SmartMove & Statewide DAP
Clients have to be U.S Citizens, permanent U.S Residents, or have an unexpired Visa (see below for the visa categories allowed) AND an unexpired work permit.
Acceptable Visa Categories
• E-1 Treaty trader and key employees
• E-2 Treaty investor
• E-3 Australian specialist
• G-1 Representative of international organization and dependents
• G-2 “
• G-3 “
• G-4 “
• H1-B Temporary worker in a specialty occupation
• H1-C Registered nurse
• L-1A Intra-company transferee, executive/managerial
• L-1B Intra-company transferee, specialist
• P-1 Internationally recognized athlete, entertainer or support personnel
• R-1 Religious worker
• TN Professional from Canada or Mexico here under NAFTA
• V-1 Spouse of a lawful permanent resident under visa petition form I-130 filed prior to 12/21/00 and pending for at least three years
PERMANENT RESIDENT ALIEN
Permanent Resident Alien (PRA) is defined as an individual who, though not a U.S. citizen, is granted the right to work and live permanently in the United States. The U.S. Citizenship and Immigration Services (USCIS) refer to these individuals as immigrants.
In addition to the above, refugees and others who are seeking political asylum- which is immigrating to, and seeking permanent residency in, the United States- also fall under the PRA classification. The USCIS has special immigration programs that enable these individuals to seek (and accept) employment while they are in the process of obtaining their PRA status- a process that generally takes two to three years. See below for categories affecting refugees and asylees.
All PRA are entitled to the same rights, products, programs, and lending parameters available to U.S. citizens.
The mortgage must satisfy our basic underwriting guidelines-either standard guidelines or those that apply to borrowers who qualify for our community lending products-with respect to income stability and continuity, credit history, and cash reserves. The borrower must be employed in the United States and the source of income must be verified and expected to continue for three years. A two-year credit and
income history is required. However, additional credit, asset, and income references needed to make an informed credit decision may be obtained from a foreign country if the borrower has not been employed two full years in the U.S. Only documentation that satisfies the same basic standards for authenticity, accuracy, and completeness that applies to other types of documentation should be considered.
Evidence required demonstrating one’s legal right to live and work in the United States includes one of the following:
• I-151: Alien Registration Receipt Card (“Green Card”) that does not have an expiration date on the back, or;
• I-551: Alien Registration Receipt Card (Resident Alien Card/”Green Card”) that does not have an expiration date on the back, or;
• I-155: Alien Registration Receipt Card (Conditional Resident Alien Card) that has an expiration date on the back, as long as it is accompanied by a copy of an USCIS form 1-751, or;
• Unexpired Foreign Passport: Must contain an unexpired stamp reading:
“Processed for I-155 or I-551
Temporary Evidence of Lawful Admission for Permanent Residence
Valid until MM-DD-YY
Employment Authorized”
In addition to the above, individuals with one of the following special visa classifications are also eligible for the same PRA guidelines:
REFUGEES
Acceptable documentation demonstrating one’s legal right to live and work in the United States includes one of the following:
• Form I-94 stamped with employment authorization, or;
• Foreign Passport stamped “Admission for Permanent Residence” with an unexpired date or an Employment Authorization Document.
ASYLEES
Acceptable documentation demonstrating one’s legal right to live and work in the United States includes one of the following:
• Form I-94 stamped with employment authorization, or;
• Copy of Employment Authorization document