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.
- 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
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!