Mortgage Home Loans for Non-Citizen Borrowers

Recently Fannie Mae added clarity to their guidelines regarding non-citizen borrowers being eligible to qualify for a conventional mortgage. According to Fannie Mae, this is not a change to existing policy, it is just (much needed) clarification for lenders.

In order to be eligible, a borrower must be “legally present” in the United States. This means the borrower must have:

  • a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN); and
  • have current, verified status, which may be documented by a valid employment authorization document (EAD), OR other documentation showing immigration status is current (such as a Green Card, work visa, etc).

Non-citizen borrowers who are “legally present” must meet all other underwriting guidelines and lenders may review situations differently.  Per Fannie Mae, f a borrower can provide documentation of 3 year income continuity, the fact that their status is renewed every two years is not a factor as long as they are legally present and have met income requirements.

If you or someone you know are considering buying a home located anywhere in Washington state, I’m happy to help you with your mortgage needs!  Click here for a no-hassle mortgage rate quote.

 

 

RIP RainCityGuide

6a00d834522f5769e2010537042aad970c-600wiRain City Guide, back in the day, was a resource for people interested in all things about Seattle…especially real estate. I was beyond honored to join the RCG panel back in 2007 to represent the mortgage industry. [Read more…]

When should you refi a low FHA mortgage rate?

Beautiful luxury home exterior at twilightMany homeowners are hanging onto very low mortgage rates when they should perhaps consider refinancing the mortgage for a higher rate. What??? [Read more…]

The REAL Income Needed to Buy Median-Priced Home in Seattle

Seattle income

KOMO News is reporting that it takes an income of $105K to buy a median-priced home in the Seattle area. This is based off a report from HSH.com.  When you dig deeper into the report, here’s how HSH.com came up with their numbers: [Read more…]

Buying a Home Using Your S.O.’s Income

Recently I helped a couple buy a home in King County. They’re engaged, had been living together for many years and were ready to purchase their first home. One of them, Billy Bellevue, had some credit issues and it made more sense for them to only have Susie Seattle’s on the transaction. [Read more…]

A First Time Home Buyer’s Story

I’m so excited for some clients I helped buy their first home a couple of years ago. I thought I’d share their story – at least the Readers Digest version! 🙂

This couple attended a home buyers class that I was teaching back in 2014. They purchased their first home in Seattle in 2014 using a down payment assistance program we offer through the Washington State Housing Finance Commission. [Read more…]

Mortgage Rates Continue Lower

Freddie Mac’s PMMS report released this morning reveals mortgage rates continued to move lower for the third consecutive week. According to this report, mortgage interest rates are at their lowest in (just barely) over a year.

[Read more…]

The S Word in Seattle is SNOW

In Seattle, the “s word” is SNOW and it looks like we’re in for a pile of it with this current system.

Seattle snow from 2014.

[Read more…]