Will you need a non-citizen co-signer on the mortgage of the home you intend to purchase? If so, here’s a heads up on some important information about buying a home with a co-signer that doesn’t have U.S. citizenship.
- Your co-signer must meet the same minimum standards as you, the primary borrower
- Fannie Mae, Freddie Mac, and FHA let lenders loan to non-citizens, so your co-signer doesn’t have to be a citizen, as long as they are a legal resident alien
- The co-signer is financially obligate to repay the loan in a situation of default, but they are not on the title of the home.
Proof of Residency
Your co-signer must declare whether they are a U.S. citizen or permanent resident alien on the Uniform Residential Loan Application. Look under the Declarations portion of the URLA. If items J and K are answered with a “no,” then the lender has to acquire verification of legal residency. If the co-signer is a permanent resident alien, a valid Social Security Number and a green card or an Individual Taxpayer Identification Number can be used for identification verification. If your cosigner is a temporary resident alien, they can provide an Employment Authorization Document to verify legal status. Keep in mind that the FHA may contact the U.S. Citizenship and Immigration Services within the Department of Homeland Security to acquire more proof of lawful, permanent residency status.
We Are Your Indian River County Experts
Please consider our team at Alex MacWilliam Real Estate whether you’re selling your home or looking for a new one. We love helping make people’s dreams come true. Plus, we’re experts in this area. Want to find a place to golf in Vero Beach? Just ask one of our skilled realtors while touring your potential new house! Our realtors will try to answer any questions you might have about amenities you can find nearby. Also, check out our Vero Beach relocation guide.
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So, if you are considering relocating to Vero Beach, please contact us today. Our real estate team is extremely knowledgeable about the area and can find the perfect home for you. Call us at 772-231-6509 to talk to a Realtor® in Vero Beach, FL today. We can search the MLS and find your dream home.