Jun 6, 2018 | residential real estate

Floridians who want to purchase homes but are not U.S. citizens might not realize that they could still be eligible for mortgages. The type of mortgages for which they’re eligible will depend on their immigration statuses, however.

Permanent U.S. residents qualify for the same types of mortgages as U.S. citizens, including those that are backed by the Federal Housing Administration. They might also qualify for downpayment assistance. Since applicants will need to prove that they have good credit and a continuous source of income, new permanent residents may have to establish themselves for a few years before they can get mortgages. If they immigrated to the U.S. from a country such as Canada with a similar credit system, the lenders may still be willing to give them mortgages.

Those who are temporary residents with work visas may also qualify for mortgages. However, the banks might want to obtain letters from employers confirming that their work visas will be renewed. Foreign nationals may also qualify for foreign national loans to use for investment properties. However, they must prove that they live and work in the foreign countries, and the homes that they purchase cannot be used for them to live in. They must also put 25 percent down to secure these types of loans.

Non-citizens who are interested in buying residential real estate either for themselves or to use as investment properties might want to work with experienced attorneys. Lawyers may help clients secure mortgages and gather the necessary documents to facilitate smooth transactions.