FHA FOREIGN NATIONAL LOANS
Non-Citizens Can Buy and Obtain FHA Financing for Real Estate in the US
If you are not an American citizen but want to purchase a house here, at Floridas Direct FHA Lender, we can offer foreign national mortgage programs, which work very much like standard U.S. loans -- except that the required down payment is generally larger -- about 25%
However, you may have another alternative. Foreign nationals can also qualify for FHA mortgages. When you indicate on your mortgage application that you hold something other than U.S. citizenship. In this case we will ask to examine additional documentation and determine your residency status.
Lawful permanent resident aliens. If we determine that you enjoy lawful "permanent resident alien" status, the FHA will insure the mortgage under the same terms and conditions as it does for U.S. citizens. This means that we can finance your home in the U.S. with as little 3.5% down, and do not even need to have a credit rating in the U.S. to be eligible. Documents that function as evidence of lawful permanent residency are issued by the Bureau of Citizenship and Immigration Services (BCIS, formerly the Immigration and Naturalization Service) within the Department of Homeland Security. You have to produce these documents when applying for your FHA mortgage.
Non-permanent resident aliens. Those on work assignments in the U.S. can buy homes too. The FHA will insure a mortgage made to a "non-permanent resident alien" if the property will be the your primary residence, you have a valid Social Security number, you have earned a satisfactory two-year credit history, and you can produce an Employment Authorization Document issued by BCIS showing that you are eligible to work in the U.S. If your authorization is set to expire within one year, and a prior history of residency status renewal exists, as direct lenders we are allowed to assume that continuation will be granted. If this is your first year in the U.S. and there are no prior renewals, our underwriters will have to determine the likelihood of renewal based on information from the BCIS.
Foreign Nationals Can Have Trouble Coming Up with Credit Scores – No Problem
One challenge faced by foreign nationals is the that their American credit history is likely to be minimal. As Direct Lenders, we can work with you if you have a thin file.
We can have a credit report constructed from your payment history with utility companies, landlords and any other accounts requiring regular payments. It costs more to get a credit report of this type, but it can make a mortgage and home ownership possible. If you are using non-traditional credit, it's more important for you than for U.S. citizens to be prompt with your telephone, rent and electricity payments -- your mortgage approval may depend on it.