MORTGAGE CURRENTCYM C BECAUSE GETTING A MORTGAGE LOAN APPROVED AND CLOSED

Is Rocket Science

MORTGAGE CURRENTCY

Visa Terminology for

Mortgage Lenders

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Published: Feburary 9th, 2018

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Copyright © - All Rights Reserved - 2018 TB02102018

Basic Terminology

INA - Immigration Nationality Act

USCIS - US Citizenship and Immigration Services (Homeland Security)

Foreign National - A Foreign National is a person who is not a citizen of the US.

Diplomat - A diplomat is a person appointed by a state to conduct diplomacy with one or more other states or international organizations.

Section13 - Diplomat - Section 13 of the Immigration and Nationality Act (INA) of September 11, 1957 was created by Congress to allow individuals who entered the United States under diplomatic status to obtain a green card (permanent resi-dence).

Diplomatic Immunity - The privilege of exemption from certain laws and taxes grant-ed to diplomats by the country in which they are working. A&G Visa status appli-cants must verify that they have “no diplomatic immunity”. Lenders require this to protect their legal rights.

Alien - Terminology used in the Immigration Nationality Act to designate individuals of other countries. You may hear it used in documentation or conversation as Resident Alien or Non-Resident Alien.

2 Main Categories of Status: Permanent Resident and Non-Permanent Resident

Sub-Categories are the Visa Status!

Reference U.S. Citizenship and Immigration Services

https://www.uscis.gov/working-united-states/working-us

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Permanent Residents

What is a Permanent Resident?

A lawful permanent resident is someone who has been granted the right to permanently live in the United States. For mortgages, generally, the same types of mortgages and terms apply as

for a US Citizen. This is the easiest route for a Non-US Citizen to get a mortgage.

Permanent Residents have Immigrant Visa’s -

Immigrants entering the country with an immigrant visa status are permitted to obtain a “green card” soon after they enter the US. They have been granted “immigrant” status to the US and are permitted to stay and work in the US. Many immigrants will choose the path to becoming a US Citizen, but not all will follow that path. In either circumstance, the immigrant status allows a person to work and live in the US inde�nitely.

Permanent Worker Visa Status - EB-1, EB-2, EB-3. (EB-4 and EB-5) are being phased out. Asylee and Refugee.

Proof of Permanent Residency is - Green Card-Form 1-551 (Permanent Resident Card)

Example of New Green Card/Permanent Resident Card -

Reference U.S. Citizenship and Immigration Services

https://www.uscis.gov/greencard/eligibility-categories

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Non -Permanent Residents

What is a Non-Permanent Resident?

A resident that is lawfully here under their designated VISA. Non-Permanent residents may obtain mortgage �nancing depending on their individual circumstances. There may be more or varying documentation required

by the lender regarding their ability to live and work in the US, and reasonable expectation of income. Seeyour speci�c Lender or MI guidelines.

Non-Permanent Residents will have Non-Immigration Visa’s -

If you are entering the country with a Non-Immigrant Visa, then you will need to depart the US by the date of your Visa expiration. The 1-94 document will verify this, or you can verify the allowed duration of the borrow-er’s stay by visiting the Homeland Security site.

2 Types of Non-Immigration Visa Status’s:

Temporary Workers and Student/Exchange Visitors

Temporary Workers - Terminology used by Homeland Security that designates those who are permitted to work in the US for a specified period of time. The type of Visa will determine the length of stay allowed and the types of extensions allowed. [See Visa Chart for Details]

Visa Status Considered Temporary Workers -

A-1, A-2, A-3,E-1, E-2, E-3, G-1, G-2, G-3, G-4, G-5, H-1B, H-1B1, H-1B2, H-1B3, H-1C, H-2A, H-2B, H-3,H-4, I, J-1, J-2, K-1, K-2, K-3, K-4, L-1A, L-1B, L-2, O-1A, O-1B O-2, O-3, P-1A, P-1B, P-2, P-3, Q-1, Q-2, R-1,

R-2, TN-1, TN-2, TD. [See Visa Chart for Details]

Student and Exchange Visitors - Students and exchange visitors are invited to attend college in the US or participate in an exchange program. They must adhere to the terms of their particular student or exchange visitor Visa status to remain in the country. Upon completion of their studies or exchange program, they are required to depart the US unless they are hired by a company who can sponsor them and therefore assist them in obtaining another type of Visa status. Student and Exchange Visitors also have the right to work, but it is limited. [See Visa Chart for Details]

Student Visas Include -

F-1, F-2, F-3, M-1, M-2, M-3, J-1, J-2 [See Visa Chart for Details]

Terminology

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Non -Permanent Residents

Employment Authorization Document (EAD)

Employment Authorization Document and also know as a “Work Permit” or Form I-765. USCIS issues this card to those who are permitted to work in the United States. This document is required for some Visa statuses, but not all Visa statuses. Some Visa statuses INCLUDE the right to work, and a lender does not need to obtain, an

EAD as that would be cumbersome on the borrower and redundant. [See Visa Chart for Details]

Employment Authorization should be veri�ed using ONE of the following - •EAD: Employment Authorization Document•OR, EAD Authorized via Status Type [See Visa Chart for Details]

Example of a Employment Authorization Document (EAD) -

If your lender requires a social security number these are the Visa Classi�cations that allow you to obtain a Social Security Card & Number - E1, E2, F-1, H1-B, H-1C, H-2A, H-2B, H-3, I, J-1, K-1, L-1, M-1, O-1, O-2, P-1, P-2, P-3, Q-1, Q-2, R-1, TN [See Reference: Visa Classifications that Allow You to Work in the US]

ITIN - Individual Tax Identi�cation Number - An Individual Taxpayer Identi�cation Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identi�cation number but who do not have and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA). They are issued regardless of immigration status, because both resident and nonresident aliens may have a U.S. �ling or reporting requirement under the Internal Revenue Code. ITINs do not serve any purpose other than federal tax reporting.

An ITIN does not:• Give Authorization work in the U.S.• Provide eligibility for Social Security bene�ts• Qualify a dependent for Earned Income Tax Credit Purposes

Documenting Status Important Reminder - Some Visa Status’s Contain the Right to Work

and No EAD is Typically Issued. [See our Visa Status Chart for Details]

MORTGAGE CURRENTCYM C BECAUSE GETTING A MORTGAGE LOAN APPROVED AND CLOSED

Is Rocket Science

MORTGAGE CURRENTCY

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www.MortgageCurrentcy.comCopyright © - All Rights Reserved - 2018 TB02102018

Published: Feburary 9th, 2018

Important: Mortgage Currentcy.com, LLC has made every attempt to ensure the accuracy and reliability of the information provided. We review agency guidelines and answer your questions based on the information we have at the time the course is created. We do not address “mortgage rule overlays” imposed by third party lenders or MI companies and do not accept

any responsibility or liability for content, completeness, legality, for the course content for MortgageCurrentcy.com. MortgageCurrentcy.com is not engaged in the practice of law and does not provide legal services.

Important Note: A right to work in the US does not mean that a lender will use the income to qualify for a loan. Each lender, agency and MI company has their own rules regarding use of income as it applies

to duration of income, probably of continued income, program type and required documentation. This is an educational chart and we recommend that you refer to your lender and MI guidelines for their

specific requirements to determine if your borrower's financial situation meets their guidelines.

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