Can Leprechauns Buy a home?
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. But with the new chiefdom in town, the Consumer Protection Financial Bureau (CFPB), Leprechauns may need a little fairy dust if they try to finance a house.
The guidelines state our small cloverleaf carrying friends 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 residency extends all of the same benefits as a U.S. Citizen when financing homes.
Our spritely Paddy’s may need to grant their typical three wishes for themselves because they 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.
A pot of gold is not allowed to be used 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 considered an appropriate paper trail.
Work history is also 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 is why we have Guinness.