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How to get a mortgage with pending asylum status
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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
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 will deny your loan when your asylum application is pending with the USICS.
Don't give up hope. Some lenders, like NewCastle Home Loans, offer mortgages to qualified asylum seekers with the same terms as U.S. citizens.
Alex wanted to buy a new townhome for $305,000. He planned to make a 10% down payment of $30,500 and take out a $274,500 mortgage.
He felt confident applying for the mortgage at Bank of America, where he has a checking account. However, the bank turned him down because of his residency status. He was a non-permanent resident of the U.S. with an asylum application pending with the USCIS.
Alex applied for the same type of mortgage with NewCastle Home Loans on March 22, and he purchased his first home three weeks later with a lower interest rate than the big bank was offering.
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 a 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
After that, get pre-approved for a mortgage so you feel confident about buying a home.
Mortgage rules for asylum seekers planning to buy a home
Here's a comprehensive list of acceptable visas for non-permanent residents looking to buy a home using a conventional mortgage.
- Fannie Mae: Non–U.S. citizen conventional mortgage eligibility requirements
- Freddie Mac: Nonpermanent resident aliens
- FHA: U.S. Department of Housing and Urban Development, Refugee or asylee
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