How Are Immigrants Able to Tap Into America's Wealth and Resources to Start Businesses?
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Maximus Rex
Members Posts: 6,354 ✭✭✭✭✭
Whether it's in Harlem, Bed-Stuy, Miami, Houston, Atlanta, DC, Oakland, or my hometown of Richmond, CA it's the same ? ' story. Some muthafucka from a far off land, (and not having a full command of the language,) is able to come here and set up shop with a bodega, a liquor store, hair supply shop, Chinese take out, or a nail salon. My question is where in the ? are these muthafuckas getting the money to start businesses?
Do they save their money before they get here? Are they getting loans from their home nation, or are they not subjected to same scrutiny that black people are when they apply for a small business loan. Here's what I found when I googled on whether or not an illegal can get a mortgage.
https://www.selflender.com/blog/Is-it-impossible-to-get-a-mortgage-as-an-undocumented-immigrant.html
If asked whether an illegal immigrant can own a home in the United States, most people would quickly answer in the negative.
It seems nonsensical that someone without the legal right of presence could own physical property, much less a house.
In reality, anyone — even a foreigner or illegal immigrant — can buy and own United States property. The universal language of cash and a limited number of mortgage programs make it possible.
The Indispensable ITIN
In order to qualify for a mortgage as an illegal immigrant, a borrower needs one indispensable piece of information: a taxpayer identification number.
The IRS assigns these numbers to all taxpayers, regardless of residential status. If you have ever paid taxes in the United States through employment or property ownership, you have an ITIN.
These numbers have no bearing on residential status, and the IRS does not share taxpayer information with immigration authorities. In other words, an illegal immigrant with a job can safely pay his or her taxes — and thus receive the vital ITIN — without fear of deportation.
Other Necessary Info
The ITIN essentially takes the place of a Social Security number for undocumented immigrants in the mortgage process. The applicant still needs to provide an assortment of other information, however. Lenders do not award mortgages lightly; an applicant will need to submit to a credit check, provide ample proof of income and fill out numerous forms. Most banks will gladly help with this process, provided the applicant appears like a good mortgage candidate.
The most important part of a mortgage application is the down payment. For most mortgages, the average down payment represents 20 percent of the total purchase price of the home. For illegal immigrants, lenders may want a higher down payment. Why? Banks assume an additional risk through the possibility of deportation, even in situations where it seems unlikely.
Lender Options
Unless you have tens of thousands of dollars in cash, you will need a mortgage to purchase a home. Though the availability of mortgages for undocumented immigrants is still limited, more and more options become available every year. The Venta Financial Group offers mortgages to illegal immigrants in seven states, including Texas, California, Nevada and Florida. Citibank offers mortgages to immigrants in any state through a partnership with the Neighborhood Assistance Corporation.
While these are two notable examples, many other lenders — especially those in areas with large immigrant populations — provide mortgages to undocumented immigrants. If the banks do not advertise these services, prospective borrowers need simply make their own inquiries.
Since illegals can get a mortgage, are their immigrant specific programs for immigrants (legal and otherwise) to get a loan to start a business.
Do they save their money before they get here? Are they getting loans from their home nation, or are they not subjected to same scrutiny that black people are when they apply for a small business loan. Here's what I found when I googled on whether or not an illegal can get a mortgage.
https://www.selflender.com/blog/Is-it-impossible-to-get-a-mortgage-as-an-undocumented-immigrant.html
If asked whether an illegal immigrant can own a home in the United States, most people would quickly answer in the negative.
It seems nonsensical that someone without the legal right of presence could own physical property, much less a house.
In reality, anyone — even a foreigner or illegal immigrant — can buy and own United States property. The universal language of cash and a limited number of mortgage programs make it possible.
The Indispensable ITIN
In order to qualify for a mortgage as an illegal immigrant, a borrower needs one indispensable piece of information: a taxpayer identification number.
The IRS assigns these numbers to all taxpayers, regardless of residential status. If you have ever paid taxes in the United States through employment or property ownership, you have an ITIN.
These numbers have no bearing on residential status, and the IRS does not share taxpayer information with immigration authorities. In other words, an illegal immigrant with a job can safely pay his or her taxes — and thus receive the vital ITIN — without fear of deportation.
Other Necessary Info
The ITIN essentially takes the place of a Social Security number for undocumented immigrants in the mortgage process. The applicant still needs to provide an assortment of other information, however. Lenders do not award mortgages lightly; an applicant will need to submit to a credit check, provide ample proof of income and fill out numerous forms. Most banks will gladly help with this process, provided the applicant appears like a good mortgage candidate.
The most important part of a mortgage application is the down payment. For most mortgages, the average down payment represents 20 percent of the total purchase price of the home. For illegal immigrants, lenders may want a higher down payment. Why? Banks assume an additional risk through the possibility of deportation, even in situations where it seems unlikely.
