Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
"government insured loans" like FHA, VA etc. Of course she doesn't qualify! If you would have read my answer clearly you would have seen my statement, "Depending on your down payment" Obviously these types of loans are for individuals who have a larger down payments, my mortgage expert friend. Not everybody fits in the same ole shoe box or can get the same cookie cutter type of loan. I was just opening up a dialog of possibles. So while you say there is no way it can done, I guess the loan that I funded last week with no verifiable source of income didn't actually close. I guess that HUD I that I am holding is just a figment of my imagination. But of course you must think you know every investor in the world, private to institutional, right? Before you pass judgment on someone else's answer, at least read the answer correctly and be open to the possibility that there just might be more to the story. Maybe the borrower does have a source of income outside the USA like a trust fund, retirement or an annuity. Or maybe they can come up with a bigger down payment.
PS, bragging about funding loans with no verifiable source of income is not exactly what I consider a badge of honor. I would never fund such a thing even if I had an investor that would do it. I happen to value my DRE and NMLS licensing too much.
Best of luck to you.
George, I suggest you research what an F-1 Visa is and then maybe you would understand why you are mistaken. Foreign national or not, one must have income and a job to qualify for a mortgage. A person in the US on an F-1 Visa is restricted from working in most cases and when they are allowed to work, it is very limited. The reason they don't qualify for any mortgage is the lack of income, not their status as a foreign national or anything else. I doubt very seriously if you have ever funded a foreign national, full time student with no job. The correct answer still stands as NO you cannot get ANY mortgage on an F-1 student Visa because you cannot have any meaningful or stable income source.
Hope you understand now.
For government insured loans i.e. FHA or VA that require little or no money down, Gregorio is correct, but depending on your down payment, the answer is definitely YES it is possible. Be clear, you can be a foreign national and purchase a property here in the USA, Gregorio failed to mention that. I have done several of them. Please contact me if you have any further questions.