Can an Illegal Immigrant Buy a Home in the United States?
With all of the recent news about cracking down on illegal immigration, I wondered what the laws were about undocumented immigrants buying homes here in the United States. Here is what I discovered:
First of all, you do not have to have a social security number to buy or sell a home in the U.S. Some mortgage lenders require one; however, there is not a law requiring one. You do need to have some form of government issued identification, even if it is from another country (such as a passport or driver's license).
Those without a social security number will need an ITIN (individual taxpayer identification number) number which is issued by the IRS to foreign nationals for paying taxes on money they earn in the U.S.
Building a credit history. Obviously, without a social security number, one does not get a credit score. Some lenders will "build" a credit file using rental payments, utility bills, and other sources.
Finding a lender who will fund these mortgages can be a challenge. Fannie Mae and Freddie Mac, the 2 largest purchasers of mortgages in the secondary market, will not buy loans given to illegal immigrants.
Citibank, Bank of America and Wells Fargo all have mortgage loan programs available for undocumented immigrants.
Lastly, it is not illegal to own real estate in the U.S. even if one is in the country illegally. If getting a mortgage is not an option, one can always pay cash.
