Why mortgage lenders deny homebuyers with pending asylum status
Whether someone with pending asylum status can be approved for a mortgage to buy a home depends on several factors, including the lender's policies and the requirements of the mortgage program.
Lenders require a stable source of income and a stable residency status to ensure you can repay the loan. Your immigration status will change depending on your asylum case's outcome. The change may affect your employment, income, and ability to repay the mortgage. Therefore, most mortgage lenders typically deny loan applications for homebuyers with pending asylum status.
Schedule some time to talk with a mortgage expert at NewCastle Home Loans. Ask questions, get straight answers, and find out how to start on your home loan.
How to get approved for a mortgage with "pending asylum" status
NewCastle Home Loans offers mortgages to homebuyers living in the U.S. with pending asylum status granted by the USCIS under certain conditions.
First, you need good credit history, a stable source of income, and a solid financial profile, just like any U.S. citizen.
Next, you must meet the following criteria:
The home will be your primary residence.
You have a valid Social Security Number.
You can verify that you’re eligible to work in the U.S. by providing one of the following documents: 1) an unexpired Employment Authorization Document (EAD card); or 2) Form I-797.
Then, you may qualify for a mortgage to buy a home under the same terms available to U.S. citizens, including: