A person living in America who is not a permanent resident can still get a mortgage. However, if they don’t have Permanent Resident Status (colloquially known as a green card), they will have to jump through a lot more hoops to get a loan. There’s a lot more paperwork and it’s a heavier workload for both the borrower and the lender. The underwriting department will look very closely into anyone trying to get a mortgage who is not a legal resident of the country. Exceptions are made all the time, but the general idea is that if you’re not a legal resident of the country, the rest of your application will have to pass intense scrutiny to get the loan.
RED FLAG SYNOPSIS
This chapter went over the most common red flags lenders come across when going through the loan process. However, there are many, many more than I could list here. The important thing to know is that if you find a client has any of these red flags, you need to know that their chances of getting a loan go down. The more red flags, the lower the chances. You likely won’t know if your client has most of these red flags, but some you’ll be able to spot before the loan origination process even begins. Keep that in mind when you are connecting a buyer to a lender!
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