Mortgages for Foreign Nationals

Real estate in the United States has always been interested by people from all over the world. Yet, there are many myths and misconceptions on who actually can buy real estate properties in the US.

In general, anyone can buy and own US real estate. There are of course some restrictions and/or sanctions which change from time to time. But those limitations often apply to a very small group of individuals or organizations. For the rest of us, we can buy as much as we could afford. Most foreigners use CASH to fund their purchases. If you or your clients, however, do not have enough CASH to finance the entire transaction, there are lenders nowaday that may be able to provide financing.

General guidelines from those lenders are more stringent than conventional lenders. Nevertheless, it is still manageable to obtain mortgages in those cases. Here are some highlights that you may need to know.

  • Purchase can be owner-occupied (OO)or as an investment (NOO)
  • Loan to Value (LTV) varies whether it is OO or NOO
  • Funds to close need to be in a US bank with 2 months seasoning
  • International credit check may apply
  • Debt to Income ration (DTI) of 43% or lower
  • Only applicable to certain types of Visas

Depending on lenders, underwriting guidelines may vary significantly. Some lenders may allow some exceptions base on good compensating factors such as LTV, DTI, or existing banking relationships.

If you have a specific scenario or questions, feel free to contact me.

National Brokers team would like to bring our experience, professionalism, and dedication to your next real estate transaction.

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