Mexican Self Deportation

Bear, can you provide the source for your quote? I am highly skeptical of the comments as they state, "Because mortgage companies do not require buyers to have a Social Security number to purchase a home in the United States, non-citizens now have more opportunities", but I'd like to read the entire article.

Exactly which mortgage companies provide mortgages to borrowers without a social security number? I don't know of any. FNMA/FHLMC/FHA all definitely require a social. US Bank, BofA, Wells Fargo, Suntrust Bank, Pulte Mortgage, MetLife, Citi, Chase...all of them absolutely require a ssi#. Does the article reference any lenders who provide mortgages without social security numbers? Does the article go on to explain what happens to those mortgages? I know some lenders have programs to work with non-permanent resident aliens, or to offer financing on 2nd homes in the states to international borrowers; and a financial institution does have the right to make their own lending guidelines, with various overlays/exceptions even for borrowers of different residency/citizenship status, but those loans would stay with that lender as a portfolio product...FNMA/FHLMC/FHA won't buy them.

Let me know when you figure out all those lenders who provide mortgages to people without socials...but I won't hold my breath for your response.

He heard it on the "Some people say...." Channel

saw a maxi van loaded with people with a sign in the rear window Mehico we come.

Some private mortgage companies may offer mortgages to illegal residents, but no FHA, Freddie Mac or Fannie Mae secured mortgages can be offered to illegal immigrants. Fannie Mae and Freddie Mac require the lenders to verify the status of the homeowner to ensure that only those who are in the US legally are participating in the mortgage.

So no taxpayer dollars are being "scammed". Even those private mortgage companies that do offer mortgages without verifying resident status say that those perform much better than those of legal residents, having less than one percent foreclosure rate.

Bear, can you provide the source for your quote? I am highly skeptical of the comments as they state, "Because mortgage companies do not require buyers to have a Social Security number to purchase a home in the United States, non-citizens now have more opportunities", but I'd like to read the entire article.

Here is the source of my quote...
It was a link on my post.

Some of the companies that are offering mortgages using ITINs instead of a social security number were Citibank, the former Washington Mutual, and American Home Mortgage.

http://www.usimmigrationsupport.org/immigrants-realestate-itin.html

You don't need to be an American citizen to buy property here. Canadians have been buying up Florida real estate since the prices crashed. I don't know if they are financing the purchases with Canadian or US companies. Chinese citizens have also been buying homes in America.

Just completed some work here in CO for Non Citizens who bought property. They don't want to become citizens of the US, yet they have no problem aquiring property, not paying income tax, paying property tax of course, and using our medical facilities, etc.

Also from your article, Bear...

"Cash is widely used by immigrants and most of their transactions will most likely not involve credit. As a result, the approval for a mortgage loan may take longer and be more expensive. Immigrants applying for a loan must show proof of income. In addition, they have to prove that they have been consistent with bill paying. Mortgage companies tend to take higher risks with immigrants and this risk may be leveled off with a higher mortgage interest rate. Illegal immigrants cannot obtain loans that qualify for repurchase or are insured at the federal level by corporations sponsored by the government."

This indicates that there may be independent banks/lenders willing to give high interest loans to illegal immigrants (if legal, there is no secondary market to sell these loans, so these lenders would be funding then holding the loans themselves), but the large scale lenders such as Wells Fargo, BofA, Citigroup, etc. are not going to be involved in any way with loans to illegal immigrants. Some lenders, perhaps Citigroup amongst them, may offer loans to non-citizens under specific circumstances such as allowing purchases and refis on second homes, if the proper documentation is provided to prove the borrower can legally travel to the states. These loans are also going to always be full documentation loans, requiring credit report, tax returns (usually 2 years), current paystubs/voe, bank statements (usually most recent 2 months), full appraisal, title, numerous required disclosures and notices. Usually these loans will go to senior underwriters and everything is highly scrutinized. Mortgage companies must be very careful what they approve...and risking their licenses to approve risky loans to illegal immigrants just doesn't make sense.

It is true that you don't need to be citizen to buy/own property, but if you're going to try to get financing for it, you're going to need documentation proving everything, least of which that you may legally be here.