Loan programs allow undocumented residents to buy homes

Sunday, July 17, 2005

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Any type of identification allows undocumented residents to buy pre-fabricated homes.

For many people, living the American dream means being able to buy a home.

That goal has been nearly unreachable for undocumented residents, but now that's changing.

Three months ago, Maria and Ramiro finally got to purchase their first home, after living in the United States for 11 years as undocumented residents.

"When the property is yours, you truly have something," Ramiro said.

A company called Affordable Residential Communities (ARC) has implemented a new program that allows the use of a consular card and other immigration documents as proper ID for the purchase of pre-fabricated homes.

"All you need is some type of identification with your picture, and it doesn't matter where it's from, what country it's from, and that you are working," said Guadalupe Del Toro of ARC.

ARC launched the program nine months ago in more than 300 communities in 29 states. The program also offers English classes to their Spanish-speaking residents.

Guadalupe Del Toro says identification and proof of a job is all undocumented residents need to get a loan.

According to ARC, there are 11 million illegal immigrants living in the United States who are in need of decent, affordable housing, and ARC says they're simply trying to provide them with options.

ARC isn't the only company with this type of program.

Loan consultant Albin Soto says American Home Mortgage has had a similar program for three years, and that illegal immigrants can apply for a home loan, despite their fears that doing so may mean they will be forced to leave the country.

"They think that the bank laws and financial laws have something to do with immigration laws, and they might get deported," Soto said.

That mentality has apparently started to change. In June American Home Mortgage received more than 140 loan applications. Almost 50 percent of them were approved.

Soto believes undocumented residents deserve to be able to buy homes.

"Immigrants contribute $7 billion in Social Security, and $1.5 billion in Medicare," he said. "And those are benefits that they'll never see."

Not everyone is happy with these kind of loan programs. Utah residents have protested them, claiming they're encouraging foreigners to enter the country illegally.