FHA loans for H1B visa holders
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Manage episode 334879495 series 3318743
If you're an H1B visa holder, you're probably wondering if you can buy a home with an FHA loan. The answer is yes!
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They require lower minimum credit scores and down payments than many conventional loans, making them especially popular with first-time homebuyers and H1B visa holders.
For an H1B visa holder, the eligibility for an FHA loan depends on the borrower meeting the following guidelines:
- The property will be the Borrower’s Principal Residence;
- The Borrower has a valid SSN, except for those employed by the World Bank, a foreign embassy, or equivalent employer identified by HUD;
- The Borrower is eligible to work in the United States, as evidenced by the Employment Authorization Document issued by the USCIS; and
- The Borrower satisfies the same requirements, terms, and conditions as those for U.S. citizens.
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