Looking to Get Sharia Compliant Home Financing In The USA, but You’re Not a Citizen? Read This.

There is good news for immigrants looking for sharia compliant home financing in America. Residents who have work visas and green cards can meet the standards for a halal mortgage in the US even when they aren’t citizens.

Fannie Mae and Freddie Mac offer government-backed and sponsored loans. These are popular with nonpermanent and permanent resident aliens. They include conventional and FHA loans.

The good news is that you can apply for a sharia compliant mortgage if you meet the same criteria. Mostly all that’s needed is a verification of the fact that you are a legal resident in the US.

There are many differences as well as parallels between conventional and halal mortgages. This is one of the ways that the two are similar.

However, lenders will need to see different documentation depending on whether you are a nonpermanent resident or permanent resident.

For a Permanent Resident Alien Green Card Halal Mortgage

If you’re looking to get one of these mortgages, you’ll need a valid green card as well as a Social Security number. Form I-551 is the one that you will need for the green card. Beyond these two pieces of documentation, getting a sharia compliant mortgage is very similar to the process American citizens need to go through.

For Non Permanent Resident Aliens

Nonpermanent resident aliens can qualify if they can show the lender they plan to make the home they are buying a primary residence. If you plan on buying using this process, you’ll also need a valid Social Security number and Employment Authorization Document (EAD).

These EADS are commonly referred to as work permits. Remember you cannot use a Social Security card in their place to qualify.

Some of the people in this category have a special visa they get from a sponsoring employer.

 Although they may not have an EAD, these people still qualify for sharia compliant home financing.

Generally, if you’re looking for any type of sharia compliant or traditional mortgage, it’s important to prove that you’re a legal resident. Here’s a quick rundown of the kind of visas that will get you in the door.

• L Series
• E Series
• G series
• NATO Series
• Mexican and Canadian NAFTA Series

The other types of visas that will work include H-1B and others in the H series.

FHA and Sharia Compliant Home Financing

Many noncitizens in the United States use the FHA loan program to get a mortgage. It has more lenient credit standards and requires a smaller down payment.

There’s a few more things you need to know if you’re going to use this framework to get a halal mortgage.

Regardless of the kind of visa you have, it needs to be valid for 365 days after your closing date. You can also show the document has already been renewed to qualify. Got questions? Get in touch with us today. We can answer your questions about Sharia Compliant Home Financing