Getting a US Mortgage as Permanent or Non Permanent resident alien

United States continues to attract record number of people from around the world even today. So what it have to do with mortgage? Well residents with Green Card and Work Visas can qualify for Government backed mortgage just like any other citizen of the United States. Such a person can qualify for Government backed mortgage like FHA or Conventional Mortgage backed by Fannie Mae and Freddie Mac.

Basically there are two types of residency.

Permanent Resident Alien. Here the person holds a green card and Social security number.

Non Permanent Resident Alien. Here the person doesn’t hold a Green card but has a social security number. They are in the united states because they do not have permanent employment or position. Though their US employment could last a number of years. Such residents wish to buy a home when they are in the US.

Permanent Resident Alien Green Card:

These type of borrowers Will provide a copy of green card that is form I-551 and a copy of the social security card to the lender. The rest of the documents are the same as for anybody else.

Non Permanent Resident Alien Work Visa Mortgage:

These borrowers are required to show Employment Authorisation Document or commonly known as Work Permit. A social security card is not a proof for eligibility to work. Sometimes borrowers may not have EAD and in such cases we need to ask the borrowers if their employer has sponsored a special VISA type such as H-1B or L series etc.

The whole concept to understand is very simple. The bank wants to know if you can live and work in United States legally or not. 

So when a borrower is using a EAD card a bank would want to see a previous history of EAD renewal and that EAD would be renewed for a period of 1 year from the date of the close of the loan. How this can be obtained is from the HR.

You can contact your CA mortgage expert to get you the lowest mortgage rate on your refinance.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower. 

Article by Roger Shanker