 |
 |
Required Search Criteria
| Start Price |
|
| End Price |
|
| Property Type |
|
| County |
|
| Bedrooms |
|
| Full Bath |
|
Optional Search Criteria
| **Enter MLS numbers, separated by commas. Example: F12345,
F54321 |
|
|
 |
|
|
|
 |
|
 Depending on your visa classification lenders may have more stringent underwriting guidelines. Mortgage lenders are more cautious about financing second homes and investment properties for foreign nationals. Lenders often require that international buyers make substantially larger down payments and submit to certain requirements in order to meet underwriting guidelines. One of the challenges is a lack of an established credit history in the U.S.
Financing Tips for International Buyers Requirements will vary from lender to lender, but here are some tips to help prepare for financing a property in the U.S. Following these steps can help foreign nationals secure a mortgage.
- Establish credit in the U.S. if possible.
- Open up an account with a U.S. bank at least two months before you seek financing.
- Start an account in your home country with a large, international bank with branches in the U.S. close to where you want to purchase a home.
- Obtain verification of your gainful employment and line of work. A simple letter from a CPA or some other third-party in your resident country will suffice.
- Apply to extend your visa or passport if it’s due to expire in six months or less.
Typical Documentation Required for Foreign Nationals
- One reference letter from your bank indicating date accounts opened, account numbers, current balance, and average balance for last three months, please provide this in US dollars if possible.
- Provide 3 months institutional statements for any accounts in the United States.
Important: Please be advised that 6 additional months of principal, interest, taxes, and insurance (PITI) is required in addition to the needed funds to close remaining in your account after closing.
Important: If monies are to be transferred prior to closing bank statements or reference letter should still be provided from source as well as arriving institution, a copy of a wire transfer is not enough. The best suggestion is a printout of the account the wire is coming from and to (after wire leaves), signed and stamped by a bank officer.
- Letter from accountant if you are self employed verifying start date of employment, current title or position, monthly income earned, year to date income earned for current year and income earned for the past two years if salaried employee letter must come from Employer or Human Resources
- Three credit references from separate credit sources identifying a lending/credit relationship and satisfactory repayment, should be at least 12 months. Please be sure to indicate the credit limit or balance if applicable, monthly payment, account number.
- Banks usually charge a fee to cover cost of application.
- Copies of Passport(s) and Visa(s).
|
|