A comprehensive guide to understanding US mortgages, FHA loans, and down payment requirements for non-citizens.
The American Dream
Owning a home is a core part of the American Dream. As an immigrant, the process involves understanding your loan options.
FHA Loans vs Conventional
FHA loans are backed by the government and allow down payments as low as 3.5%. They are great for first-time buyers. Conventional loans typically require a higher credit score and sometimes a larger down payment.
Foreign National Mortgages
If you don't have a long US credit history, some lenders offer Foreign National Mortgages. These use alternative credit data, such as utility bills or foreign bank statements, to qualify you.