Getting a Mortgage Without a Green Card: Foreign-National and ITIN Loans Explained

One of the most common questions we hear from newcomers to the New York area is some version of: "Can I even get a mortgage if I don't have a green card?" The short answer is yes — more often than people assume. U.S. lenders make home loans to non-citizens every day, and your immigration status shapes which program fits, not whether you're allowed to borrow.

What trips people up is that there isn't one "immigrant mortgage." There are three fairly distinct lanes, each with its own paperwork and down-payment math: conventional loans for visa holders who live and earn here, ITIN loans for buyers without a Social Security number, and foreign-national loans for buyers whose life and money are mostly abroad. Knowing which lane you're in saves you weeks of frustration.

A note on timing: the figures and rules below reflect what we could verify as of June 2026. Mortgage programs, down-payment minimums, and federal eligibility rules change — sometimes abruptly — so treat this as a map, not a quote.

First, a disclaimer worth reading

This article is general educational information, not legal, tax, immigration, or financial advice. Down-payment minimums, rates, and eligibility vary by lender, property type, and your individual profile, and the rules cited here can change. Before you make decisions, talk to a licensed mortgage loan officer, and where relevant a tax professional or immigration attorney, and verify anything important against the official sources linked at the end. When you're ready, our team can connect you with lenders who handle these scenarios.

Lane 1: Conventional loans for visa holders (H-1B, L-1, and similar)

If you live in the U.S., earn a U.S. paycheck, and have built some U.S. credit, you may not need a "special" loan at all. Fannie Mae's Selling Guide states plainly that it purchases mortgages made to non–U.S. citizens who are lawful permanent or non-permanent residents "under the same terms that are available to U.S. citizens." Freddie Mac takes a similar stance. In practice that means an H-1B or L-1 visa holder can often qualify for an ordinary conventional loan — the same rates and the same low down payments (as little as 3–5% on a primary residence) available to citizens.

What lenders look at here is your ability to repay and your lawful presence, not your passport. Expect to document: a valid visa and work authorization, U.S. income (W-2s, pay stubs, often two years of tax returns), and a U.S. credit history. Fannie Mae leaves the exact proof of status to the lender's judgment, so requirements vary a little from bank to bank.

One important recent change: as of May 25, 2025, HUD's Mortgagee Letter 2025-09 made non-permanent residents ineligible for FHA-insured loans. That closed the low-down-payment FHA route for many H-1B, L-1, and F-1 holders. Conventional Fannie/Freddie loans, however, remain open — which is exactly why this lane matters so much now.

Lane 2: ITIN loans (no Social Security number)

An ITIN — Individual Taxpayer Identification Number — is a nine-digit number the IRS issues to people who must file U.S. taxes but aren't eligible for a Social Security number. The IRS is explicit that an ITIN is for federal tax purposes only: it doesn't grant work authorization and says nothing about immigration status. But it can be used to apply for a mortgage.

ITIN loans are offered mainly by non-QM lenders, portfolio banks, and credit unions rather than the big national banks, and they're manually underwritten — a human reviews your full financial picture instead of a computer pulling a single score. Because lenders treat them as higher-risk, expect:

• A larger down payment. Most programs ask for roughly 15–25% down, though some advertise less for stronger borrowers.
• A higher rate. Often roughly 1–3 percentage points above the prevailing conventional rate.
• Documented income and seasoned funds. Typically two years of tax returns (filed with your ITIN), pay stubs or business records, and down-payment money that has sat in your account for 30–60 days.

For comparison, Freddie Mac's weekly survey put the average 30-year fixed conventional rate in the mid-6% range through June 2026 — useful as a baseline when a lender quotes you an ITIN rate, so you can see the premium you're paying.

Lane 3: Foreign-national loans (life and money mostly abroad)

This lane is for buyers who don't live or work in the U.S. — overseas investors, parents buying for a student, families planting a foothold. Because there's no U.S. income or U.S. credit to lean on, these are the most asset-heavy and the most expensive.

The defining feature is the down payment. True foreign-national buyers living abroad are generally asked to put down 20% to 40%, with portfolio programs commonly landing in the 25–40% range depending on the lender, the property type, and how clean the documentation is. Investment properties sit at the higher end.

Since there's usually no U.S. credit score, lenders substitute alternatives: an International Credit Report from your home country, a bank reference letter, or a record of two existing tradelines (say, a credit card and a mortgage) paid on time abroad. For pure investment purchases, some lenders use a DSCR (Debt-Service Coverage Ratio) loan, which qualifies you on the property's projected rent and your reserves rather than any personal credit report at all.

A side-by-side comparison

	Conventional (visa holders)	ITIN loan	Foreign-national loan
Typical buyer	H-1B/L-1, lives & earns in U.S.	No SSN, lives in U.S.	Lives/earns mostly abroad
Down payment	As low as ~3–5% (primary home)	~15–25%	~20–40%
Rate	Standard market rate	~1–3 pts higher	Higher, lender-specific
Credit	U.S. credit history	Manual underwrite; alt credit OK	Intl. credit report / alt credit
ID number	SSN	ITIN	Passport/ITIN
FHA available?	No (since May 2025)	No	No

Figures are general ranges that vary by lender and profile, not quotes.

What to gather before you talk to a lender

Whichever lane fits, the documentation theme is consistent: prove who you are, that you're here lawfully (if applicable), how you earn, and that the down payment is genuinely yours. That usually means a valid passport and visa or ITIN; two years of income records (U.S. tax returns and pay stubs, or foreign income docs translated as needed); two to three months of bank statements showing seasoned funds; and, for foreign buyers, an international credit report or bank reference letters. Buyers bringing money from abroad should also plan early for how funds will be transferred and sourced — lenders scrutinize that closely.

The takeaway

Not having a green card narrows your options far less than most buyers fear. A visa holder with U.S. income may simply use a conventional loan; an ITIN holder has a real, if pricier, path; and an overseas buyer can borrow against assets with a larger down payment. The smartest first move isn't shopping rates — it's identifying your lane, then matching with a lender who actually works in it.

When you've sorted that out, it's worth getting familiar with the market itself: browse current listings, explore new developments, or read up on individual neighborhoods and gated communities so that when financing is ready, you are too.

Sources

• IRS — Individual Taxpayer Identification Number (ITIN): https://www.irs.gov/tin/itin/individual-taxpayer-identification-number-itin
• Fannie Mae Selling Guide — Non–U.S. Citizen Borrower Eligibility (B2-2-02): https://selling-guide.fanniemae.com/sel/b2-2-02/non-us-citizen-borrower-eligibility-requirements
• Freddie Mac Single-Family Seller/Servicer Guide (Section 5103.2): https://guide.freddiemac.com/app/guide/section/5103.2
• HUD Mortgagee Letter 2025-09 — Revisions to Residency Requirements: https://www.hud.gov/sites/default/files/OCHCO/documents/2025-09hsgml.pdf
• Freddie Mac Primary Mortgage Market Survey (PMMS): https://www.freddiemac.com/pmms