Loans
Non-U.S. Citizen Borrowers
Permanent Resident Aliens
Wells Fargo Home Mortgage Banking finances conventional mortgages to aliens who are lawful permanent residents of the United States. Permanent resident aliens must hold an Alien Registration card (also called a “Green Card”) or any other evidence of permanent residency issued by the U.S. Citizenship and Immigration
Services (USCIS), formerly the Immigration and Naturalization Service
(INS).
Loan terms available are the same as those available to U.S. citizens.
Documentation
– Green Card
A copy of the Green Card is required for all permanent resident aliens whose
income and/or assets are being used to qualify for the loan. An enlarged copy
of the front and back of the card is required and must be included in the loan
file. A completed Alien Registration Certification is allowed when the
borrower refuses to allow his Green Card to be copied. Every attempt should
be made to obtain a copy of the card.
If the borrower has not received a hard copy of the permanent Green Card at
the time of loan origination, a valid foreign passport with the following stamp
is acceptable:
‘Processed for I-551. Temporary evidence of Lawful Admission for
Permanent Residency. Valid until MM-DD-YY. Employment Authorized.’
Non-permanent
Resident Aliens
WFHM defines non-permanent resident aliens as individuals legally residing
in the U.S. who possess a valid visa and, if applicable, work authorization.
All non-permanent resident aliens whose income and/or assets are being used
to qualify for a loan must provide evidence of one of the following visa
classes:
Required Visa Classes
• A series (A-1, A-2, A-3). These visas are given to officials of foreign
governments, immediate family members, and support staff. Only those
without diplomatic immunity, as verified on the visa document, are
allowed.
• E-1, Treaty Trader. This visa is essentially the same as an H-1 or L-1;
the title refers to the foreign country’s status in the U.S.
• G series (G-1, G-2, G-3, G-4, G-5). These visas are given to employees
of international organizations that are located in the United States. Some
examples of these organizations are the United Nations, Red Cross,
World Bank, UNICEF, and the International Monetary Fund.
Verification that the applicant does not have diplomatic immunity must
be obtained from the applicants’ employer and/or by viewing the
applicants’ passport.
• H-1 (includes H-1B and H-1C), Temporary Worker. This is the most
common visa given to foreign citizens who are temporarily working in
the United States.
• L-1, Intra-company Transferee. An L-1 visa is given to professional
employees whose company’s main office is in a foreign country.
• TN, NAFTA. Used by Canadian or Mexican citizens for professional or
business purposes.
• TC, NAFTA. Used by Canadian citizens for professional or business
purposes.
All standards for determining stable monthly income, adequate credit history,
and sufficient liquid assets must be applied in the same manner to each
borrower, including borrowers who are non-permanent resident aliens.
Documentation
– Visa
A copy of the visa is required indicating the borrower’s name and the type of
visa and expiration date.
Loan Requirements(Conforming Only)
A two-year history of employment and credit in the United States or in
another country must be documented. There are no product, LTV, or
occupancy restrictions.
Two bank references, with a two-year credit history, may be obtained to
establish credit for borrowers who have less than a two-year residence history
in the United States.
Foreign Nationals
WFHM defines foreign nationals as individuals legally residing or visiting the
United States who possess a valid visa which may present a higher risk to
WFHM than those visa classes acceptable for non-permanent resident aliens.
Foreign nationals who have no lawful residency status in the United States are
not considered to be non-permanent resident aliens. Foreign national
borrowers are eligible for Non-conforming financing only..
Foreign National Borrowers –Eligible Visa Classes
• H-3, Trainee. Temporary visa for trainee of a foreign corporation with a
division of the corporation located in the U.S.
• I, Representative of Foreign Information Media. Used for foreign
press, radio, TV, film, and other foreign information media.
• J-1, Exchange Visitor. Used by students, scholars, teachers, physicians,
etc. Must leave U.S. for two years after the visa expires.
• J-2, Exchange Visitor. Same as J-1 except that this is for the spouse and
children of the J-1 visa holder.
• O-1, Extraordinary Ability. Used for person with extraordinary ability
in the sciences, education, or business.
• O-2, Extraordinary Ability. Used by essential staff members of O-1
visa holders.
• P-1, Athletes, and Entertainers. Used by internationally recognized
athletes, entertainers, and their essential staff.
• P-2, Entertainers. Used by entertainers coming to the U.S. in a group
for the purpose of presenting culturally unique performances.
• P-3, Artists, and Entertainers. Used by artists and entertainers coming
to the U.S. in a group for the purpose of presenting culturally unique
performances.
• R-1, Religious Representative. Issued to ministers, missionaries, or
priests, who live and/or work in the U.S. for various religious
denominations.
Diplomatic Immunity
Due to the inability to compel payment or seek judgment, transactions with
individuals who are not subject to United States jurisdiction are not eligible.
This includes embassy personnel with diplomatic immunity. Verification that
the borrower does not have diplomatic immunity can be obtained by
reviewing the visa document, passport or the State Departments Diplomatic
List at http://www.state.gov/s/cpr/rls.
Foreign National Borrowers –Eligible Visa Classes
A Foreign National borrower must provide evidence of one of the following
visa classes:
• B-1, Business Visitors. Exploratory business. Eligible for second
homes only.
• B-2, Tourist Visitors. Pleasure or ‘medical’ treatment. Eligible for
second homes only.
• E-2, Treaty Traders or Investors. Created for developing trade
between the U.S. and foreign countries with which the U.S. has a treaty.
Used by treaty trader/investor, spouse and children.
• H-2A, Temporary Worker. Temporary agricultural worker.
• H-2B, Temporary Worker. Temporary worker for services not
available in the U.S.
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