ANSWER: Each loan type has different guidelines for citizens of other countries. FHA requires that the home you are buying in this country is your primary residence. You must have a Social Security card, as well as all of the other documentation required for FHA buyers.

Fannie Mae requires that you have permanent resident alien status - a green card. If you are a non permanent resident alien, an additional down payment, as well as permission to work in the United States for extended periods through a work visa is required, and you must occupy the property.

ANSWER: Yes! It is actually easier to buy a home if you know in advance that you will be approved. You can make arrangements with most lenders to be "prequalified" for your purchase.

Here's how to do it: 

1. Make an appointment to see your lender. Take your financial information, such as bank statements and W-2 forms, as well as paycheck stubs.
2. The mortgage company will access your credit report and review your documents. At that time, you will be able to discuss different financing options and decide which type of loan is best for you.
3. Most lenders will write you a prequalification letter that will let your Realtor, as well as the seller of a property, know that you have been counseled and should be a preferred purchaser. It is a good feeling to have the pressure of worrying about the loan behind you and know that you can concentrate on finding that "dream home."

ANSWER: We are finding many borrowers that have rearranged their priorities as well as their spending habits. Many have learned valuable lessons from their bad experiences and have come through their "healing time." They are now ready for home ownership.

It is important to note that there is a big difference between a person who had a bad credit experience in his or her life and a person who is a bad credit risk.

Read more: Can We Qualify With Past Credit Problems

Answer: Personal referral. If a friend or family member has recently completed a refinance or home purchase, always ask how their transaction was handled. If they were pleased, you should give extra consideration to their lender.

While Realtors will usually refrain from "recommending" anyone, they can usually tell you which companies have performed well in the past. Because of the large number of lenders they have experience with, they can be an excellent source of referrals.

Go to the lender's office and interview the loan officer or manager.