HUD recently announced clarifications to their guidelines for certain Non-Permanent Residents applying for FHA-insured mortgages, including:
These changes are effective immediately and apply to new loan submissions as well as pipeline loans.
The following guidelines apply to borrowers who are non-permanent residents:
If the Employment Authorization Document (USCIS Form I-766) or evidence of H-1B status 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.
Borrowers residing in the United States by virtue of refugee or asylee status granted by the USCIS must provide the following documentation:
Please contact CorrespondentRM@carringtonms.com with any questions.
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