From credit requirements to loan options, in the following note, we explore how Latino immigrants can make homeownership a reality.
For many Latino immigrants, buying a deer home represents a significant step towards stability and achieving the “American Dream.” Although the process may be easier for those with a green card, it is possible to buy a house without this requirement.
The “Trámites USA” platform promotes such documentation as citizenship in the United States or one green card They are not essential, but they speed up the process, especially when applying for a bank loan.
The most direct way to avoid long procedures is to have the full amount of money. However, due to financial challenges, most immigrants turn to loans. To do this, you must have a minimum credit score of 720, preferably higher than 780, and have at least 20% of the total price of the house as a down payment. Here, there is a green card to reduce this percentage to 3%.
The main requirements for applying for a mortgage include a strong credit history, employment status, and a steady source of income for three years. deer. In addition, the Federal Housing Administration (FHA) provides financial support through loans for those who meet the criteria established by the government.
As for banks, according to migration forums, Bank of America, Wells Fargo, and Freedom Mortgage are the best options to apply for loans, offering a lower interest rate compared to other entities.
The amount required varies depending on the location, because in some cities, a house has an estimated value of U$D 467,000, which means that a Latino immigrant needs about U$D 80,000 to start the purchasing process. With these elements, Latino immigrants can move towards achieving their “American dream” by acquiring a home in deer.