For some, home ownership is the epitome of the American dream. Having your own place provides financial peace of mind. Unfortunately, there is a misconception that noncitizens won’t qualify for a mortgage loan. If you’ve always wanted to own a home but weren’t sure if you could acquire a loan, review these answers to common questions noncitizens have about the process. 

What to Know About Mortgage Loans for Noncitizens

How can I qualify if I’m a noncitizen?

First, get an individual taxpayer identification number or an ITIN. The IRS issues ITINs to those who are not eligible to receive a Social Security number. It can be used to apply for mortgage loans, credit union and bank accounts, car loans, and other financial products.

What else do I need to qualify?

Having assets, such as a checking account, also helps with the loan qualification process. Noncitizens can use their ITIN to open one. Maintain the account for at least 12 months to show the lender a year’s worth of financial statements. Lenders also prefer to see credit history. You can also apply for a car loan or credit card with an ITIN. Just make sure you make on-time payments and pay the card balance off each month. These practices will help build credit, improve credit, and make mortgage loan eligibility easier.

Will lenders look at my employment history?

In addition to a having an ITIN, lenders like to see steady employment. They typically request to see documented proof of two years of work. This can be in the form of check stubs, W-2s, and 1099s—the latter two are given to employees and independent contractors by their employers.

Will the government deport me if I apply?

Applying for a mortgage loan or any loan or credit card will not put you at risk of being deported. Unfortunately, there is a lot of misinformation floating around. One of your best resources is the personal lender. They will gladly provide clear information about the lending process and address all your concerns and questions about deportation.

If you’re a noncitizen but you’ve dreamed of owning a home, your vision can become a reality. North Jersey Federal Credit Union in Totowa, NJ, specializes in providing loans to undocumented immigrants with ITINs. With a bit of homework and guidance, you can qualify for a mortgage loan. To get started, call (973) 785-9200. Visit the website for more information on the credit union’s financial products and services. Learn more about their mortgage loan program for noncitizens here.