Can A Non-Citizen Co-Sign For My Home Loan?
Will you require a co-signer in order to buy a home in the Tampa Bay area? Are you worried because your only willing co-signer is a non-citizen? We have the scoop about buying a home with a co-signer that currently doesn’t have United States citizenship.
Minimum Standards
No matter what, if you have a co-signer on your mortgage, they have to meet the same minimum standards that you would as the primary borrower. Lenders offering loans backed by Fannie Maw, Freddie Mac and FHA are allowed to use non-citizen co-signers if they choose to, but they must have legal residency. They must actually be a “legal resident alien.” They should be made aware that they will be financially obligated to repay the mortgage if you default, even though their name won’t be on the title of the home.
Proof of Legal Residency
You non-citizen co-signer will have to declare on the Uniform Residential Loan Application whether they are a U.S. citizen or a resident alien. If they are neither, they will not be able to co-sign. You can find this spot on the Declarations part of the Uniform Residential Loan Application listed as items J and K.
The permanent resident alien co-signer has to have a valid social security number and their green card or a TIN. The temporary resident alien co-signer can give proof in the form of an Employment Authorization Document.
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
- Tampa Bay homes for sale between $300,000 and $400,000
- Tampa Bay homes for sale between $400,000 and $500,000
- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000
Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!
