Non-U.S. Citizen Mortgages for Permanent vs Non-Permanent Residents
Permanent vs Non-Permanent Residents
Buying a home is a major milestone for many people, but it can be especially challenging for Non-U.S. Citizens. Permanent and non-permanent resident aliens may have difficulty obtaining a Non-U.S. Citizen Mortgagee due to their unique financial and legal status. Fortunately, there are several mortgage options available to permanent and non-permanent resident aliens that can help them purchase a home.
What is a Permanent Resident Alien?
A permanent resident alien is a Non-U.S. citizen who has been granted permanent residency in the United States. Permanent resident aliens are also known as green card holders. They are allowed to live and work in the United States indefinitely and are eligible for certain benefits, such as Social Security and Medicare.
What is a Non-Permanent Resident Alien?
A non-permanent resident alien is a Non-U.S. Citizen who has been granted temporary residency in the United States. Non-permanent resident aliens are typically in the country on a work visa or student visa. They are allowed to live and work in the United States for a limited period of time and are not eligible for certain benefits, such as Social Security and Medicare.
Mortgage Options for Permanent Resident Aliens
Permanent resident aliens have more Non-U.S. Citizen Mortgage options available to them. The most common option is a conventional loan, which is a loan that is not insured or guaranteed by the government. Permanent resident aliens can also apply for an FHA loan, which is a loan that is insured by the Federal Housing Administration. Additionally, permanent resident aliens may be eligible for a VA loan, which is a loan that is guaranteed by the Department of Veterans Affairs.
Mortgage Options for Non-Permanent Resident Aliens
Non-permanent resident aliens have fewer Non-U.S. Citizen Mortgage options available to them than permanent resident aliens. The most common option is a non-conforming loan, which is a loan that does not meet the standards set by Fannie Mae and Freddie Mac. Non-permanent resident aliens may also be eligible for a jumbo loan, which is a loan that exceeds the maximum loan amount set by Fannie Mae and Freddie Mac. Additionally, non-permanent resident aliens may be eligible for a foreign national loan, which is a loan specifically designed for non-U.S. citizens.
Conclusion
Permanent and non-permanent resident aliens have several Non-U.S. Citizen Mortgage options available to them. Permanent resident aliens can apply for a conventional loan, an FHA loan, or a VA loan. Non-permanent resident aliens can apply for a non-conforming loan, a jumbo loan, or a foreign national loan. It is important to research all of the available options and speak to a qualified mortgage broker to determine which option is best for your individual situation. See more about becoming a homeowner with The Ultimate First Time Home Buyer Guide.
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