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United States Mortgage Real Estate Investors
We Work for Your Best Interest
Real Estate Investors Get Approved for NOT A U.S. CITIZEN?
In recent years, cash has dominated U.S. real estate purchases by foreign nationals. According to International Home Buying Activity, agents reported that 63 percent of their international transactions were conducted without financing.
Is that because foreign buyers prefer a cash purchase, or do they feel locked out of the U.S. mortgage market? If the latter, agents may be able to help more global buyers reach the closing table by identifying lenders ready and willing to meet their buyers’ needs.
Why is documentation so important?
A lender, however, will want solid documentation of income, assets, liabilities and past credit dealings, supplied by reliable sources.
Without this, they may not be willing to roll the dice. In the U.S., credit reporting is the cornerstone of mortgage risk assessment. Domestic borrowers must produce credit reports from the three big credit bureaus, Equifax, TransUnion and Experian. No other
country, however, has three credit bureaus. Only a handful have one or two and most don’t have any.
Lenders working with foreign nationals have to find alternative ways to assess risk. If an applicant meets the standards, the lender will require a substantial down payment. Loans above $1 million may require 50 percent down. This is because the loan will most likely stay on the lender’s books.
Domestic mortgages can be bundled and securitized on the secondary market, relieving the original lender of default risk. However, a non-resident foreign national’s mortgage doesn’t conform to the same standards and can’t be sold into the secondary market.
Not only does the risk remain with the lender, it will be more difficult to pursue action against a non-resident mortgage holder in case of non-payment.
This is why lenders typically require larger down payments and substantial cash reserves held on deposit in the U.S.
Most mortgage lenders to foreign nationals have ways to evaluate risk in the absence of FICO scores so they are comfortable holding the loan. Here are some of the things they look for.
Legal Documentation
The documentation required to get a Credit verification is required.
Pre-qualification can help streamline your property shopping process
Proof of income, property ownership and employment or business ownership will be necessary
A valid international passport and secondary ID are required
A U.S. visa may also be required (varies by country)
No U.S. Social Security number or Green Card required mortgage if you’ve recently moved to this country depends both on your residential status and the type of loan you’re applying for.
Permanent Resident Aliens
If you’re a permanent resident alien, you’re eligible to get a mortgage under the same terms as any U.S. citizen. You just need proof of residency status. This can be in any of the following forms:
A Permanent or Conditional Resident Card or Green Card
A valid passport with a stamp saying that it’s been approved as temporary evidence for I-551
A valid I-94A form indicating grant of refuge/asylum or a foreign passport indicating permanent residence admission with an employment authorization document
Any evidence you might have of permanent residency courtesy of the United States Citizenship and Immigration Services
Non-Permanent Resident Aliens
If you’re a non-permanent resident alien, the required paperwork that you have to present depends on the type of loan you’re applying for.
If your desired loan is conventional or VA, you must have a valid visa with work authorization.
In order to get a loan, there must be an expectation that you’ll be able to continue working in the U.S. for at least the first three years of the loan. If your residency is to expire within one year, there must be a likelihood that it will be renewed.
In terms of documentation, one of the following forms is necessary:
An employment authorization document (Form I-766 or I-765) as evidence of work eligibility
Form I-797A with an attached I-94 or other valid work authorization
If you’re applying for a regular jumbo loan, you must have three years of U.S. residency and three years of work history with authorization.
Applying for a nonconforming jumbo loan is a little trickier. You need to have been a resident of the United States for at least five years. You also have to have a likelihood of continued employment for at least the first three years of the loan. The property must be single-family or condo housing, and it must be owner occupied. A 30% down payment is required. You also need the following:
A valid passport from your country of citizenship containing Form I-94 with an employment authorization stamp is required.
You need an employment authorization card along with a Form I-140.
Only H-1B and H-2B visas are accepted for this type of loan.
Which segment applies to your buyer?
Buyer #1: Green card and work visa holders buying a primary residence
Immigrants with valid visa status to live and work in the United States, a history of U.S. employment and a social security number face fewer borrowing difficulties than other foreign buyers and can apply for a conventional mortgage.
People in this group tend to be first-time home buyers. They may or may not have established a U.S. credit history. Often they are looking for an entry-level home at a low price with a low down payment. Family members in their home country may be sending cash for the down payment.
Buyer #2: Foreign nationals buying a second residence or vacation home
With their primary residence outside the U.S., many consider this group as the prototypical “foreign national.” Their length of stay in the U.S.
is limited by the type of visa they hold and they are not allowed to work here.
There are a number of hurdles to finding a loan that fits their needs. Comprised of visitors and vacationers who want to spend more time in the U.S., members of this group probably haven’t established a paper trail in the U.S. banking system. Whether justified or not, they are perceived as risky. Compounding the risk is that they are looking to finance a second residence, always more dicey than the first.
“They are financially solid enough to afford buying a second home and use it only part of the year, but their overseas resources can’t easily be documented in a format familiar to U.S.
lenders.” Banks get especially nervous if these mortgages turn out to be jumbo loans.
There are a number of ways lenders can work around the absence of U.S.documents to determine if an applicant has enough income and assets to qualify for a mortgage. However, after a borrower qualifies, they should expect to make a substantial down payment in the range of 30 to 50 percent. Lenders may require as much as two years of mortgage, insurance and tax payments to be deposited in a U.S. account.
Depending on the lender, these buyers can borrow up to or more than $5 million. Lenders will be looking for extensive documentation of their foreign assets, liabilities, credit dealings and proof of income.
Buyer #3: Luxury and other high-end foreign buyers
At the top end of the second home market is a smaller group of ultra-high net worth foreign buyers. Though these buyers usually pay cash for high-end properties, they sometimes want a mortgage to free up funds for other investments. They may initially purchase with cash to gain an advantage in bidding, then cash out after closing with a post-sale mortgage.
Fewer lenders serve this market, which is largely geared towards international banks looking to expand relationships with high-net-worth individuals. Borrowers can expect a low loan to-value ratio, perhaps 40 to 50 percent.Large deposits in a U.S. account will also be required, although borrowers may be allowed to pledge other assets as collateral.
Immigrants with valid visa status to live and win the United States, a history of U.S. employment and a social security number face fewer borrowing difficulties than other foreign buyers and can apply for a conventional mortgage.
People in this group tend to be first-time home buyers. They may or may not have established a U.S. credit history. Often they are looking for an entry-level home at a low price with a low down payment. Family members in their home country
may be sending cash for the down payment.
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