Banks beginning to expand mortgage loans to undocumented immigrants

Getting a mortage has been tricky for undocumented immigrants. Most banks want mortgagees to be citizens and have a valid social secuirty number. This forces immigrants to lie about these things, which is easy enough to do (banks usually do not check); but if anything goes wrong (late payments for example) the loan can be pulled, and no other bank will step into the breach.

It is perfectly legal for banks to make loans to undocumented immigrants, but until recently very few banks would do that. Now more are stepping into the market, including national banks like JP Morgan Chase, Wells Fargo, Ctigroup and Fifth Third Bancorp.

As I have said elsewhere, I think you are almost always better off dealing with a local bank, but if that is not a possibility, the national banks might be worth a look (not all of them offer these loans nationally, however)

To qualify you will need a tax ID (Income Tax Identification Number–TIN), which is easy to get — and a good employment history (credit checks are not usually so important in these situations). You will probaly have to open a checking account in the bank when you apply.

You will probably pay a slight premium over the regular rate, but you will have a legal loan which cannot be pulled if you miss a payment or two.

For mortgage basics click here.

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