Home Buying in 02144>Question Details

Adonis, Home Buyer in Somerville, MA

Do I qualify for Mass housing programs for a 3% down payment if I am a foreign national?

Asked by Adonis, Somerville, MA Fri Jan 9, 2009

I am a foreign national legally living and working MA since 2007 at a multinational company on a work visa in the process of obtaining my residency papers. This is what they list as requirements on their website:

To qualify for a MassAdvantage loan, you must

* Be a first-time home buyer*.
* Be creditworthy. Minimum credit scores may apply.
* Have a signed Purchase and Sale Agreement.
* Qualify for the loan being requested. Lenders will assess your ability to afford a home by considering income, assets, job stability, liabilities, etc.
* Attend a home buyer counseling course if you are making a downpayment of less than 5%, or if you are purchasing a multifamily home

I do meet their above criteria but I wanted to know if there are hidden requirements for foreign nationals that would force me have a higher down payment?

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Answers

1
Hi Adonis:
Mass advantage can answer that question for you. Before the loan crisis the foreign nationals were required to put at least 25% down payment. Recently a lot of the lenders started to ask for a copy of the social security card at the closing to verify info. Hope this is helpful.
Yannis
0 votes Thank Flag Link Tue Jan 13, 2009
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