Requirements for American immigrants to apply for housing loans

# American Immigration # Introduction It is a big deal to immigrate to the United States to buy a house. Usually people who buy a house will be limited by certain funds, so taking a mortgage is the most reliable way. The following are the requirements for American immigrants to apply for housing loans. Welcome to read!

1. Requirements for American immigrants to apply for housing loans

American immigrants can apply for housing loans from banks or other lending institutions, such as housing loan companies. They will check your credit history before deciding whether to provide you with loans and the amount of loans. Loans are generally repaid to banks on a monthly basis and over many years (for example, twenty or thirty years). A credit history check may include calling your employer to ask about your employment status, your monthly income and years of employment. The bank will also compare the prices of similar houses in the area where you buy the house to ensure that the loan is also a good investment compared with the bank. The housing prices in different cities, different states and different communities vary greatly. Some loan projects, such as Fannie Mae and HUD, have strict requirements on housing conditions before purchase. Most loan companies need some special inspections, such as termite inspection and roof maintenance, before approving housing loans.

Some banks set up some projects to help new immigrants buy houses. They are willing to cooperate with legal immigrants who are not American citizens and have not established credit records. So you have to find out which banks in this city are willing to provide loans to immigrants, and where others get housing loans and car loans. Some local banks have unwritten loan plans to help buyers who have just arrived in China. These loan projects are supported by the new American promotion project of Fannie Mae Foundation. They also provide some courses on how to buy a house for these new buyers. The new American promotion plan also provides a guide to buying houses in nine languages to help overcome the language barrier. Fannie Mae has approved some big banks, which are reforming their plans to help immigrants buy houses.

You can also contact local community organizations or ethnic minority committees and seek help from organizations that provide loans. In some big cities, these institutions also provide some courses on financial management and house purchase, which is very helpful.

2. The cost of immigration to the United States

$500,000 is only the minimum investment threshold stipulated by the immigration law. There are many conditions attached to this threshold, such as the need to invest in high unemployment areas or rural areas and solve 10 full-time employment. You can also invest in projects of regional investment centers designated by the Immigration Bureau. Those projects are all infrastructure projects, and it is no problem to solve the employment problem, but when the investment can be recovered is unknown.

Besides, 500 thousand dollars is not enough. This is just an investment. In addition, you have to pay the handling fee, temporary green card application fee, formal green card application fee and lawyer's fee for two applications, etc. This amount is not small, at least tens of thousands of dollars.

Therefore, it is really hard to say how much it costs to apply for a green card. It varies from person to person. Fortunately, in a few years, in addition to recovering the principal, you can make a sum of money. Unfortunately, you may lose 500 thousand. In the worst case, you may lose everything, and even a temporary green card will not become a full member. Of course, this is only an extreme situation. In most cases, a green card may become a full member, but few investments can make money in just two years.

When new immigrants came to America, they didn't know the language. At first, it was difficult to find a job. Even if they can find jobs, they are low-paid jobs. So in the first few years, most of them can only rely on their own savings, that is, they have enough savings to eat. So how much is enough? This question is difficult to answer. On the one hand, everyone has different needs for life. Some families barely live on $20,000 a year, but others may not have enough $65,438+million. In addition, the cost of living is different in different regions. The house prices and local taxes in the big cities on the east and west coasts are more than twice as high as those in the central part, and the basic prices of daily necessities and gasoline are also much higher than those in the central part. If a person can survive with a monthly income of $2,000 in the central region, then this figure may increase to $3,000 on the east and west coasts.

Now, let me make a hypothesis. If there are three people in China, the husband and wife are about 40 years old, have not received education overseas (that is to say, their English is not good), and their children are about 10 years old, and they completely give up their domestic jobs and immigrate to the central part of the United States through investment (such as Springfield, Missouri), how much does it cost to really settle down?

1. Investment immigrants need at least $500,000 in investment funds, plus various handling fees, application fees, attorney fees, etc. Based on the calculation of $50,000, it will cost at least $550,000 to get the green card (including the investment of $500,000, which risks not getting it back and sharing the investment profits).

2. Do I have to buy a house after coming to America? Buy a decent three-bedroom, two-bath, 1.500-foot independent room in a good school district, at least1.2000 according to the current housing price level. In addition, the United States cannot do without cars. Each of them buys a car, a small-displacement car and an SUV, at least 50 thousand dollars.

If you don't have a job, where does your income come from? The easiest way is to buy a house and invest as a rent collector. According to the current rent level, the net return on investment is almost 8%- 10% (that is, the net return after deducting home insurance, local taxes and maintenance fees). If you want to earn $50,000 a year, you should invest $500,000 to $650,000. To be on the safe side, you should count it as $650 thousand.

So, is an annual income of $50,000 enough for a family of three? According to my life experience here, three people eat and drink about 600 dollars a month, three people buy medical insurance about 400 dollars a month, and other expenses are 2,000 dollars a month. Plus the extra expenses such as a plane ticket for a family of three returning home once a year, 50 thousand dollars is basically enough, but life will be a little tight, so we can't waste it and leave some savings.

The above figures add up to US$ 6,543.8+0,370, which is RMB 8.35 million at the exchange rate of 665.438+0. At least you have to have this figure, so you won't feel great pressure to immigrate to the United States. Note that you can only immigrate to the central United States, which is a place where Chinese seldom speak English. If you want to immigrate to places where Chinese people gather, such as Los Angeles and new york, you have to buy more houses, which greatly increases the cost of living. This figure is far from enough.

3. Guidelines for dealing with American investment immigrants

It is said that the American investment immigration policy has been in existence for more than 20 years. American investment immigrants mainly attract many immigrant applicants by attracting foreign investors to invest in the United States and creating employment opportunities. Anyone who wants to become an American investment immigrant will definitely ask a question, that is, how long does it take to apply for an American investment immigrant? If all goes well, it will take nine months at the earliest to apply for investment immigration in the United States, and the general time for investment immigration in the United States will take about 1-2 years.

1. Submit immigration application.

The applicant first submits an immigration application (I-526). As long as the project they apply for is recognized by the Immigration Bureau and the application materials are fully prepared, the general application period is about 6 to 14 months.

Step 2 Apply for an I526 visa

After the approval of the Immigration Bureau, it will be handed over to the American Visa Center for background investigation, physical examination and interview at the Guangzhou Consulate, and a visa will be obtained, and a conditional American permanent green card will be obtained. This process takes about 3 months. Get the I526 green card and land in the United States within six months.

How long does it take to apply for American investment immigration? Friends must actively cooperate when preparing application materials and choose qualified and experienced immigration companies, so that it is easy to realize American investment immigration in 9 months.

So far, how long does it take to invest and immigrate to the United States? We just need to remember the time 1-2 years from submitting the materials to getting the I-526 green card.

Step 3 apply for a permanent green card

Within 90 days before the two-year expiration date of the temporary green card, the applicant who obtained the temporary green card can submit an I-829 application to obtain a formal green card. If the Immigration Bureau determines that the investor does meet the requirements, the investor and his family members can formally become legal permanent residents. The trial period of I-829 is six months to one year.

EB-5 investment immigrant applicants generally need three and a half to four years from the beginning of application to getting a permanent green card.

4. American passport

Within 5 years after obtaining the American green card, the applicant can apply for American citizenship and obtain an American passport.