07 Mar Investing in Real Estate as an Undocumented Immigrant
The reasons why an immigrant comes to the United States may be multiple, but it is no secret that the main one is the opportunity to have financial well-being, and one of the ways to achieve this is by participating in the American economy through credits and investments that generate stability.
Buying or investing in real estate is one of the main objectives of immigrants, but ¿how can you do it if you are undocumented?
Each day more immigrants can take out mortgages since some companies or credit unions do not require their buyers to have a social security number, but an ITIN or individual taxpayer identification number, which is evidence that a person pays its taxes to the IRS and a paycheck that evidences a salary that allows them to pay the credit.
Obtaining an ITIN is a relatively easy process since it is not required to have legal residency, but this does not mean that accessing a mortgage it’s too, since mortgage companies look to access the credit history of the applicants, and by not obtaining this record, the approval of a loan takes longer, given the need to demonstrate your incomes as well as proof of ability to pay bills.
Another way to buy a home is with cash, a valid identity document such as a passport or driver’s license and the money to pay for the title and registration of the property is enough, but few people have the money to make an expense of that magnitude.
So most need financial assistance and to do so they have to meet several requirements, among them:
Once these requirements are complied with, the process must be carried out with the financial institutions, which will require an initial deposit of 30% of the value of the property.
If it is your wish to invest in real estate, keep in mind that there are companies dedicated to the administration of properties for rent and lease, which are in a position to offer complete advice regarding financial processes of your interest.
JMP Construction is a company with more than 20 years of experience in different areas of the real estate sector in the United States, our clients trust us with the opportunity to participate in profitable and low-risk investments.