Your Guide to Getting a Home Loan in Washington DC as an Immigrant
Buying a home is an important aspect of the American dream; however, the path to homeownership can be daunting for immigrants. Applying for a home loan for immigrants can be more complicated since they lack a credit history or have difficulty providing the required documentation.
Don't fret since several lenders understand these hurdles and are willing to assist immigrants in making homeownership a reality. With patience and persistence, buying a house in Washington, D.C., is achievable for immigrants.
What Information Will I Need to Prepare to Apply for a Mortgage?
To make the mortgage application process smoother, getting organized beforehand is crucial. Here are some of the documents you may need to prepare:
Proof of residency, such as a green card or visa
Credit score information (most lenders require a minimum score of 600)
Proof of address
Employment authorization form
Income verification or job offer
Education history or school records
A list of your monthly expenses
Proof of timely payments for rent, utilities, or other bills
Loan Options for Immigrants
You must be wondering what home loan program do immigrants qualify for, so we’ve compiled mortgage programs available for immigrants and the documentation required for each program:
The Federal Housing Administration backs FHA loans and provides borrowers with the flexibility to make a low down payment of either 3.5% (if your credit score is 580 or higher) or 10% (if your credit score is between 500-579). However, these loans require mortgage insurance, which costs 1.75% of the loan amount up front, followed by an annual cost of 0.45% to 1.05%
Documents required: Permanent residents must provide their green card and indicate their status on the Uniform Residential Loan Application. Nonpermanent residents must prove their eligibility to work in the U.S. and provide a valid Social Security Number.
ITIN loans are available to individuals who don’t have a Social Security number (SSN), including U.S. and non-US citizens. These loans require an individual taxpayer and other documentation, making them an excellent option for immigrants who want to purchase a house but don’t have an SSN.
Documents required: The documentation and credit requirements vary by lender, but usually, borrowers must provide proof of two years of employment and two years of tax returns. Plus, you might be required to show a certain amount of cash reserves.
Contact our loan officers for inquiries if you want to apply for an ITIN loan in Washington, DC.
If you're an immigrant who wants to purchase a house in Washington, D.C., navigating the mortgage application process can be challenging. Our guide can make the process smoother, so you can confidently apply for a loan to make your dream of homeownership a reality.
Let loan specialists from The Mortgage Option help you secure your dream home in Washington, D.C. Contact us and start the mortgage application process today!
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.