How to Buy a House in Omaha as an Immigrant

This is one of the questions constantly asked by immigrants who work and rent a place in Omaha and want to acquire a home of their own.

This significant step involves long processes and various stages depending on your status or working visa. It is essential to understand that all cases are different, and there is not just a single path.

Despite the drawbacks, buying a house is an investment and an excellent way to secure your and your family’s financial future. In the state of Nebraska, you can buy a home as a foreigner. In this article, we are going to focus on those with a working visa.
Non-Permanent Residents

At Castro Realty Group, we guide immigrants to achieve their dream of owning a home. Some ways can make this process easier for you and not be left without a penny. One of them is the Federal Housing Administration (FHA) loan.

You need to present proof of employment and a social security number to apply for this loan. Remember that lenders are interested in knowing you will stay in the country, so they may ask for other things such as employment contracts, bank accounts, and previous tax returns.

Fair Housing Law

The USA is a country full of diversity, and Omaha is proof of that. For this reason, a Fair Housing Law was approved in 1968 as part of the civil rights law of 1964. This law indicates that it is illegal to discriminate against anyone while purchasing a home. Or the “recommendations” of places of some real estate agents based on the race or skin color of the buyer.

If your rights have been violated, you can file a complaint in these three agencies in Omaha:

• Omaha Housing Authority – (402) 444-4200
• Douglas County Housing Authority - (402) 492-3100
• US Housing & Urban Development Department - (402) 444-6203

Prepare For The Purchase

You must be clear about what the property will be used for. Ask yourself if it will serve as your primary residence, a vacation home, or an investment property. Your needs will vary greatly depending on your plans.

Family Home, Vacation, and Investment

If you are looking for a house as your primary residence, you should consider the functionality of your home. You should prioritize the number of bedrooms, bathrooms, amenities, recreational areas, nearby grocery stores, school districts, and safety.

On the other hand, if you want to have a vacation property, or as an investment, the considerations are directed to the location, the cost of renovation, maintenance, and the return on investment, if applicable.

The property’s price is quoted according to the area and its characteristics. However, the net cost of housing is accompanied by other payments that can increase the monthly mortgage payment, which are described below based on information obtained from moneygeek.com.

1. Income and employment status: When obtaining a mortgage, you must show that you can pay the debt. This requires providing payment stubs, so you should adjust your home purchase schedule if you need more time to obtain this documentation.
2. Credit rating: Non-citizen home buyers need to show a credit score of 720 or higher, although some lenders may expect a near-flawless credit score of 780 or higher. The higher your score, the lower your mortgage interest rate, while the lower your credit score, the higher your interest rate.
3. Down Payment: ​​If you are not a US resident, you may be required to make a sizeable down payment or deposit that can range from 20% of the total cost of the property.
4. Home Owners Association (HOA) and Cooperative Dues: Some homes are subject to rules imposed by an organization that oversees all properties and residences within a community; this is known as a homeowners association (HOA), or cooperative, and will require a monthly fee to be paid in addition to your monthly mortgage payment. Like in condominiums.

At Castro Realty, we can help you find the best offer that fits your budget.

*This article was written using information from moneygeek.com.