If you want to buy a house or any property/asset in the United States but only have a TN visa, don’t give up. TN visa holders can buy houses in the United States and can even get a loan to help them do so.
We’ve compiled a list of requirements for TN visa holders seeking a mortgage in the United States.
Is it necessary to obtain a Canadian visa in order to go to the United States?
All non-U.S. citizens require a visa to enter the United States for job, study, or travel. Canadians can work in the United States on a TN visa.
Definition of TN Visa?
Nonimmigrant NAFTA (North American Free Trade Agreement) professionals can apply for a TN visa. NAFTA established unique commercial and economic ties between the United States, Canada, and Mexico.
As NAFTA professionals, the TN visa permits Canadian and Mexican residents to work in pre-arranged commercial operations in the United States for US or international companies. This visa allows you to enter the United States for a limited time and solely for specific business purposes.
Only Canadian or Mexican nationals (not permanent residents) and certain categories of professions are eligible for a TN visa.
The TN-1 visa is for Canadian citizens with TN status, whereas the TN-2 visa is for Mexican nationals with TN status.
TN Visa Holders and Mortgages
Many people believe that, given the present immigration-related difficulties in the United States, obtaining a mortgage in the United States would be difficult for a visa holder. It is, fortunately, both possible and legal. TN visa (or TN permit) holders, on the other hand, may have to work a little more to get a house loan than the average American.
TN Visa Mortgage
The acquisition of real estate in the United States is permissible for holders of TN visas. There are no restrictions in place in the United States’ immigration laws that prevent this. If they meet the qualifying conditions and provide the paperwork indicated below, TN visa holders can get mortgage loans to purchase a house in the United States.
Four Things as Requirements of TN Visa Mortgage Loan
The prerequisites for acquiring a TN visa mortgage are as follows.
You must have at least two years of work experience in the United States to qualify for a mortgage loan. The lender will require this work history. If you’ve worked for the same company in a different country. This will consider when taken into your account the work history.
In addition to your work experience, you must have a two-year credit history in the United States. If your bank in the United States is associated with your bank in your home country, this will be considerably easier. Your bank in the United States will assess your credit history outside of the United States (where you are applying for the mortgage).
Passport for purposes of identification and visa verification, the financial institution where you are applying for a mortgage will demand your passport.
Individual Tax ID Number
An ITIN is required for those who enter the United States on a visa, work, and pay taxes on their earnings (Individual Tax Identification Number). The lender will be able to see your work history thanks to your ITIN. The lender can use this information to determine if your income will endure for at least another three years.
Assets as Evidence
The lender will examine to see if you have enough assets to cover the down payment and closing costs of the loan. It is not necessary for these assets to be situated in the United States. You only need to prove that your foreign funds are yours and that you have the ability to transfer them to a U.S. bank account before the account is closed, if required.
Intent to Immigrate (Warning)
While buying a house is not prohibited for TN visa holders, it is important to remember that having the intent to immigrate is. Immigrant intent refers to a visa holder’s intention to immigrate to the United States. One of the qualifying conditions for TN visas is non-immigrant intent, which means the holder must intend to return to their home country.
The acquisition of a residence by a TN visa holder may be considered by an inspecting immigration officer as proof of immigrant intent when combined with other factors. Other factors, such as a pending green card application, will be considered when making a property purchase.
Finally, consider whether you have any additional symptoms of immigration intent before taking out a mortgage and purchasing a home on a TN visa. The mere acquisition of a house in the United States is inadequate proof of immigration intent, and it will not prevent a TN visa holder from entering the country. So, if all you want to do is buy a house, you won’t have any problems.
You can apply for a TN Visa renewal or extension due to expire but you still need to work. Fill out Form I-539, Application to Extend/Change Nonimmigrant Status, to request any extensions from USCISAll extensions are for a year, and you can get as many as you like. You must show that you are gathering and exchanging data, and your employment contract should also be extended.
You can also change your visa status from an I visa to a different visa type. If you find a firm willing to sponsor you, for example, you can get an H-1B visa. You and your employer must both fill out a petition and fulfil all of the requirements.
If you have a TN visa, you can get a mortgage to buy a home in the United States. Make sure you examine your situation and any facts that might suggest immigration purpose honestly. If you avoid immigration intent and can present the right documents, you should be well on your way to purchase your dream home in the United States. To make your documentation and procedure easy, we recommend to contact a professional for this job.