California: Despite Illegal Status, Buyers Get Loans

By: Anna Gorman: REALTOR® Magazine Online
Mortgage lenders in California are the latest to open homeownership to illegal immigrants through programs that do not require Social Security numbers.

To obtain financing, undocumented aliens need only a steady job, a taxpayer identification number from the Internal Revenue Service, and proof of timely bill payment.

Though Fannie Mae and Freddie Mac have yet to agree to purchase such loans, some lenders believe the state's growing immigrant population will boost their profits. However, soaring property prices make it difficult for immigrants to achieve homeownership in California; only about 50 such transactions have been completed thus far.