Immigration reform could pose problems for foreign home buyers

Legislation would deny mortgages to non-resident immigrants

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Robert Franklin, owner of Budget Transmission Masters in Albuquerque, N.M., employs a dozen people and is an active member of the community. In 1999, he took out a $300,000 home mortgage – a feat that could become impossible under legislation introduced this year, because Franklin is a non-resident immigrant.

“Make no mistake, there are hundreds of thousands of people like me all across America, and they’ve all got mortgages,” says Franklin. In addition to owning his home, Franklin owns the 14,000-square-foot building where his business is located.