Was pondering that today...let's so Joe French public comes to the USA to work for a company. He needs to buy a home here for himself and his crumb crunchers. How does he get a loan? I would assume he has no credit history or employment history....what is used to qualify such individuals. By the way I am not the person was just pondering it today. Thanks in advance!
2006-08-13 16:20:48 · 3 answers · asked by frozenfun 2 in Business & Finance ➔ Credit
If you have no credit history, then you have no credit report, thus no FICO score. You would have to turn to a lender who doesn't use Freddie MAC or Fannie MAE (federally covered loans) as a FICO score is required - GMAC used to do non-fed loans, don't now if they still do, and then there's the "secondary" tier of lenders, where mortages can be had for very high interest rates and fees. Of course, if you have no job and no source of income, then who in their right mind is going to loan you money, since you can't pay it back?
2006-08-13 16:29:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
By filling out an application. They may require more money down and a green card but forigners cannot be discriminated against.
Did you know the FBI Building in Washington is owned by a forigner? I dont remember everything from a tour of iur FBI Headquarters but I will never forget that,
2006-08-14 00:16:54 · answer #2 · answered by Jacque w 3 · 0⤊ 0⤋
Read some tips and articles on loans on this site
2006-08-13 23:29:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