Industry News

Immigration reform could pose problems for foreign home buyers

Legislation would deny mortgages to non-resident immigrants

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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. Franklin is in this country legally and has never missed a mortgage payment, he says. Immigration is currently one of the hottest issues facing the nation, with President Bush addressing the issue in a speech from the Oval Office Monday night. The Senate recently resumed debate on legislation addressing Bush's goal of creating a guest worker program. In February, Rep. Bill Dix, R-Shell Rock, a member of Iowa's state legislature, intro...