Home Guide to UK Emigrants to the US

People who emigrate from the U.K. to the U.S. can choose anywhere they want to live. Both citizens and immigrants in the U.S. spend about 25 percent of their wages on housing. They may rent a home or buy one.

Federal Housing Administration Mortgage

Many U.K. emigrants want to have their own house in the new country.

Some of them want to own one even if they are not citizens yet. Others want to have their own place to stay while waiting for their residency to be established.

There are some people who simply want to purchase a home for an extended vacation.

Whatever the purpose is, immigrants can definitely find a home mortgage that will help them secure a home even without citizenship.

Qualifying for a Home Loan

US Immigrants or resident aliens don’t have to worry about buying their own home as it can be a simple process. Even if a credit rating is needed to qualify for a mortgage loan, immigrants will still be able to get approved for generous amounts.

There are many mortgage loans that are specially designed for immigrants.

This means all U.K. immigrants can get the chance to be a homeowner even shortly after moving to the U.S.

Mortgage loans for immigrants have certain terms that need to be met.

This includes low gross debt and Total Debt Service Ratio, immigrant status in the past few years and at least three months of full-time employment in the U.S. Immigrants who qualify for a mortgage loan may also need to pay for insurance as stipulated in the policy.

Foreign National Home Loans

An immigrant-specific mortgage loan is called a foreign national home loan. Many reputable US mortgage loan lenders offer these.

This type of loan also works the same way as a regular mortgage loan. The only difference is that they demand higher down payments. The lender may have to ask borrowers to pay as much as 30 percent upfront.

Immigrants who have not yet established their credit or fail to meet other lender requirements may have to settle for this option in order to purchase their own property as early as possible.

Federal Housing Administration Mortgage

Another option for U.K. immigrants who wish to buy a home is the FHA mortgage. However, not all immigrants can qualify for this. This is especially true for illegal immigrants. FHA loans require applicants to be in the U.S. legally.

What is great about FHA mortgages is that they are typically affordable. They only require a 3.5 percent down payment. U.K. immigrants who qualify are covered under the same conditions as those given to U.S. citizens.

Basically, applicants have to provide their proof of legal immigration, residency status and other documents like a work visa. With all these, they can be confident that they will be approved.

If the applicant’s immigration status has been confirmed legal, the loan’s terms and conditions will be the same as those for U.S. citizens.

Also, a credit history is not needed. The FHA will only need some information about the applicant’s financial state in order to set the terms. If they are found to be in the country illegally, their application will be automatically rejected.

Mortgage for Temporary Immigrants

There are many cases when non-citizens want to buy a home in the U.S. However, reputable US mortgage loan lenders often ask these applicants to provide additional documents or proof so they can get lower down payments and desirable interest rates.

These borrowers have to prove that they will be making their U.S. home their primary residence.

Also, they have to present a good credit score for at least the last two years. Lenders also demand a social security number and proof that they are qualified to work in the country. They must meet all these qualifications to take out a home loan.

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