Non-Citizens Can Buy and Finance Real Estate in the US Fairly Easily
If you are not an American citizen but want to purchase a house here, there are home loans for you. Nomar Mortgage can arrange a foreign national loan program, which works very much like standard U.S. loans -- except that the required down payment is generally larger, about 25% to 35%. These loans have a 30-year term with fixed rates. Maximum loan amount $750,000, Minimum loan amount $75,000. Higher loan amounts available on a case by case basis.
Foreign Nationals Can Have Trouble Coming Up with Credit Scores
No Social Security Number or ITIN required. Non-US credit accepted
One challenge faced by foreign nationals is the that their American credit history is likely to be minimal. Mortgage lenders can work with you if you have a thin file. Your lender can have a credit report constructed from your payment history with utility companies, landlords and any other accounts requiring regular payments. It costs more to get a credit report of this type, but it can make a mortgage and home ownership possible. If you are using non-traditional credit, it's more important for you than for U.S. citizens to be prompt with your telephone, rent and electricity payments -- your mortgage approval may depend on it.
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