Is it necessary to be a U.S. citizen and have a Social Security Number to buy a home?

No. Many lenders will work with borrowers who are not currently U.S. citizens.  Fannie Mae and Freddie Mac, the government sponsored enterprises that secure most mortgages in the U.S., will purchase mortgages made to permanent and non-permanent resident aliens. If you do not have a Social Security number, you must have an ITIN.

What is ITIN?

ITIN is an Individual Taxpayer Identification Number. They are issued by the IRS to people legally residing in the United States who need to file taxes but who are not eligible for a Social Security Number, such as resident aliens, international students, or spouses of U.S. citizens.

How does this work?

Very much the same way as any other mortgage loan. The borrower must prove the ability to repay, and the property must conform to lender guidelines. The borrower must also provide a two-year work history and have satisfactory credit. Documentation of income, assets and appraisal/inspection of the property are typically necessary.

How is it different?

The borrower must provide proof of legal residency with a Green Card, Visa, or other legal residency documents. You may also need to produce your ITIN letter.

There are fewer barriers to homeownership than you think! Call us at 503.588.0211 option 4 or email at mortgage@ourgrovecu.com and find out what it would take to get you into your dream home.

Written by Elena Christian