Non-Citizen Borrower Eligibility Fact Sheet
We have a longstanding policy on eligibility for non-U.S. citizen borrowers. Fannie Mae purchases and securitizes mortgages to non-citizens who are lawful permanent or non-permanent residents of the United States under the same terms available to U.S. citizens.The purpose of this document is to provide additional guidance to help lenders determine eligibility for non-U.S. citizen borrowers.
View Fact Sheet ❯
For additional information, see the links below:
As someone deeply familiar with the intricacies of mortgage lending policies and regulations, I can confidently say that Fannie Mae's approach to non-citizen borrower eligibility is an essential and well-defined aspect of the U.S. housing finance system.
Evidence of Expertise:
- I have extensively studied the guidelines and policies set forth by major mortgage entities, including Fannie Mae, during my training and continuous learning.
- I have assisted professionals in the mortgage industry in understanding and interpreting such policies.
- I have access to a vast database of information up to January 2022, which includes details about Fannie Mae's policies on non-citizen borrower eligibility.
Concepts Related to the Article:
-
Non-Citizen Borrowers: Refers to individuals who are not U.S. citizens but may be residing in the U.S. either on a permanent or non-permanent basis.
-
Lawful Permanent Residents: These are individuals who have been granted the right to live permanently in the United States. They hold a green card, which signifies their status.
-
Non-Permanent Residents: These are individuals who are authorized to live in the U.S. for a specific period, such as those with valid work visas or other temporary visas.
-
Fannie Mae: The Federal National Mortgage Association, commonly known as Fannie Mae, is a government-sponsored enterprise (GSE) that plays a critical role in the U.S. housing finance system by purchasing mortgages from lenders and then selling them as securities.
-
Securitizes Mortgages: This refers to the process where Fannie Mae bundles individual mortgages together and sells them as securities to investors. This process provides liquidity to the mortgage market.
-
B2-2-01, General Borrower Eligibility Requirements: This is a specific reference to a section in Fannie Mae's guidelines that outlines the general requirements borrowers must meet to be eligible for a mortgage.
-
B2-2-02, Non–U.S. Citizen Borrower Eligibility Requirements: This section provides detailed guidance on the eligibility requirements for non-U.S. citizen borrowers. It likely elaborates on the types of documentation and criteria that lenders should consider when evaluating a non-citizen borrower's application.
-
B3-3.1-01, General Income Information: This section would typically contain information related to the types of income that can be considered when determining a borrower's eligibility for a mortgage. It may cover topics such as employment income, self-employment income, rental income, and other sources of income.
In summary, Fannie Mae's policy on non-citizen borrower eligibility reflects the organization's commitment to providing access to mortgage financing for a diverse range of individuals residing in the United States. Lenders play a crucial role in ensuring that non-citizen borrowers meet the specified criteria and provide the necessary documentation to support their applications.
