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Permanent Resident and Non-Permanent Resident Global Client Loan Program

August 21, 2012

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Permanent Resident Global Clients

Permanent Resident Global Clients (PRGC) 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 PRGC 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 PRGC status. A process that generally takes two to three years.

All PRGC 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 to demonstrate one’s legal right to live and work in the United States includes one of the following:

  • I-551: Permanent Resident Card (Alien Registration Receipt Card/”Green Card”) that has an expiration date on the back (valid for 10 years); or
  • I-155: Conditional Permanent Resident Card (Conditional Alien Registration Receipt Card) that has an expiration date on the back valid for 2 years, as long as it is accompanied by a copy of an USCIS form I-751 (Petition to Remove the Conditions on Residence); 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, an individuals with one of the following special visa classifications are also eligible for the same PRA guidelines:

Refugees

  • Form I-94 stamped with employment authorization, or;
  • Foreign Passport stamped “Admission for Permanent Residence” with an unexpired date or an Employment Authorization Document.

Asylee

  •  Form I-94 stamped with employment authorization, or;
  • Copy of Employment Authorization document.

DU Loans: The policies outlined in this section also apply to loans approved via DU.
LP Loans: The policies outlined in this section also apply to loans approved via LP.

Non-Permanent Resident Global Clients

Non-Permanent Resident Global Clients (NPRGC) is defined as an individual who is granted the right to live and work in the United States for a fixed period of time and for a specific purpose. The USCIS uses the word “non-immigrant” to describe these individuals. The following visa classifications are considered non-immigrant: treaty trader/investor, temporary worker/ trainee, NAFTA workers, intra-company transferee, internationally recognized athlete or entertainer, religious worker, or NACARA beneficiaries.

Note: There are certain visa types that the USCIS may classify as a NPRCG however the lender may view the classification to present an excessive risk. In these instances the borrower may not be eligible under the lender Global Clients guidelines. Refer to the Immigrant Classification Chart in Exhibits for a list of visa classifications.

NPRCG are eligible for financing under the same terms — product, transaction type, occupancy status, and loan-to-value ratio — that we offer to U.S. citizens and PCG, provided the following guidelines are met. NPRCG borrower/co-borrower whose income is used to qualify on the loan must:

  • Currently reside in the United States. However, there are no minimum requirements with regards to that length of time; and
  • Be employed in the United States. Source of income must be verified and expected to continue for three years; and
  • Have a valid Social Security Number. The lender does not permit ITIN numbers, unless indicated otherwise for a particular program.
  • Have a two-year work history. Additional employment and income references may be obtained from a foreign country if the borrower has not been employed two full years in the U.S. Only documentation which satisfies the same basic standards for authenticity, accuracy, and completeness that applies to other types of documentation should be considered; and
  • 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. Additional credit and asset references needed to make an informed credit decision may be obtained from a foreign country. Only documentation which satisfies the same basic standards for authenticity, accuracy, and completeness that applies to other types of documentation should be considered; and
  • Provide evidence demonstrating their legal right to live and work in the United States, which includes:

Employment Based Immigrant:

  • A copy of an USCIS I-94 card or unexpired foreign passport with one of the following visa classifications: H-1A, H-1B, E-1, E-2, L-1, O-1, P-1, R-1, TN; or
  • A copy of an Employment Authorization Document (EAD) as evidenced by an I-766 or I-688A card containing the applicant’s photograph

Family Sponsored Immigrant & Visa Lottery Winner

  • A copy of an USCIS I-94 card with one of the following visa classifications: H-1A, H-1B, E-1, E-2, L-1, P-1, R-1, TN; or
  • A copy of an Employment Authorization Document (EAD)

NACARA (Nicaragua, Cuba, Guatemala, El Salvador) Beneficiaries

  • A copy of an USCIS I-485 or USCIS I-881 card; or
  • A copy of USCIS Form I-797C issued by an USCIS Service Center as evidence of filing I-485 or I-881; or
  • A receipt from an USCIS District Office confirming USCIS I-485 or I-881 has been filed.

Reminder: The income of a borrower/co-borrower who has NOT been granted the right to work in the U.S may NOT be considered as qualifying income.

A NPRGC co-borrower whose income is not used to qualify for the loan must:

  • Live in the United States at the time of the application; and
  • Have the legal right to reside in the United States;
  • Have a valid Social Security Number. (Exception: Refer to the Credit section under Social Security Number.) The lender does not permit ITIN numbers, unless indicated otherwise for a particular program.
  • Provide evidence demonstrating their legal right to live in the United States, which includes:

Employment Based Immigrant/NACARA Beneficiary –

  • I-485 (Permanent Resident Application) or I-881 (for NACARA beneficiaries from Guatemala and El Salvador); and
  • I-797C or receipt from an USCIS District office confirming the I-485 or I-881 has been filed. Refugee/Asylee*
  • I-485 with receipt from local USCIS office; and
  • I-94 stamped with refugee or asylee status.
  • Family Sponsored Immigrant
  • Approval on form 797C for a form I-130 with receipt from local USCIS office; or
  • Receipt from local USCIS office showing form I-130 & I-485 filing.
  • Visa Lottery Winner
  • Confirmation from local USCIS office that I-485 has been filed; and
  • Copy of a letter from the State Department giving notification of selection as a visa lottery winner.

DU Loans: The policies outlined in this section also apply to loans approved via DU.
LP Loans: The policies outlined in this section also apply to loans approved via LP.

Non Resident Global Client

Non-Resident Global Clients (NRGC) is defined as an individual who has been granted the right to enter the U.S. on a temporary basis, but generally is not authorized to live or work in the U.S. Examples of an NRCG include visitor for business or pleasure, student, etc.
NRCG are not eligible for financing under the same terms—product, transaction type, occupancy status, and LTV ratio— that we offer to U.S. citizens, PRCG, or NPRCG.
Because of their unique status and because of the risks associated with this classification, a separate NRCG Program has been developed. The NRCG program is designed for:

  • Non-Resident Global Clients; and
  • Non-U.S. applicants who, although may be classified as a NPRCG, are not eligible under our standard non-U.S. citizen guidelines. (Because of their visa classification, these individuals are deemed to present a greater risk and therefore must meet the more conservative guidelines.)

The borrower must have non-mortgage related assets in a U.S. bank for at least six months. Non-mortgage related assets are any combination of the following: checking, savings, CD’s, or securities in a brokerage account. Insurance products are not eligible at this time.

Below are helpful links:

Examples of Asylum Cards

Resident Alien Procedures

Apply for a residency card

Get Help From the Experts.  Email info@pmccanhelp.com your loan scenario.

Visit Our Website:   www.pmccanhelp.com

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