Hi everyone,
Important question for which it has been hard to find reliable data points:
Does anyone here in the MyFICO forum community have experience with being approved for a mortgage while on a US visa, so not yet having US permanent residence (Green Card)?
A very dear friend is currently in the country on a long-term work visa which would eventually allow her to apply for the Green Card. She has been credit building for the past 5 years. CS in the high 700s. TCL around $40,000. Savings around $50,000. Annual income around $70,000. She is considering applying for a mortgage while still on her current US visa, she doesn't want to wait another 3 years to apply for the Green Card if she doesn't have to. She's a first-time home buyer.
Any advice you have, and especially any data points you would be willing to share would help her a lot! Thank you in advance.
[Mar. 2024]
Starting Score: 753
I agree with @vinathi, it can certainly be done. My advice is to search out what I'll call a "boutique mortgage broker" (not an official name, but I think you get the idea); as I understand it, many of them have hundreds, if not thousands of lenders in their network and can get mortgages approved where traditional lenders cannot.
Getting a mortgage while in the U.S. on a Visa recently has become easier. In generaly you just need to be "legally present" + meet all other standard underwriting guidelines that are applied to U.S. citizens.
To be considered "legally present" you just need a social security number (SSN) or individual tax payer identiciation number (ITIN) along with dcoumentation showing immigration status is current (such as an employment authorization document, work visa, Green Card, entry stamps, 1-551 Stamps, etc.).
If the answers to the below questions are all "yes" then the borrower be eligible:
- Does the borrower have a SSN or ITIN?
- Is the borrower legally present?
- Does the borrower meet standard income and employment guidelines?
Below are 3 scenarios:
We recently just did a mortgage for someone who is here in the U.S. on pending asylum , we just provided the employment authorization document, I-94, and asylum pending letter (I-797C) and the underwriter was OK with it.