I was out of town last week when this was in the Chronicle, but was tipped off by the Inman Blog,

…It was a typical new-homeowner scene with one exception: Ramiro and Marisol, who asked that their last name not be used, are undocumented immigrants from Mexico. They’ve been in the country for four years. Marisol entered on a tourist visa. Ramiro hid in a car.

Their immigration status did not prevent them from buying a home. It is legal for undocumented people to purchase property in the United States.

The problem has been borrowing the money to pay for it. Ramiro and Marisol have stable jobs, but many undocumented people have spotty or nonexistent credit histories. Often, they’ve worked off the books. That’s two big strikes against getting a mortgage.

Another issue used to be an absolute deal breaker when undocumented people applied for home loans: Until recently, people had to have a Social Security number to qualify for a mortgage.

Now, a handful of banks, including some major institutions, have begun offering home-mortgage loans to people who don’t have Social Security accounts. Instead, borrowers can use individual taxpayer identification numbers, or ITINs, which are used to file income tax returns. These lending programs also allow borrowers to use unconventional ways to demonstrate their creditworthiness. [more...]

Illegal immigrants, legal home owners [Inman Blog]

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