Who can get a mortgage?
To get a mortgage in the U.S., you do not need a green card or a court decision. It is enough to have a valid work authorization under category (c)(8) [or C08], meaning you are in the asylum process awaiting a decision.
Not all brokers and realtors are familiar with this status or know how to work with it. If a realtor tells you it is not possible with this status, look for another one.
iQRate Mortgages has a list of statuses and visas that are eligible or not eligible for a mortgage. You can view the list here:
www.iqratemortgages.com/visa-types/
Your category is listed on your work authorization card.
Employment requirements
- You must provide income history for 2 years.
- If you are employed, you must have worked at your current job for at least 6 months. If you changed employers, you must have stayed in the same profession for at least 6 months.
- If you are self-employed, your business must be at least 2 years old.
Income requirements
There are no strict minimum income requirements. The amount you are approved for depends on your income, debts, down payment, and interest rate. The higher your income, the more expensive a home you can afford.
⚠️ Tip: Before applying for a mortgage, pay off credit cards and small loans. They significantly affect your monthly payment capacity and the loan amount you can be approved for.
How the process works
- You contact a mortgage broker and submit documents to determine which loan programs you qualify for and the approved amount.
- You search for homes within your approved budget. You are not required to use the full amount. For example, if approved for $500,000, you can buy a $200,000 home. If the home costs $600,000, you would need to add $100,000 as a down payment.
- You hire a realtor and tour homes.
- When you want to buy a home, you submit an offer to the seller. The offer includes price, timeline, loan type, and how closing costs are divided.
- The seller reviews all offers and chooses the best one. You do not know the other offers or their terms. It is a blind auction.
- The closing process is handled by the realtor and broker.
Types of mortgages
- Conventional - minimum 5% down payment | higher limits | credit history affects the rate.
- FHA - minimum 3.5% down payment | strict property condition requirements.
- USDA - a beneficial program for purchasing outside urban areas.
- VA - for veterans | 0% down payment.
If you do not have enough for a down payment
You may use down payment assistance programs. Conditions vary by state.
⚠️ Note: Ideally, a 20% (or higher) down payment is recommended. If you put down less than 20%, you will be required to pay mortgage insurance until you reach 20% equity.
Have questions? Schedule a free consultation:
+1-702-766-3744
www.iqratemortgages.com/
You can also watch a live session with the broker on YouTube.
Disclaimer: The information provided here is for general informational purposes only and does not constitute legal advice. Translations are provided for convenience and may contain errors or omissions. For guidance on your specific situation, always consult official sources or a qualified attorney.
