Can a non-permanent resident (pending asylum) buy a house?

Jim Quist Apr 26, 2023 5:00:00 PM

Mortgages for non-permanent residents with a pending asylum status

Dec 3, 2022 5:33:00 PM

Mortgage Rate Lock | How an interest rate lock works

Dec 10, 2022 12:30:00 PM

What's the difference between mortgage interest rate and APR?

May 6, 2023 5:00:00 PM

How much are prepaid items & mortgage escrow?

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 seek refuge from persecution or fear of persecution in their home country and are waiting to know 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.

2,097,244 people have applied for asylum in the U.S. with an average wait time of over 762 days.

Miami: 201,936

Orlando: 131,384

Chicago: 96,840

Memphis: 70,504

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.

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.