I have a friend who doesn't have his green card yet, has only 2 credit cards with about 6 months credit history, has about $5000 to put as a down payment, and can afford an $800 a month payment. Is there any hope getting him a mortgage on a small house or condo?
This question can only be answered locally. Housing costs vary substantially. It depends on your friend's location. Here in my little, out of the way central Texas location, $5,000 for closing and an $800 per month payment could get him a condo, assuming he qualifies otherwise. Others could respond with more pertinent information if you tell us where he is living.
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#1683 - 03/09/0412:02 PMRe: Non Citizen Wants Mortgage
WildTurkey
Platinum Poster
Registered: 01/17/03
Posts: 905
Loc: Down South, USA
The first question I'd ask is what is the nature of his $800 a month, is it "income", or just what he feels he can afford, say from savings? Unless he has some demonstrable source of reliable income he is going to find it difficult to get a mortgage unless he can make a larger down payment, maybe 30-40%.
Also, there are likely to be significant closing costs (legal fees, origination fee, inspections etc. etc.) that would take a very substantial bite out of his $5,000 if that is all the money has available "up-front", these could reach $3,000 on a $50,000 mortgage!
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This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.
A non-resident alien *can* obtain a social security number if he/she can show they need one. Aliens here on work Visa's, for example, can get social security numbers because they need one to work. My British fiance just applied for his last week, because K-1 Visa (fiance) holders are allowed to apply for social security numbers right away, even though he won't be able to apply for his green card until we get married, and then it will likely be another year at least before he gets his green card. I'm pretty sure there are several other reasons non-resident aliens are allowed to get a SS# as well, I just don't recall what they are at the moment...
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#1687 - 03/10/0404:21 PMRe: Non Citizen Wants Mortgage
WildTurkey
Platinum Poster
Registered: 01/17/03
Posts: 905
Loc: Down South, USA
Quote: ..... I'm pretty sure there are several other reasons non-resident aliens are allowed to get a SS# as well, I just don't recall what they are at the moment...
There are now very few reasons for a SSN to be issued, in fact I am not aware of any reason other than one is need for work under a visa/ greencard (and in any case a greencard is only a manifestation of a I-551 visa). There used to be other reasons to get one, marked "Not valid for employment" but they were all discontinued following 9/11.
This has led to major life-style problems for some legal residents of the US - for example non-working spouses (on H4 visas) of working visa-holders get no SSN, therefore no access to credit (and I've heard of banks that won't even add the non-working spouse to the checking account and credit cards of the visa-holding working spouse who does have a SSN), and in some states they are even being denied drivers licenses!
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This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.
Registered: 09/18/01
Posts: 1644
Loc: Sweet Home AL
Don't forget ITIN's. If anyone is going to need to be reported on a tax return (maybe for one of these working aliens you referenced), they will need to get an Individual Taxpayer Identification Number from the IRS (with form W-7). Full instructions are included with the form.
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