Who is Eligible for a Mortgage?
While most people may think that everyone is at least eligible for a mortgage, this is not necessarily the case. Mortgages have eligibility guidelines, as well as, qualifying guidelines, both of which have different meanings. Many people may be eligible, but they may not qualify. Usually, documentation for proof of eligibility is always required at the beginning of the mortgage process for eligibility purposes.
Eligible Mortgage Borrowers:
- Individuals with a valid social security number
- Inter vivos revocable trusts
- Illinois land trusts
- Permanent resident aliens
- Non-permanent resident aliens
- Non-occupant co-borrowers
Ineligible Mortgage Borrowers:
- Borrowers without social security numbers
- Foreign nationals
- Borrowers with diplomatic immunity
- Land Trust, except Illinois
- More than 4 borrowers per transaction
It is always a good idea to bring any proof of identity and eligibility, such as social security cards or permanent resident alien cards, when applying for a mortgage. These documents are needed for anyone who is an applicant for the mortgage. This will assure that the application can move to the next step, which is qualifying for the loan.
When it comes to getting a mortgage
you have more options than you think