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How to hold a green card holder to buy housing in the USA: instruction

Most people who have received American visas want to become permanent residents of the country, and many holders of green cards also dream of their own home, but they believe that their dreams are unattainable.

Фото: Depositphotos

The green card, officially known as the permanent resident card, is a document issued to immigrants under the Immigration and Citizenship Act. Green Card grants immigrant residency rights, benefits and privileges in the United States, recalls Stilt.

Can an immigrant with a green card buy a house in the USA?

Yes, a green card holder can buy a home in the United States. The possibility of obtaining a housing loan from a holder of a permanent resident card is higher than that of an American visa holder, because there is no question of his immigration status.

How to buy a house in the USA if you are a green card holder

The process of buying a home for permanent residents is about the same as for US citizens. Typically, the steps are as follows:

  1. Determine how much you can spend on a house
  2. Get your loan pre-approval for your mortgage.
  3. Find a suitable real estate agent
  4. Find a home
  5. Make an offer
  6. Inspect the house
  7. Secure a mortgage
  8. Get insurance and utility bills
  9. Close the deal

When permanent residents proceed to the second step (obtaining a mortgage), they must provide the lender with a valid green card (Form I-551) and a social security card. In addition to providing these documents, obtaining a mortgage in the United States will be very similar to the process of qualifying citizens.

On the subject: US cities where it is easier to get a mortgage if you have a low credit rating

Is there a special mortgage for green card holders?

As with immigrants of other statuses (visa holder, DACA recipient, asylum seeker), in America there are no mortgages specifically designed for holders of green cards. Instead of a green card mortgage, there are several mortgage options in the USA. The question of how long you will live in the United States is no longer important (unlike mortgages for visa holders).

Mortgage Options for Green Card Holders

As a green card holder, you will have better access to mortgages, but the two main options available to non-US citizens will be your best rates.

Variant 1. Home loans from banks

As with visa holders and other non-US citizens, green card holders can apply for mortgages at banks like Wells Fargo. But unlike visa holders, permanent home buyers will be more likely to get approval. This is due, first of all, to the fact that your status will not expire, and you will not leave the USA after receiving a loan.

Variant 2. FHA Home Loans for Green Card Holders

The rules allow legal resident aliens to apply for FHA (Federal Housing Administration) loans. There are two types - permanent and non-permanent foreigners. Regardless of the status of the applicant, the FHA has procedures for documenting and checking the status so that a foreigner can apply for a loan. For foreigners permanently residing in the country, FHA loans are provided on the same terms as for US citizens.

As in the case of mortgages of large banks, the chances of approval for holders of green cards are much higher than for foreign residents with variable status.

On the subject: 20 best US cities where you can buy a home for less than $ 100 thousand

What's next?

If you permanently reside in the USA on a green card, your chances of buying a house are among the highest among immigrants. Your access to credit lines increases depending on the status of a resident, but the process of buying a house will still require some additional effort from you.

However, your dream of home ownership in the USA is not as far away as it might seem. Just get started!

Read also on ForumDaily:

10 US cities where mortgages are most often denied mortgages

Top 15 cities where it is cheaper to buy a house than rent

Why do those who first buy a house in the United States need a realtor

9 programs to help save money when buying a home in the US

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