TN Visa Mortgage: The Complete Guide

Posted by in Loans | Updated on August 25, 2022

If you want to buy property in the U.S but you are a TN visa holder, all hope isn’t lost. TN visa holders are allowed to buy houses in the U.S and can even get a mortgage to help make this possible.

Below we set out guidelines for TN visa holders to get a mortgage in the U.S.

What is a TN Visa

A TN visa is a temporary visa for nonimmigrant NAFTA (North American Free Trade Agreement) Professionals. NAFTA created special trade and economic relationships between the U.S., Canada, and Mexico. These professionals include accountants, lawyers, engineers, scientists, pharmacists, and teachers.

The TN-1 visa refers to Canadian Citizens who obtain TN status and TN-2 visa refers to Mexican citizens with TN status.

Does a Canadian Need a Visa for the U.S.?

All non-U.S. citizens need a visa to enter the United States for the purposes or work, education, or travel. Canadian citizens may enter the U.S. for work purposes with a TN visa.

TN Visa Holders and Mortgages

With immigration-related tensions in the U.S., many people might assume that it would be hard for a visa holder to get a mortgage in the U.S. Luckily, it’s very possible and quite legal. TN visa holders (or TN permit holders) may have to work a bit harder than the average American to get a mortgage loan, though.

TN Visa Mortgage

TN visa holders are allowed to buy a house in the U.S. No prohibition exist in U.S immigration laws preventing this. Similarly, TN visa holders can get mortgage loans to buy their house in the U.S, as long as they meet the qualification criteria and provide the necessary documents set out below.

Read More: US Mortgages for Non Residents

4 Things You Need to Get a Mortgage Loan on a TN Visa

Here is what you will need to get a TN visa mortgage.

Qualification

You need at least 2 years of work history in the U.S in order to qualify to apply for a mortgage loan. You will have to show this employment history to the lender. If you have worked for the same company in another country, this will be taken into account when considering your work history.

In addition to your work history, you will have to show a two-year credit history in the U.S. If your bank in the U.S is partnered with your bank in your home country, this will be a lot less complicated. Your bank in the U.S (at which you are applying for the mortgage) will then consider your credit history outside of the U.S as well.

Passport

The financial institution where you are applying for the mortgage will require your passport for identification and visa verification purposes.

Individual Tax Identification Number

Persons who enter the U.S with a visa and who work and pay taxes on earnings need to have an ITIN (Individual Tax Identification Number). Your ITIN will show the lender your employment history. The lender can use this to determine whether your income will continue for at least another three years.

Proof of Assets

The lender will want to see that you have sufficient assets to cover the down payment and closing costs of the loan. These assets do not necessarily have to be in the U.S. You only need to show that your foreign funds belong to you and that they can be transferred into a U.S bank account prior to closing if the need arises.

3 Simple Steps to Applying for a TN Mortage Down Payment Loan

If you are considering applying for a personal loan for a TN visa mortgage down payment, just follow these 3 simple steps.

Apply

Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.

Accept

If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.

Repay

The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.

Warning: Immigrant Intent

Although buying a house is not prohibited for TN visa holders it is very important to remember that immigrant intent is. Immigrant intent is the intention of a visa holder to immigrate to the U.S. With TN visas an eligibility factor to qualify to enter the U.S is non-immigrant intent i.e. the holder must intend to return to their home country.

The fact that a TN visa holder buys a house could be considered a sign of immigrant intent by an inspecting immigration officer if combined with other factors. Buying a house will be considered with other factors such as a pending green card application.

So ultimately, before you take out a mortgage and buy a house under a TN visa, consider whether you have other signs that can be considered as immigrant intent. Ownership of a house in the U.S is, by itself, not sufficient evidence of immigrant intent and will not warrant a denial of admission to the United States under a TN visa. So, if you only intend to buy a house, this won’t be a problem.

Read More

Final Thoughts

If you are a TN visa holder you can get a mortgage to buy a home in the United States. Make sure you consider your situation and any factors that could possibly display immigrant intent, objectively. If you avoid immigrant intent and can provide the required documentation, you should be well on your way to buying your dream home in the U.S.


Need a Loan? Get One in 3 Simple Steps

If you are considering applying for a personal loan, just follow these 3 simple steps.

Apply

Apply online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get better loan offers.

Accept

If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you’ll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.

Repay

The loan then gets disbursed into your U.S. bank account within a reasonable number of days (some lenders will be as quick as 2-3 business days). Now you need to set up your repayment method. You can choose an autopay method online to help you pay on time every month.

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About Stilt

Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.

We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible. 

Learn what others are saying about us on Google, Yelp, and Facebook or visit us at https://www.stilt.com. If you have any questions, send us an email at [email protected]