A recent FHA letter details updated mortgage requirements for non-permanent residents.
The Federal Housing Administration (FHA) announced the publication of Mortgagee Letter 2021-12, Eligibility Requirements for Certain Non-Permanent Resident Borrowers, that formalizes and updates requirements for certain non-permanent residents seeking to obtain insured mortgage financing under FHA’s mortgage insurance programs. The guidance in this ML may be implemented immediately; however, it must be implemented for mortgages with case numbers assigned on or after July 26, 2021. A Borrower who is a non-permanent resident may be eligible for FHA insured financing provided: 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; and the Borrower is eligible to work in the United States. If the Employment Authorization Document (USCIS Form I-766) or evidence of H-1B status will expire within one year and a prior history of residency status renewals exists, the Mortgagee may assume that continuation will be granted. If there are no prior renewals, the Mortgagee must determine the likelihood of renewal based on information from the employer or the USCIS. The letter also provides clarification of documentation for those residing under official refugee or asylee status.
Source: FHA