Federal Housing Administration ban shifts non-permanent resident mortgage locks from boom to bust

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Earlier in the spring, the Federal Housing Administration (FHA) announced that, starting in late May 2025, H-1B visa holders and other non-permanent residents would be banned from taking out new FHA mortgages.

The result?

Non-permanent residents—including H-1B visa holders—saw their share of FHA mortgage locks crater from 3.8% in September 2024 to 0.2% in September 2025...