Subject: Residency requirements -
tip of the day
Good Morning.
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FRIDAY!!! January 6, 2012
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staff is available.
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48 hours.
Tip of the
day – Residency requirements
FHA-
4155.1
4.A.3.a Residency Requirements
U.S.
Citizenship is not required for mortgage eligibility.
The
lender must determine the residency status of the borrower, based on
|
• |
information
provided on the loan application, and |
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• |
other
applicable documentation. |
4155.1
4.A.3.b Lawful Permanent Resident Aliens
FHA
insures mortgages for borrowers with lawful permanent resident alien status,
using the same terms and conditions as those for U.S. citizens.
The
mortgage file must
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• |
include
evidence of the permanent residency, and |
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• |
indicate
that the borrower is a lawful permanent resident alien on the Uniform
Residential Loan Application (URLA). |
Note: The
U.S. Citizenship and Immigration Services (USCIS) within the Department of
Homeland Security provides evidence of lawful, permanent residency status.
4155.1
4.A.3.c Non-Permanent Resident Aliens
FHA
insures mortgages made to non-permanent resident aliens provided that the
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• |
property
will be the borrower's principal residence |
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• |
borrower
has a valid Social Security Number (SSN), and |
|
• |
borrower
is eligible to work in the United States, as evidenced by an Employment
Authorization Document (EAD) issued by the USCIS. |
Note: The
Social Security card cannot be used as evidence of work status.
Reference: For
more information on the requirement to use the EAD as evidence of work status,
see HUD 4155.1 4.A.3.d.
4155.1
4.A.3.d EAD Required as Evidence of Work Status
Although
Social Security cards may indicate work status, such as “not valid for work
purposes,” an individual's work status may change without the change being
reflected on the actual Social Security card. For this reason, the Social
Security card must not be used as evidence of work status, and the EAD must be
used instead.
If the
EAD will expire within one year and a prior history of residency status
renewals exists, the lender may assume that continuation will be granted. If
there are no prior renewals, the lender must determine the likelihood of
renewal, based on information from the USCIS.
Note:
Borrowers residing in the U.S. by virtue of refugee or asylee status granted by
USCIS are automatically eligible to work in this country. An EAD is not
required.
4155.1
4.A.3.e Non-Lawful Residency
Non-U.S. citizens who do not
have lawful residency in the U.S. are not eligible for FHA-insured
mortgages.
Conventional
-
Non–U.S. Citizen
Borrower Eligibility Requirements
Fannie Mae purchases and securitizes mortgages made
to non–U.S. citizens who are lawful permanent or non-permanent residents of the
United States under the same terms that are available to U.S. citizens. Fannie
Mae does not specify the precise documentation the lender must obtain to verify
that a non–U.S. citizen borrower is legally present in the United States. The
lender must make a determination of the non–U.S. citizen’s status based on the
circumstances of the individual case, using documentation it deems appropriate.
By delivering the mortgage to Fannie Mae, the lender represents and warrants
that the non–U.S. citizen borrower is legally present in this country.
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392