Buying a home

Hi Dreamers!

Has anybody's family tried to buy a house in the US? My family has been saving up from our business and now we're trying to buy a property. It is tough enough already for self-employed people to qualify for a loan. I've been talking to loan specialists, and we have about 10% for downpayment. Most brokers try to get us an FHA loan, but only citizens and legal residents qualify
I just talked to the broker, and he asked for a Residence Alien Card, which none of us have.
Has anybody successfully bought a home being undocumented/overstayed? What problems did you have in the process? What documents did you have to show?

It's pretty much impossible to buy a house without green card/citizenship. And you can see their logic on it, too. Who would loan hundreds of thousands of dollars to a person who can be deported at any time? They won't gamble their money.

I own a condo. There's a thread on this.

I believe you have to get a cosigner with good enough credit and income, as well as legal status of course, otherwise it is not really possible unless you have enough money to pay for the house upfront!

My parents bought a home while they were undocumented; however, that was in 2004 near the height of the housing bubble. They have since both become US citizens, refinanced, and purchased another home.

Without proper documentation, I don't see how it's possible to obtain a mortgage anymore.

Try citi bank, you don't need a co signer but they ask tor 30%

Since the housing market collapsed, my parents have purchased several properties in different states. The only thing though, they did purchase in cash. It helps to pay like this because you can negotiate more and therefore get a better deal.

Have you looked into owner financing?

if you are undocumented you can still buy property as an international investor, but they do ask for a much higher down payment, and you pay up taxes in advance, it used to be a year, i dont know about now. I used to be a mortgage broker, and it is a shame you dont qualify for an FHA loan, they are much much better than anything else out there right now, it put me out of business lol, at least the mortgage brokering part, now im just doing real estate

yea this is true, my whole family is undcoumented except my dad who works in a different country to support us. our house is under his name but it is possible... not sure for families who are all undocumented.

when you get your ssn apply for a credit card and build credit. Save at least 20% for a good down payment and find a cosigner who has credit and owns a home. Make sure you get a job and have a steady job and income for at least a whole year. Then you can ask for a loan, under your name with a cosigner.