Yes, under certain circumstances. If you are thinking of buying, or you are a property seller or real estate agent, you will want to know the rules so you can make the right decision.
There has been a lot of interest and concern over the past few years about immigration reform and the status of legal residents and students. We thought it would be a good time to clarify how this affects homeownership and qualifying for a home loan.
Of course, U.S. citizens are eligible for home loans. U.S. citizenship is evidenced by a social security number. Lenders will also want a picture ID in the form of either a state driver's license or U.S. Passport to check your identity against terrorist lists, but also to confirm your identity and obtain a credit report.
Permanent resident aliens are also eligible for home loans. This is evidenced by a valid Alien Registration Card, also known as a green card.
Home loans are somewhat restricted for non-permanent resident aliens. These are individuals who legally reside in the U.S. and possess a valid visa, including Series A, E-1, G series, H-1, L-1, TN-NAFTA and TC-NAFTA. Individuals with any of these visas are eligible for home loans, EXCEPT those that have diplomatic immunity. Individuals with diplomatic immunity are immune from prosecution or judgments to compel payment, so obviously, lenders do not want to lend to them.
The final category is Foreign Nationals. These individuals are temporary visitors in the U.S. and possess a B-1 or B-2 visa. They are allowed to reside in the U.S. only for up to six months. Foreign Nationals, therefore, are NOT eligible for a home loan.
These are general rules. Some lenders, under some circumstances may lend to foreign nationals or aliens with diplomatic immunity, but generally, the secondary market, and therefore many mortgage lenders, will not.
As always, contact your lender directly for their rules and requirements regarding citizenship and residency status.
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