Can illegals own houses and businesses?

Can they?

Business, nope.
A house, that can be a different story. Maybe with a cosigner?

I don't know about businesses, but my parents looked into buying a house before they adjusted. From what I can remember, you need an ITIN and to have been paying taxes for 2 years. Not all banks approve loans to illegals. Getting the help of a "immigrant-friendly" Real Estate agent wouldn't hurt; most will move heaven and earth to get you a house and cash in on that commission. My parents' did just that. Also, I think they ask for 10 or 15% down payment on the total price of the house, which kinda puts a damper on most people's plans.

I found THIS article on the net which explains a lot. It doesn't say about the down payment, but I guess it varies with the bank.

Hope it helps...

Thanks everybody

There are no laws that prohibit illegal immigrants from owning houses. Owning businesses is a different story because you will also be employed and being employed, in any capacity, is unlawful for an illegal immigrant. Different banks have different policies regarding loans to illegal immigrants. Some banks will accept ITINs in lieu of SSNs, provided that the applicants have paid taxes and show tax returns. Most banks will not lend unless there is a citizen cosigner, in which case the terms of the loan are dependent on the cosigner's financial status. Yet there are also banks who refuse to lend to illegal immigrants for whatever reason.

Generally, obtaining the loan from a bank is very difficult for illegal immigrants. Its best to go with a mortgage lender who will approve a loan. The terms may not be as competitive as bank rates but the process is simpler. Local community organizations, churches, and civic advocacy groups usually have lists of good mortgage lenders.

There is a misconception that illegals are not allowed to own homes. That is false. There is no law that prohibits illegal immigrants from owning a home.

Wait...why can't illegals own a business? Isn't that a matter of simply registering a business and paying taxes on income from it?

i read that 2 ppl here actually own businesses...wasnt americandream one of em?....

As far as I know about businesses, is that they ask you for a SSN when registering them...

my cousin has a mult-iservice agency and he is illegal. he said you jsut need an ITIN #

I just heard that from a couple of lawyers. I too have serious doubts about it. I also think its just a simple matter of registering your business and paying taxes but states have certain regulations concerning the registration of businesses and I can only speculate that some states require legal status to register your business. Yet this idea is completely counterproductive but then again state regulatory organizations don't necessarily have the smartest lawmakers.