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We have been in US for over 7 years, and have applied for Permanent Residency Status. However due to USCIS inefficiencies there is a huge backlog that could take another 10+ years to clear up our application. While waiting for the Green Card to arrive, we are considered an Applicant of Audjustment of Status (AOS).
My immigration attorney says that there should not be any negative reflection of your current status as an AOS applicant has almost the same rights as Permanent resident with respect to legal stay & authorization to work in USA which are the primary concerns of the mortgage lender.
Now my question is, whether there is any legal restrictions or roadblocks for me in getting a mortgage approval. I have good Credit Score, have enough funds to cover 5% down payment + applicable closing costs. Anyone else currently in the same boat ?
Most banks don't know much about immigration. I bet you are filing your taxes as a permanent resident, since you have been here for 5+ years. You might as well claim the tax status for you immigration status. If you want to get fancy you can state the visa type and copy all the pending GC applications with a letter explaining them and also a page from the processing times. If it was 2006, you would have gotten any loan you wanted. Nowadays it is more tricky.
You should have no trouble getting an FHA loan, as long as you have credit in the USA. You are not required to have a green card, only be in the country on a work visa.
The mortgage insurance company that my bank was working with refuses to write insurance for non US Citizen without a GC. Seems like discrimination to me. Does anyone have expertise in this field to comment.
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