Homeownership remains a cornerstone of the American dream. Searching for home loans for immigrants isn’t always easy unless you reach out to the Champions Mortgage Team.

As one of the premier mortgage companies in El Paso, TX, we work hard to find a loan solution for everyone. Keep reading to discover the best options for non-citizen mortgages.

Why Many Companies Won’t Grant Loans to Immigrants

Companies can legally loan money to immigrants, and they sometimes consider it a great business opportunity. However, many banks view non-citizens as a risky investment. The most common obstacle is the person’s lack of tax identification or social security number.

A lack of credit history also gives lenders pause. Because they view the applicant as high-risk, they may impose challenging terms on the loan, such as high down payment requirements or interest rates. Many people cannot afford that agreement and thus can’t secure the loan.

The Best Non-Citizen Mortgage Options

What options could you find for a mortgage for non-U.S. citizens? That depends on your goals and immigration status.

Foreign National Loans

A foreign national is any person living in the United States without citizenship. A mortgage for foreign nationals is a non-qualified mortgage, which means it usually carries higher risks. However, it can also offer more flexible terms.

Mortgage companies design these home loans for immigrants to help people without a social security number or visa invest in American real estate. The details of these loans include the following:

• Applications require full documentation and extensive financial records.
• These loans apply to investment properties only, as they have a higher chance of paying for the loan.
• They offer interest-only opportunities where the borrower can pay only the interest, rather than the principal, for a specific period.

Individual Taxpayer Identification Number

Non-citizens with a job but not a social security number likely have a tax identification number. An ITIN loan allows foreign nationals who earn an income in the United States to apply for loans. Mortgage lenders often view these loans as less risky because they know the person has a job.

An ITIN loan will usually still have higher down payments and slightly higher interest rates. However, you can use them for more than just investment properties and can often obtain a fixed-rate mortgage.

Permanent Resident Alien Loans

If you’re looking into home loans for immigrants, consider whether you meet the criteria of a permanent resident alien. What does that mean? This category of immigrants has a green card, and their official status allows them to live and work in the United States indefinitely.

The immigrant mortgage requirements for this loan type include:

• Full immigration documentation (green card) and social security number
• Financial disclosures, including payment stubs and bank statements
• Credit reports
• Proof of residence, like a lease agreement

Non-Permanent Resident Mortgages

Non-permanent resident mortgages apply to any person in the United States who works for a prolonged time. For example, anyone with an H1-B or L-1 visa.

Many companies realize temporary residents may have a strong credit history in their home countries. They’ll often work to accurately assess the risk of lending to them. However, even with a strong foreign financial reputation, the loan terms frequently reflect the situation’s increased uncertainty.

Ask Champions Mortgage Team About Finding a Loan Today

Champions Mortgage Team works diligently to help foreign nationals and immigrants make a life in the United States. Whether you’re interested in an FHA loan for eligible non-U.S. citizens or looking for an investment property, we can help. We can’t wait to help you achieve your dreams.

To start applying for home loans for immigrants, call (281) 727-2500 today.