Home Buying in Tolleson>Question Details

Basha, Home Buyer in Tolleson, AZ

I just got in here from an asian country. 16 months to be exact. I am an immigrant.. Am i qualified now to buy a house?

Asked by Basha, Tolleson, AZ Mon Oct 3, 2011

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Dear Mr. Basha,

You don't need to be a citizen or even have a green card to buy a home in the US. To get a mortgage you will need to have stable employment (same as any US citizen), and make enough money to be able to pay the mortgage (same as any US citizen). You will also need to have a social security number (same as any US citizen).

In terms of credit, because you have been here for only 16 months you may or may not have enough credit to qualify. However, depending on how you came to the country you may be able to still obtain a mortgage. For example, some lenders have mortgage products designed specifically for foreign nationals transferred by multinational companies.

I hope this helps. Please feel free to let us know if you have any further questions.

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
0 votes Thank Flag Link Tue Oct 4, 2011
Hi Basha:

What is your citizenship status? What type of card or visa do you have?

I just closed a loan where the applicant became a US citizen during the loan process. I have another client we are financing who has a green card.

Let us know your status and we will be better able to give you the needed advice.
0 votes Thank Flag Link Mon Oct 3, 2011
Basha,
Welcome to the US. We have many recent immigrants buying homes. Your VISA status may be one factor a lender will consider along with your job, established credit, income & assets. If you are paying cash, you won't run into too many problems.
One factor to become familiar with is a tax you may encounter when you sell called FIRPTA, the Foreign Investment Real Property Tax Act. When you sell, depending on your status, some of your profit may be retained as a tax. I've attached a link to a full explanation of the subject.
0 votes Thank Flag Link Mon Oct 3, 2011
Here are 3 items a title agent would need.

Wire funds only ( for earnest money, closing funds)

We need marital status (if married, husband’s/Wife’s name)

Documents will have to be notarized at the US embassy .

Question? Have you applied for citizenship? Are you employed in the US? Or buying with cash?

If you are you requesting a loan you will need to apply with a lender.
0 votes Thank Flag Link Mon Oct 3, 2011
The only person that can tell you is a loan officer, you should meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


Please see my blog for a list of tips and advice on getting a mortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 3, 2011
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