How Non-Citizen Doctors Can Secure Home Loans in the U.S.
Here in San Diego, we are proud to have some of the finest healthcare centers in the world. Facilities like Scripps, UC San Diego Health, and Sharp HealthCare are at the leading edge of care and health services. These facilities and organizations make San Diego a national leader in healthcare and a global destination for many of the finest doctors, surgeons, practitioners, and medical scientists in the world.
Doctors from all over the world come to our amazing city to practice health and deliver leading care. This benefit not only enhances our healthcare facilities, it also enhances our city as a whole.
But these doctors and medical professionals need a place to live, and may experience problems during the mortgage-application process. This is because some of these experts are not official U.S. citizens. Many, in fact, are working under Employment Authorization Cards (EAC).
It might seem that getting a home loan when you have an EAC would be difficult, but with the right knowledge, preparation, and a dedicated lending agent, you can get an affordable loan on a top-quality house. These loans allow doctors to live in the home they deserve and continue to make San Diego a national leader in healthcare!
Home Loans for Non-Citizen Doctors Working in the U.S. with Employee Authorization Card
Owning a home is an important part of the American dream, and the chance to purchase affordable, spacious, high-quality homes is one of the factors that draws so many people to the United States. But there is a misconception that to purchase a home you need to be a full-blown citizen. This is simply not true.
To be honest, not being a citizen does create challenges for homebuyers in the United States, but they are far from insurmountable. It’s a fact that many lenders are willing to create loans for people who are in the U.S. with EAC or green cards. Non-citizens can even apply for loans that are insured by government organizations, which has many advantages for the affordability and accessibility of these loans.
Unfortunately, many lenders consider non-U.S. citizens to be a higher risk, regardless of the status of their visa or EAC. This is because most of these people are only in the U.S. for a short period of time, and may not be in the country for the next 10 or 20 years. When lending out hundreds of thousands of dollars, lenders want as much reassurance as possible, but non-citizens, despite having excellent incomes and low debt loads, may still be seen as higher risks than U.S. citizens. In fact, some lenders will only make loans to non-U.S. citizens if there is an eligible cosigner.
However, the requirements for getting these loans will depend on your residency status, which for doctors and medical professionals often includes permanent residents with a green card or non-permanent residents with a valid work visa.
The good news is that for both holders of green cards and EACs, the guidelines for loans supported by Fannie Mae and Freddie Mac are pretty much the same as any borrower. The main difference is that the lender will need to verify the legal residency of the borrower before writing the loan.
Proper Documentation to Secure Home Loans for Non-Citizen Doctors
Probably the biggest challenge you will face when looking for a loan is proper documentation, which will demonstrate to the lender that you fit the specific risk profile. This means providing information on your employment history, credit history, and proof of income. This is pretty easy for U.S. citizens who have been in the country all or most of their lives, but for people who have recently come to the U.S., the process can be more complicated.
If you are new to the United States, you don’t have the same credit profile as established citizens. How can you prove your creditworthiness when you don’t have a profile with the major credit institutions?
If you already have a relationship with an international bank, you have a clear advantage, especially if that international bank has a branch in the United States. With this bank, you will have a record of your finances, so more banks and lenders may be willing to offer you the specific financing you need to purchase a home. Many people are uncomfortable with larger banks, preferring the personal service of smaller community banks. But, as far as lending goes, there is a clear advantage if you have an account with a large global institutions. You may also find lenders who are willing to order international credit reports and use these to help you qualify for a loan.
If you have no credit history in the United States, you can also consider a loan through the FHA. FHA accepts non-U.S. tax returns and you may be able to secure the financing without a credit report.
One of the best strategies is to find lenders who are experienced in working with non-U.S. borrowers.
How to Increase Your Chances of Getting a Loan
Even if you are not a U.S. citizen, there are some steps you can take to increase your chances of loan approval. First, gather at least two years of credit data, including at least three account where you have made consistent payments. This can include utility bills, insurance payments, rental payments, and car loans.
You can also obtain a report of your credit activity from another country. While some lenders may not accept this information outright, it won’t harm you chances if you have this information on hand.
You will also need to demonstrate that you plan on staying in the U.S. for a certain period. Generally, if you can demonstrate that you will be in the U.S. for at least three more years, you will greatly increase your chance of approval.
Are you a doctor working with an Employment Authorization Card? Then contact San Diego Purchase Loans to learn more about our service. We believe you deserve a great home so you can keep improving San Diego with your expertise, and we’ll do everything we can to help you get approved!