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Housing loan for a non- US citizen

I have been in US for about 7 years (first school and now work). Currently I am on work Visa. I would like to buy a starter home soon. I have a decent credit history but I do not have a lot of cash for down payment currently. I can though put 5% considering that starter homes are inexpensive in my area (Madison, Alabama). 
Can someone suggest if I can get any loan for a low down payment even though I am not a US Citizen. Please help.

Thanks in advance
  • April 19 2014 - Madison
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Answers (4)

Yes, there are mortgage options for non-citizens. There are Foreign National loans are meant for non-residences/citizens seeking a home loan in the United States. Also, this type of loan usually requires about 35% down depending on the documents the borrower has available (such as ITIN, VISA, etc.). It can also be more if the borrower is seeking a high loan amount. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck! 
  • April 21 2014
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I have a "Use Your VISA" FHA loan for you which only requires 3.5% down. Feel free to contact me!  We do these all day everyday!
  • April 21 2014
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Aleza.  That is not exactly accurate.  Non-permanent residents are eligible for financing like US citizens if they have valid work visas or employment authorization cards.  They will qualify at regular terms and guidelines.  The GSE's will  technically buy loans for clients with just tax ID numbers, that gets a little more complicated.  

User, I would be happy to discuss in more detail.  Just click on my profile and contact me.  Good luck
  • April 20 2014
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I am assuming that having a work visa means that you do not have a green card? The bottom line is that in order to obtain a mortgage you must have a green card and a social security number. There are other creative ways to go about "purchasing." It does not matter whose name is on the loan; the most important thing is having your name on the title. So if you can find someone who is willing to take out a loan for you (talk to a lender and make sure you keep everything legal), then you are golden. Be very careful doing this! If this is your last resort, please make sure to find someone you can absolutely trust. 

Otherwise, it sounds like it might be a better idea to apply for a green card and try to save up some more money while you wait for your application to go through... 
  • April 19 2014
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