How to Qualify for a U.S. Mortgage Loan, Even if You’re Not a U.S. Citizen.

If you're from Hong Kong, Singapore, China or even India, the prices of Real Estate have increased beyond the point to where you can maintain a positive yield. That isn't the case in the US. Not all all. However, no one ever said that buying a home in the U.S. as a non-U.S. citizen or foreigner isn't going be tricky, at least on the surface. If you’re wondering whether a non-citizen can buy real estate in the U.S., the short answer is yes, though it’s easiest if you’re paying cash. If you’re seeking financing to purchase real estate in the U.S. as a non-citizen, getting a mortgage is the challenging part which is why Global Mortgage Group ONLY specialises in these types of mortgages.

Buying a Property as a Non-US Citizen

Anyone may buy and own property in the United States, regardless of citizenship. Hong Kong, Singapore, China, Indonesia, and other countries in the region tend to focus on the US when it comes to investing in real estate. Education for their children is a huge factor for many of these investors. Some of the best Universities and boarding schools are located in the United States. Plus there are no laws, cooling measures or restrictions that prevent any individual of any foreign citizenship from purchasing or owning property in the US. From these investors, it is the perfect place to invest for the future.

Besides investment or education, many foreign nationals / non US citizens purchase vacation home or second homes in the United States for a get away at a ski resort or a beach home in Hawaii. With proper access leverage, it widens the opportunities for investors to buy multi-unit apartments or several condos or single family homes, and even business properties such as shopping malls.

Getting a Mortgage as a Non-US Citizen

Purchasing a house in the U.S. as a foreign citizen is simple if you plan to pay in cash (or having all the money saved to buy the home in one lump sum). If you’re not in the financial position to be able to purchase a home with cash or you find leverage is a better option for you, you’ll need to obtain a mortgage loan to purchase property. This is where the process becomes tricky. Fortunately the Global Mortgage Group's primary focus is on the U.S. market, and it's only focus are these types of mortgages.

Most U.S.-based mortgage lenders look at a borrower’s U.S. credit history to determine their eligibility for a mortgage loan. As a non-U.S. citizen, you don’t have a U.S. credit report, making it difficult for lenders to analyse the risk of loaning you money to purchase a home. That means your lender will elevate your risk factor as a borrower. This doesn't have to be the case. Nor do you have to stay up late at night in Asia or Europe calling lenders, brokers and banks trying to find someone that will understand your situation. It may take you longer to find a lender who is willing to work with you, and it may take longer to get approval for your mortgage loan. You might also pay a higher interest rate.

We understand the complexity of analysing risk, and alternative sources of acceptable credit verification. We do it all day, every day. It's not difficult if you know the terrain, and in most cases we can find a U.S. mortgage loan for every client. 

Purchase or Refinance

Global Mortgage Group has several Foreign National, Non US Citizen mortgage programs to obtain US Real Estate for both purchase or refinance regardless if they have US credit (FICO), residency or proof of income.

Loan to Value (LTV)

Maximum Loan to Value for a non US citizen mortgage is normally capped at 70%LTV (30 down payment) on a purchase and 65%LTV on a refinance.

Most programs allow up to US$2,000,000 maximum cash out for a refinance or remortgage.

Income Qualification

Global Mortgage Group has two US mortgage loan programs for non US citizens;

? STATED INCOME - does not require income verification or tax returns. Perfect for non US citizen mortgage borrowers that are either self employed, or have numerous write-offs on foreign tax returns.

? FULL INCOME - requires the following;

? Two (2) years of foreign tax returns

? Two (2) months bank statements (foreign account okay)

? One (1) month pay statements

Visa & Valid Passport

Foreign National mortgage borrowers must have a valid copy of their passport. US Visa is not required normally. You should also check that your country is not listed in OFAC – Office of Foreign Assets Control – Sanctions Programs and Information

Down Payment

The down payment can range from 30% to 50% depending on the property type, interest rate, and documents that you can can provide. GMG has mortgage programs for non income and income verification.

Interest Rate

US Mortgage Interest Rates for Foreign National borrower vary and subject to change daily. GMG's compensation is not based on the rate and borrowers will receive best options available at the time of application.

Bank Statements

The Foreign National or Non US Citizen mortgage borrowers needs to show two months (60 days) of bank statements and to show funds are "seasoned". Seasoned funds simple mean that funds have been in an account, US or Foreign for a minimum of 6o days for AML purposes. U.S. anti-money laundering laws require this.

If the borrower has money in cash, he/she will need to deposit that cash in their bank and let it season two full months.

GMG has loan programs that allow for 100% gift funds for Non US citizen borrowers looking to purchase US Real Estate. Gift funds are money given to you by a family member or friend without expectation of repayment. This money will also require AML seasoning requirements.

Money Reserves

For most programs, reserves are NOT required.

Prepayment Penalty

For most programs, there is NO prepayment penalty allowing to pay off or down the mortgage at any time.

Foreign credit report or Bank reference letter

For most programs, a foreign credit report or bank reference letter will be required. 

Funds in a U.S. Bank

The funds for the down payment and closing costs must be in a banking institution for 60 days (seasoned). These funds can be in a US account or non US account. Any foreign language bank statements require professional translation.

Minimum Loan Amount $100,000

Unlike regular loans, Foreign National loans do have a minimum loan amount requirement. Remember that it is the loan amount, not the sales price.

Let's Get Started!

If you have questions about purchasing U.S. Real Estate with a mortgage loan we'd love to hear from you. Please feel free to email [email protected]

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