I have a client couple, both are professionals with advanced degree. They are both on work visa, combined income 80K. They are applying for green card but have not gotten it yet.

Question:
Can they qualify for a loan with no green card?
What is the monthly PITI to income ratio for loan qualification
now? 45%?

Thanks

I think no.I deal with a lot of foreign clinets and bank always ask either for proof of citizenship or green card.

Generally, without a green card no SS#, without a SS#, no loan.
Cash will work though.
With a work visa they should have a tax number, check with a lender or title co. to see if that is sufficient to obtain a loan.

I saw this post late. I hope it will help.

When we first bought our home, we were on work visas. No problem at all. Dont let any banks tell you any different. We had excellent credit, we are here legally. So dont let anyone treat them as 2nd class.

I have so many clients who bought houses on work visas. They are here legally, they can purchase houses at any best possible loan programs out there.

Call me if you need help.

The answer is yes they can buy a home, whether they are here legally or not. I've sold homes and done mortgages for people with ITIN numbers. It's a rough process, but the deals do close. If they are here legally, they have an easier time getting the loan.

I came across your post today. I don't know if it's too late to respond but note this:

Based on my extensive background in U.S. immigration law, mortgage and real estate brokerage industries, I can tell you that your clients can purchase a house even though they are in the U.S. on employment-based visas (based on the provided facts I assume your clients possess H-1B and H-4 visa status). There are some lenders (e.g., Bear Stearns) that offer mortgage loans to people who are not permanent resident aliens (no green card). The lending guidelines and rates are a little different for non-permanent resident aliens though.

If the principal (husband or wife) has applied for a green card based on being an advanced degreed professional the entire process may take about 18 months (processing times vary across the country depending on the location of the employment).

So if they wish to purchase now, they might consider refi-ing after they are granted premanent resident status to reduce rates and/or to restructure the loan to have more favoarble terms.

I hope this helps.

Thanks all for the reply. Yes, my client had bought their condo,
at market interest rate.

Not true. As long as the clients have an ITIN number, they can get a mortgage. They'll probably need money for a down payment though, since the LTV for those types of loans seems to be 80% or less. Good luck!

"Not true. As long as the clients have an ITIN number, they can get a mortgage."
PikesPeak said:
With a work visa they should have a tax number (ITIN?), check with a lender or title co. to see if that is sufficient to obtain a loan."
p.s. when I had a green card and was in the US military, I wanted to buy a new Mercedes, I was going to get it financed thru GMAC at that time, but they refused because I was NOT a US citizen. So, I just paid cash.
About 5 years ago, I had a foreign buyer wanting to buy new construction, she had no green card or SSN, she could not get financing (only her US citizen husband could), she paid cash and got her green card and SSN later.

You can buy anything for cash in any county in the world,but I am telling you that if you are getting mortgage thru major banks around here they want to see green card or immigration status paper of some kind with permament residence..California and other states might be different as there is majority people there on work visas.

Actually, there have been "tax id" mortgages around for a few years. I don't believe there is a secondary market for them, so the original lender has to maintain them, but at one time, Citibank and Wells Fargo, just to name two companies, were offering them. There are other lenders, but I don't know them well enough to know if they survived the subprime implision. The highest LTV I've seen with a tax id mortgage is 95%, but again, that may have changed in recent months.

So anyone with a tax id can get a mortgage, regardless of immigration status.

"You can buy anything for cash in any county in the world,.."
But not real estate:
In Turkey, you are limited to a certain property size (6 acres max.) subject to the ´reciprocity principle´, military vetting and certain other conditions.

In Mexico, foreigners can’t own property within a certain restricted zone.

In Croatia, foreigners can’t buy agricultural land, protected natural areas or forests.

China is restricting foreign ownership of real estate.

India does not allow foreigners/non-residents to buy real estate.