There are many myths that prevent individuals from investing in a home and yet, many of these myths are completely unfounded.

For example, there are many people who believe that renting is a better choice but often times it is not a very smart long term decision.

Another common myth is that you have to be a citizen of the United States in order to purchase property here.

Requirements to a qualify for a loan

Foreigners to the U.S. can be able to buy real estate but not a lot of people understand this so they continue to rent. It is simply not true that you need to be a U.S. citizen in order to buy property but there are some requirements that need to be met.

As long as you are in this country legally and you can prove employment, you can qualify for a loan.

You also need to provide resident documents and be able to have some type of credit history so the lenders know what kind of loan to issue you.

As long as you are able to provide these documents, then you will be treated under the same law as any other U.S. citizen would fall under.

It cannot be stressed enough that if you want to build wealth, then owning real estate is simply a must.

There are loans for all circumstances

The best part is that there are literally hundreds of different types of loans available so you can find one that meets your needs accordingly.

There is a popular story of a woman from Guatemala that believed she could never own a home and that it was only for rich people. However, she spoke to an agent about securing a loan and she procured all the necessary documents.

Once the terms and conditions were worked out, she was able to secure a loan to purchase a home. The best part is that her monthly mortgage payments were actually lower than what she was paying in rent fees.

So in situations like these, it makes financial sense to buy a home instead of renting. Just be sure that the documents you provide are real as submitting false information is illegal.