Click To View Links

No Social Security Number

by Elizabeth
(Houston TX )

If my husband does not have a SS number but we work and have been renting for years we know we can buy a house please help.

======ANSWER======

Hello Elizabeth,

Thank you for stopping by my site and asking me a question.

You have a unique situation. You have not given me a lot of details so I will try my best here. You will need to talk to a lender, but here's what I found at the HUD.gov website.

If you have applied for a mortgage and the lender finds out that you are not a US citizen, they will have to determine your residency status.

If for example you are a permanent resident alien, then you may be eligible for an FHA insured loan. You would be treated the same as a US citizen. Now if you are a non-permanent resident alien, you might qualify for an FHA loan provided the home will be your principal residence. You must have a valid SS# and be able to work in the USA.

You would have to prove your work status and residency by going through the Bureau of Citizenship and Immigration Services (BCIS). The lender will look for a history of renewals of your residency status. If they can see you have renewed a few times over the past several years, they may assume a continuance will be granted in the future. Now if the lender does not see any renewals, they have to try and determine your status for future renewals through the BCIS.

So then, the long story made short, all borrowers whether US Citizens, non-permanent or permanent aliens, you need your own social security number to get a mortgage.

So it appears that a Social Security number is needed. I've never heard of anybody getting a mortgage without one.

That does not mean it cannot be done since I know citizens of other countries come to the USA and buy houses, I'm juts not sure about the mortgage side of it. If they bring money from their home country and convert it into US currency then they can own a home here.

Your situation is different, it sounds like you want to borrow money from a US lender, so without a Social Security number, I don't think it will work. I'm a little stumped on this one.

Kind Regards,

Jeff Ragan

Click here to post comments

Return to Credit Questions.

New Loans on Credit Report

How long does it take new loans to show on a credit report? I took a small loan out on the 28th and was wondering when it would show on a credit report.

=====ANSWER=====

Hello,

Kind of hard to address you personally since I do not know your name. But here goes!!

Your question is a good one. Especially if you are in the home buying process. Allow me to explain why.

Whenever we take out a new loan, it takes anywhere from 30-60 days for it to show up on our credit report. The company that gave you a loan will report it to the credit bureaus once your account is opened.

Then from that point forward they will report the activity on the account each month about your payment history. So if you make your payments on time, they will give you a good report. Make a payment late, well they report that also.

Now as far as the first time home buyer credit and when he/she is in the process of applying for a mortgage. This is very important for you to understand. Many people do not think about this part of the mortgage process.

When I was in the mortgage business, I always instructed my clients to not apply for any new loans during this application process. Because after the mortgage application the lenders will be watching what you do with your credit.

I had a customer once that ignored my advice and applied for a auto loan. He was thinking it would be no big deal. Well it turned out that it was a very big deal. His mortgage application was denied because he no longer qualified for the loan.

When the underwriter saw this, his debt ratio (DTI) was too high. So he could not afford the house payment anymore. All the information gathered at the time of his loan application was based on his current standing.

Now because he had a new loan, he did not have enough income to pay for both. This may not be the case with you, however you must be very careful if this is where you find yourself at.

During the underwriting process, they actually pull your credit again to determine your ability to repay the mortgage. It gets pulled again just before the closing to make sure you can still afford the house payments, taxes and insurance.

That is what happened to my client. He got caught just before the closing. You can only imagine how upset he was, not to mention the seller, the real estate agents involved and myself.

So the lesson here, once you apply for that mortgage loan do not make any new credit inquiries or apply for any new loans.

In the case of my client, he lost out on the opportunity to buy a home. I'm sure that would disappoint anybody.

So I hope I answered your question about how soon a loan will show up on your credit report.

Best Regards,

Jeff Ragan

Comments for New Loans on Credit Report

Click here to add your own comments

Renewal of a personal loan
by: Anonymous

Yes I was wondering if a loan place that don't report to the credit bureau will it affect my fha loan. The place said it doesn't show on my credit report.

RE: Renewal of a personal loan
by: Jeffrey

I would be very careful about any company that loans money and says that they do not report on your credit report.

Since you mentioned it is a personal loan, my concerns would be the reputation of the company. Check them out before doing any business with them.

Too many scams and fraud online these days, always know who your're working with. You should know, like and trust them

Jeff

Click here to add your own comments

Return to Credit Questions.

Recent Articles

  1. Buying a Home Out of State Questions

    Apr 15, 19 12:36 PM

    When buying a home out of state, should we wait for employment contracts? Or can we use our current state's bank? Find the answers here.

    Read More

  2. Bankruptcy and Mortgage Application

    Apr 15, 19 12:13 PM

    Will bankruptcy affect my mortgage approval? Can I still buy a home? Find the answer to these and more on this page.

    Read More

  3. Adding Someone to Mortgage or Title

    Apr 01, 19 05:30 PM

    If someone is added to mortgage entitle them when home is sold? Or if adding to title? Can it affect my own home purchase? Find the answers here.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter