In this article, I'll explain how to get approved for a mortgage to buy a home while waiting for the United States Citizenship and Immigration Services (USCIS) to decide on your asylum application.
What does "pending asylum" mean?
"Pending asylum" status refers to people who have applied for asylum in the United States.
It means they are seeking refuge from persecution or fear of persecution in their home country and are waiting for a determination on whether they will be granted asylum and allowed to remain in the U.S.
The process of obtaining asylum is lengthy and complex. The outcome depends on various factors, including the specific circumstances and the country's asylum laws and policies.
Chicago currently has 93,594 pending asylum cases, with an average wait time of over 800 days.
Immigration Court Backlog Tool
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.
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:
Then, you may qualify for a mortgage to buy a home under the same terms available to U.S. citizens, including:
- Down payment of only 3% of the purchase price
- Credit score of 620 or higher
- Low interest rate and affordable monthly payments
Schedule some time to talk with a mortgage expert. Ask questions, get straight answers, and find out how to start on your home loan.