Can a Leprechaun Buy a home in Arizona?

Answer: Maybe. The Equal Credit Opportunity Act of 1974 prohibits discrimination in granting credit to individuals based on race, color, age, religion or national origin.  Stature, mode of dress and jig dancing is not a reason to deny a home loan.

The guidelines state our small cloverleaf carrying friend establish residency with a lender-approved work visa. The types of documentation have changed so be sure to check with the bank or lender and follow their guidelines.  Student and other limited visitation visas are not considered adequate documentation for mortgage financing.  A green card (not just for the Irish) or permanent residence extends all of the same benefits as a U.S. Citizen when financing homes.

The Leprechaun must also build a credit history that spans two years with three credit lines.  A good credit score is important in order to receive a competitive interest rate.

Unfortunately having a pot of gold does not qualify for down payment or closing costs, unless it has been put in a bank and seasoned for over 60 days.  “At the end of the rainbow” is not an appropriate paper trail.

Work history is important.  If Leprechauns follow the tradition of conducting mischief for profit, they will need a two year income history disclosed on American tax returns.

It’s not easy being green or in real estate. That’s why we have Guinness.

Diane Gerdes