April 24th, 2019 3:25 PM by Devin Murray
In the last 24 hours we have received a fourth call in just as many months from a potential borrower/buyer who states that several local banks and credit unions in their area have denied them mortgage pre-approval on a conventional loan because their non-US residency status was “permanent resident alien” but not because of insufficient credit, income, or assets. As I assured yesterday’s caller and others before them who were in different states and markets, having a permanent resident alien status is does not bar you from getting a conventional loan.
A few months back a couple who had been refused a loan at 5 different local banks across two cities were very hesitant when I echoed this same information to them. They were very hesitant at first and with very good reason. Just like we do many other loans we had them approved in 48 hours and closed iin about 22 days with no issues.
If this is true, why is the answer from one lender to the next so different for conventional loans? The short answer is Fannie Mae doesn’t require them to write these loans and you can read their most recent explanation here. As for us, we attribute our ability to provide loans for permanent resident aliens with open arms based on good partnerships in the business who provide us the most flexibility in all loan products. This is why Gulf States Financial was created and this is who we are.
Are you or a family member a permanent resident alien who can’t find financing? Fill-out our secure online pre-approval application 24 hours a day or call us during business hours at 888-269-8335.Our guidelines related to this topic and others subject to change at any time without notice. Gulf States Financial NMLS #835698. Equal Housing Lender