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7 Best Mortgage Lenders for Immigrant Borrowers in 2020

NerdWalletJanuary 2, 2020

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Homeownership is a big part of the American dream, and achieving that goal is important to many who call this country home — whether they’ve obtained citizenship or not. Here are some home loan options and mortgage lenders that can help.

You may be surprised to learn that non-citizens can get a mortgage in America.

Depending on your immigration status, home loan options may include conventional, FHA, VA and USDA loans, which are available to all permanent residents and some non-permanent residents. ITIN loans are also available to those who have an individual taxpayer identification number instead of a U.S. Social Security number.

Here are NerdWallet’s choices for top-rated mortgage lenders who offer products and services that immigrants may find useful. If you aren’t a U.S. citizen, any of the lenders below can help you start your mortgage search. Those who prefer to facilitate their banking in Spanish will also find these lenders helpful.

Summary of Best Mortgage Lenders for Immigrant Borrowers in 2020

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at Rocket Mortgage

Rocket Mortgage by Quicken Loans: NMLS#3030

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Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.

  • Tells you the loan amount you’ll qualify for within minutes.

  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Read Full Review
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at Better.com

Better.com: NMLS#330511

Great for digital convenience

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Min. Credit Score

620

Min. Down Payment

3%

at Better.com


Why we like it

Good for: Better.com shines for tech-savvy borrowers who prefer an online experience.

Pros

  • An online process with human help as needed.

  • Makes it easy to see customized mortgage rates.

  • Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • Doesn't do FHA, VA or USDA loans.

Read Full Review
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at New American

New American Funding: NMLS#6606

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Min. Credit Score

700

Min. Down Payment

3%

National / Regional

National

at New American


Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Pros

  • Uses manual underwriting to evaluate creditworthiness.

  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

  • Home equity lending sets it apart from most non-bank lenders.

Cons

  • Services not available in all 50 states.

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Alterra: NMLS#133739

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for Latino and other minority borrowers, millennials, foreign nationals, as well as those seeking a full array of purchase and refinance loans, including jumbo mortgages.

Pros

  • Offers an ITIN qualification path for undocumented immigrant borrowers.

  • Has a digital application process.

  • Offers several mortgage options for low- to moderate-income borrowers.

  • Has a full Spanish-language version of its website and bilingual loan officers.

  • Borrowers can qualify with income from self-employment and other nontraditional sources.

Cons

  • No mortgage rates published online.

  • Doesn't lend in all states.

  • No home equity loans or lines of credit.

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SunTrust: NMLS#2915

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.

Pros

  • Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.

  • Branches are limited mostly to the Southeast.

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Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

Pros

  • Allows borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Does not offer renovation loans.

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Navy Federal: NMLS#399807

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National / Regional

National

Min. Down Payment

0%


Why we like it

Good for: Military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products designed for military members.

  • Has an online application for preapproval.

  • Offers low rates compared with most lenders.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Read Full Review

Last updated on January 2, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Mortgage Lenders for Immigrant Borrowers in 2020