Living in the U.S. via Visa or Green Card? What you Need to Know when Buying a House

Written by Posted On Thursday, 22 October 2015 10:37

After you've lived in the U.S. for a while, you've gotten used to most things about America—the culture, the food, and the weather in your particular state. You also know a lot about your immigration status and what you can and cannot do on your visa or green card.

But what about buying a house? The U.S. housing market might seem like an unfamiliar beast if you've never purchased property before, and you worry that your immigration status might make an already complicated process even more difficult.

If this describes your situation, read our blog below. We'll go over the basics of entering the housing market when you have a visa or green card.

Understand Borrowing Restrictions

Whether you're a permanent resident with a green card or a temporary visitor with a working visa, you'll need to borrow money to get a mortgage. Most lenders require that you have evidence of at least three years of continuing income when they let you borrow money. This often makes borrowing easier for residents with green cards and harder for non-permanent residents on work visas.

To understand how borrowing restrictions could apply to your situation, talk to your immigration lawyer and realtor.

Have the Correct Documentation

As a permanent or non-permanent resident, you need a few more documents than the average native resident applying for a home loan. The type of documents you'll need varies depending on your situation, so talk to your bank, realtor, and immigration lawyer for more specific information.

In general, if you're a permanent resident alien, you'll need at least one of these documents:

·         USCIS receipt for Form I-751, a petition to remove the conditions of residence, as filed by a spouse who is a citizen

·         Permanent Resident Card Form I-551, either valid for 2 years with receipts from USCIS or with an original 10-year term, regardless of if that term is about to expire

You'll also need a copy of your green card and copies of your U.S. tax returns. Non-permanent residents should have their work visa. All applicants must have a social security number.

If you're applying for a government loan from the Federal Housing Administration (FHA), you also need your social security card, along with proof of income from your current employer. You'll find it easier to get an FHA loan if your temporary residency expires in 12 months or more. If it expires in fewer than 12 months, you'll need documents proving that you have an approved extension.

Talk to Your Lawyer

If you have any worries about the home purchasing process, talk to an immigration lawyer like Joshua Goldstein. He or she will help you understand the law so you can find a house you and your family can enjoy for years to come.

Rate this item
(0 votes)
Rachelle Wilber

Rachelle Wilber is a former real estate agent now turned freelance writer that specializes in home realty, mortgage, and building. She graduated from San Diego State University with her Bachelor's Degree in Journalism and Media Studies.

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.