Many of our nation’s immigrants come to the U.S. with a wide array of cultural beliefs and traditions, which influence their home buying and mortgage financing requirements. Many lenders have expanded their underwriting guidelines to accommodate diverse cultural practices and open more doors to homeownership for immigrant families.
If this is your situation, keep in mind that you can still qualify for a mortgage even if you:
- Do not have a bank account
- Have a limited or no credit history
- Are a foreigner and do not have permanent resident status
- Have been employed in the US for less than two years
- Pool your funds with your extended family
Cash-on-Hand
Many people choose to use cash instead of personal checks, credit cards, or savings accounts. Cash-on-hand can be used as an alternative source of funds for the down payment or closing costs if you use cash as your main source of payment and do not have traditional banking or credit accounts.
Non-Traditional Credit History
If you do not have a traditional credit history, a lender can still establish a non-traditional credit history for you as long as you can verify your payment history of paying rent, insurance, utility bills, and the like with records and receipts.
Residency
If you are a non-permanent resident immigrant who lawfully resides in the U.S., you can still be eligible to get the same mortgage products from many lenders with the same loan-to- value (LTV) ratios as U.S. citizens and permanent residents. (A loan-to-value ratio is the loan balance you owe, compared to the appraised value of the house. The LTV is usually described as a percentage.)
Rental Income
If you rely on extended family members to provide financial assistance, the rental income they provide can be counted as part of your monthly income to qualify for a mortgage. As long as the related person(s) have paid rent and lived under the same roof with you for at least one year—and plan to continue to live with you in the new home—you can include this income as part of your stable monthly income. You will need to provide proof, like cancelled checks or a checking deposit statement, showing the amount paid to you.
Stable Monthly Income
Establishing stable monthly income over an extended period of time can be difficult for people who often change jobs, are recent college graduates, or have difficulty documenting work histories from their countries of origin. As long as you can demonstrate that your income is reasonably expected to continue for at least three years, there is no requirement regarding the length of time that you have been employed and no special calculations for your part-time and/or multiple jobs.
Pooled Funds
If you have lived together with your relatives for at least one year and plan to continue to live together, your pooled funds can be combined and used towards your down payment and closing costs to get a mortgage.
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