Non-US Resident Mortgage Loans
Even if you’re not a U.S. resident, you may still be able to qualify for a home loan with a Non-US resident mortgage loan. Conventional loans and FHA loans are available to non-residents as long as you can show your financial status as well as your work history. Although the process is not as straightforward as it would be if you were a resident, it’s still possible, particularly if you are a permanent resident with a green card, or non-permanent resident with a work visa.
The good news is that if either of these scenarios applies to you, you can qualify for a home loan at the same rates as U.S. residents provided that your financial status and work history look good.
Getting Started with Home Ownership in the U.S.
One of the most important things you’ll want to do is establish a credit history. This is the first thing that banks and other lenders look at to determine how much of a risk you are in terms of loaning money. If you have a bank account at a U.S. banking institution, you’ll be one step ahead of working to build up your credit history. If you have an existing financial relationship with an international bank that happens to have branches in the United States, you’re in luck, since they will already have a record of your financial activity
Beyond that, you’ll need to use the home as a primary residence. Lenders don’t typically approve mortgages to non-residents if they’re planning to use the home from time to time. Even if you don’t have a considerable work history in the United States, you may still be able to qualify for a home loan as a foreign citizen, since the FHA, for example, accepts non-U.S. tax returns as proof of income and employment.
What is a Non-US Resident loan?
A foreign national loan program is a lending option for non-residents of the United States who want to buy a home in the country, whether as an investment property or as a home base when visiting. This program is intended to assist foreign nationals in the United States in handling the specific challenges that may arise throughout the home buying process.
Non-residents can often get a mortgage through foreign national lending programs without a Social Security number, green card, or visa. Furthermore, borrowers are not required to have a FICO score in order to show proof of credit. Instead, borrowers may prove creditworthiness in various ways, such as submitting a credit report from their country of origin.
Non-US Resident Loan Features
- Minimum 30% down payment
- No US credit required
- Second homes and investment properties
- SFRs, townhomes, condos, 2-4 units
- No SSN or ITIN required
- 12 months reserves required
- 5/1 ARM or 30-year fixed
Non-US Resident Loan Requirements
Foreign national loans provide multiple benefits that make funding easier for non-citizens looking to buy a property. Borrowers should fulfill certain standards even if they do not have a Social Security number, green card, or FICO score. Borrowers should usually provide the following documentation:
- Income documentation
- Visa or waiver of visa
- Allowed Visa Types: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, Laser Visa, TN NAFTA
- Proof of creditworthiness
Once you have all of these things in order, you can begin the application process. Keep in mind that you may be required to provide additional information depending on the lender. However, as long as you have all the necessary paperwork, the process should go smoothly.
How to Choose a Non-US Resident Mortgage Lender?
If you’re considering applying for a foreign national mortgage, you should pick your lender carefully. LBC Mortgage works directly with borrowers to assist them in choosing the optimal loan program for their needs while also securing a competitive interest rate. Our simple financing procedure employs the latest technology to ensure that everything is as quick and easy for you as possible. Furthermore, our knowledgeable mortgage consultants are always ready to answer your questions and walk you through the loan process.
LBC Mortgage provides a wide range of loan services, so you may select one that matches your requirements.
Get More Information on a Non-US Resident Loan
At LBC Mortgage, we understand the needs of foreign residents who are aspiring to buy a home in the U.S. A Non-US citizen mortgage loan in California may be the right option for your specific needs. Depending on your circumstances, there may be no U.S. credit required and you may be able to benefit from the same kinds of terms as a conventional loan, such as a 5/1 ARM or a 30 year fixed mortgage. In addition, you don’t need a social security number.
You can also use your foreign citizen loan to buy a townhome or condo of up to 2-4 units. For this reason and to better understand all of the details, we recommend contacting our friendly, helpful and professional home loan experts. We’ll take the time to answer all your questions as well as help you determine whether or not you may qualify for a Non-US citizen mortgage in California, and how to go about getting one.
Although there are a few extra steps involved, becoming a homeowner in the U.S. is a great milestone that can pave the way for a number of benefits in the future. Contact our expert home loan team today about how a Non-US citizen loan can help you achieve that dream!
Frequently Asked Questions
Here are a few FAQs to help you understand the requirements:
Any type of visa that allows you to stay in the US for at least 3 years should suffice. This includes student visas, work visas, and even some tourist visas.
No, you don’t need a Green Card to qualify for a NON-US resident mortgage. However, it can help if you want to apply for long-term financing.
This depends on the lender, but typically you’ll need to put down at least 30% of the purchase price. You may also be required to get private mortgage insurance (PMI) if you put down less than 30%.
Interest rates for NON-US resident mortgages are typically higher than they are for traditional mortgages. However, rates can vary significantly depending on the lender and the type of loan you choose.
Non-US resident mortgages are offered by many different lenders. However, rates and terms can vary significantly, so it’s important to compare options carefully before choosing a lender.
The amount you can borrow will depend on your income, employment history, and credit score. However, most Non-US Resident Mortgages range from $50,000 to $5 million.