Lender Options
Unless you have tens of thousands of dollars in cash, you will need a mortgage to purchase a home. Though the availability of mortgages for undocumented immigrants is still limited, more and more options become available every year. The Venta Financial Group offers mortgages to illegal immigrants in seven states, including Texas, California, Nevada and Florida. Citibank offers mortgages to immigrants in any state through a partnership with the Neighborhood Assistance Corporation.
While these are two notable examples, many other lenders — especially those in areas with large immigrant populations — provide mortgages to undocumented immigrants. If the banks do not advertise these services, prospective borrowers need simply make their own inquiries.
Since illegals can get a mortgage, are their immigrant specific programs for immigrants (legal and otherwise) to get a loan to start a business.
Comments
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you post like you're broke, disgruntled and unemployed.
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you post like you're broke, disgruntled and unemployed.
You post like a dumb stupid muthafucka who doesn't value his ? ' time. -
You post like you wear ascots and think that's what's up.
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You post like you wear ascots and think that's what's up.
It is. You probably have tattoos thinking that your different, but only succeeded in proving that you're a follower and wanted to be like everybody. It takes true genius and confidence to do something that actually stands out. But you wouldn't know anything about that. -
I bet you real quiet when you see an immigrant IRL tho...
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Maximus Rex wrote: »You post like you wear ascots and think that's what's up.
It is. You probably have tattoos thinking that your different, but only succeeded in proving that you're a follower and wanted to be like everybody. It takes true genius and confidence to do something that actually stands out. But you wouldn't know anything about that.
I'm not comfortable with you imagining me like that. -
great question and its a conspiracy too. You know how hard it is for an African American that has decent credit to get a business loan? lets not forget how property taxes are overall higher for black owned businesses in black neighborhoods too
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oh look
another "I hate immigrants because white people give them opportunities over me" thread -
At least the ? ain't typing in 3rd person with bold font anymore
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Already Home_17 wrote: »oh look
another "I hate immigrants because white people give them opportunities over me" thread
You're a non reading conprehension havin' ass havin' muthafucka. When did say or imply that hated immigrants? Let me make me make a more clearer since your ? can't understand what you've read. How are immigrants able to get the money to start a business. You stupid muthafucka.Rozetta5tone wrote: »At least the ? ain't typing in 3rd person with bold font anymore
There was no need to. BTW, Rex is better than you. -
Maximus Rex wrote: »Already Home_17 wrote: »oh look
another "I hate immigrants because white people give them opportunities over me" thread
You're a non reading conprehension havin' ass havin' muthafucka. When did say or imply that hated immigrants? Let me make me make a more clearer since your ? can't understand what you've read. How are immigrants able to get the money to start a business. You stupid muthafucka.Some muthafucka from a far off land, (and not having a full command of the language,) is able to come here and set up shop with a bodega, a liquor store, hair supply shop, Chinese take out, or a nail salon. My question is where in the ? are these muthafuckas getting the money to start businesses?
your ? don't even know what you typed
the disdain in your posts makes it obvious -
Man hating ain't healthy.. I can't be worried about someone else success. I got to get other myself
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It's amazing to me how muthafuckas can't answer a simple a ? ' question. As if ? is really that sweet and black people are on an equal playing, when we know that's not true. What y'all are failing to realize is that despite having what seems to unlimited funds, lending institutions have finite resources. When said lending institutions are willing to give money to immigrants legal or otherwise, another group of people suffer and are shut out. That group is black folks.Already Home_17 wrote: »Maximus Rex wrote: »Already Home_17 wrote: »oh look
another "I hate immigrants because white people give them opportunities over me" thread
You're a non reading conprehension havin' ass havin' muthafucka. When did say or imply that hated immigrants? Let me make me make a more clearer since your ? can't understand what you've read. How are immigrants able to get the money to start a business. You stupid muthafucka.Some muthafucka from a far off land, (and not having a full command of the language,) is able to come here and set up shop with a bodega, a liquor store, hair supply shop, Chinese take out, or a nail salon. My question is where in the ? are these muthafuckas getting the money to start businesses?
your ? don't even know what you typed
the disdain in your posts makes it obvious
Again, what the ? are you even talking about. Stay on topic. -
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we in this ? and you aint gonna do ? .
ol perturbed ass ? . -
Big up to immigrants and children of immigrants all over the IC.
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Big up to immigrants and children of immigrants all over the IC.
ice wants to speak with you and these "children" all over the IC -
2stepz_ahead wrote: »
Cool vibes, tell dem to come thru. I'm 100% legal by the way in all US territories. -
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konceptjones wrote: »
A son of immigrants -
because they stick together support each other and their businesses and we don't close thread.
https://www.youtube.com/watch?v=--xe7G4VnZE
