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Search resuls for: "National Association of Hispanic Real Estate Professionals"


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Can a non-U.S. citizen get a mortgage loan? Challenges non-U.S. citizens may faceThough it's possible to get a mortgage as a non-U.S. citizen, that doesn't mean it will be easy. Buying a home as a non-U.S. citizen FAQsCan non-U.S. citizens get a mortgage loan? Yes, non-U.S. citizens can get a mortgage loan if they meet the lender's eligibility requirements and they provide necessary documentation. Eligibility for non-U.S. citizen mortgage loans is usually based on legal residency status, credit history, income verification, and down payment.
Persons: homebuyers, Nora Aguirre, she's, they've, Aguirre, Organizations: Migration Policy Institute, Taxation, National Association of Hispanic Real Estate Professionals, USDA, ., Internal Revenue Service, Social, Chevron Locations: U.S, Nevada, Chevron
Non-resident homebuyers will either need to get an ITIN mortgage or pay in cash to buy a home. ITIN mortgages for individuals without Social Security numbersITIN mortgages allow borrowers to use their ITINs to apply for a mortgage. ITIN mortgages offer a path to homeownership for individuals without the documentation to qualify for a conforming mortgage. Many ITIN lenders require a down payment of at least 20%, and ITIN mortgage rates are often significantly higher compared to rates on conforming mortgages. According to Aguirre, a person getting an ITIN mortgage could end up paying as much as $500 more on their monthly mortgage payment than someone getting a comparable conforming mortgage, thanks to the higher rates that come with an ITIN mortgage.
Persons: homebuyers, I'm, Nora Aguirre, she's, they've, Aguirre, you've Organizations: Service, Migration Policy Institute, Taxation, National Association of Hispanic Real Estate Professionals, Social, Internal Revenue Service, US Department of Housing, Urban Development Locations: Wall, Silicon, Nevada, United States
Mortgage rates have also surged as the Federal Reserve tightens monetary policy to curb inflationary pressures not seen in about 40 years. Roughly a quarter of Asian, Black and Hispanic Americans each lived in multigenerational households in 2021, compared to 13% of those who are white. "Latinos are more likely to live in multigenerational households," said Gary Acosta, co-founder and CEO of the National Association of Hispanic Real Estate Professionals. "But being a larger multigenerational family comes with complications if you're trying to be a homeowner," he said. For the Espinoza family, the ideal home would have at least three bedrooms, a backyard and proximity to employment and schools in Santa Ana.
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