Do YOU know WHO is actually eligible for an FHA Loan?
Here’s the skinny:
1. Any U.S. Citizen with a valid U.S. Social Security Number
2. Any Permanent Resident Aliens
3. Any Non-Permanent Resident Aliens, provided they:
- Have a valid SSN
- Are eligible to work in the U.S.
- Occupy the property as a principal residence
- If temporary residency status will expire within one year and a prior history of residency status renewals exists, the lender may assume continuation will be granted.
4. Inter vivos or “living” revocable trusts, provided the individual borrower:
- Remains a beneficiary of the trust
- Occupies the property as a principal residence
Also, if you’re a spy or work covert operations and have diplomatic immunity, no dice OR FHA loan for you. Sorry!