Purchasing a home as a Caribbean immigrant

Owning a house is one of the pillars of the American dream It’s simultaneously a status symbol and security Value that increases in your lifetime and can be passed down to your family Unlike many countries around the world such as Greece, Japan, and Thailand, you can purchase a home in the United States before achieving citizenship Buying a home can be a complicated and daunting process, even more so if you ’ re not yet a citizen The avalanche of paperwork and the hoops you have to jump through can be intimidating, but it’s always worth it

The process is remarkably simple if you can pay for the full cost right away For most people, this is understandably impossible Mortgages introduce some complexities as they come with financial stipulations such as credit scores and a job in the United States or otherwise suitable and provable source of income

Despite that almost half of foreign-born residents in the US listed themselves as homeowners and immigrants who have lived in the US for 10 or more years are more likely to be homeowners as they are more likely to have an established credit history Over the past 10+ years, immigrants have accounted for almost 30% of the household growth in the US

Temporary Non-Residents

Folks on a work visa have loan options, albeit more limited than green-card holders, and will have to provide proof of employment and a social security number Additionally, Non-residents might be asked for a copy of a work contract that spans a minimum of three years, proof of a positive credit history, and tax returns from the previous two years NonResidents are a “flight-risk” so lenders need additional proof that they will recuperate their loan in the future

Green Card Holders

Green card holders or LPR (lawful permanent residents) can receive a title with as little as a 3% down payment These immigrants qualify for the same loan services as naturalborn US citizens, including FHA loans, as long as they have good credit scores and can provide the relevant paperwork — tax returns, asset statements, and bank statements

Prospective Owners from outside the US

Lenders operate under the same stipulations as Non-Residents so loans are hard to acquire Most buyers from outside the US tend to purchase a home in full Importantly, unlike many countries, owning a home does not automatically qualify you for a passport in the US

Undocumented Immigrants

Without standard documentation securing loans and other financial subsidies will prove anywhere from difficult to impossible However, according to a 2019 study of data from the US Census Bureau under the Migration Policy Institute, over 3 million undocumented immigrants are listed as taxpaying homeowners

Fair Housing Act (FHA)

Passed in 1986, the FHA prohibits discrimination along racial, religious, gender, national origin, familial status, and disability lines It was the answer to redlining and other discriminatory practices that targeted people of color and immigrants FHA aims to keep landlords, real estate companies, banks, and other lending institutions honest and mitigate unconscious or purposeful discrimination