Can a Non US Resident get a Mortgage?
Yes, you can! America Mortgages has several mortgage programs for non U.S. Citizens to obtain US real estate for purchase or refinancing, regardless whether they have U.S. credit (FICO score), residency, or even proof of income.
Whether you plan on living in the home or staying in your home country and renting it out at today’s high rental rates, you too can invest in a US property. From Florida to Texas to California, you can buy a home in any one of the 50 United States!
Loan to Value (LTV) Ratio on US Mortgage for Non Residents
Maximum Loan to Value for a non-U.S. citizen mortgage is typically capped at 70% LTV (30 down payment) on a purchase and 65%LTV on a refinance.
Most programs allow up to USD$2,000,000 maximum cash out for a refinance or remortgage.
Non-US Citizen Mortgage Income Qualification
America Mortgages mortgages for US non-residents can be divide into two types of loan programs for:
- Stated Income Mortgages: Do not require income verification or tax returns. Perfect for non-U.S. citizen mortgage borrowers that are either self-employed or have numerous write-offs on foreign tax returns.
- Full Income Mortgages: Require the following:
- Two (2) years of foreign tax returns
- Two (2) months bank statements (foreign account okay)
- One (1) month pay statements
Valid non-US Passport
US mortgages for non-residents require a copy of a valid passport of the borrower. A U.S. visa is not required normally. You should also make sure that your country is not listed in Office of Foreign Assets Control (OFAC) Sanctions Programs and Country Information.
Mortgage Loan Down Payment
The necessary down payment can range from 30% to 50%, depending on the property type, interest rate, and documents that you can provide. America Mortgages has mortgage programs for non-income and income verification.
Mortgage Interest Rate
U.S. Mortgage interest rates for non-US citizen borrowers vary from 5% to 7+% and are subject to change every day. America Mortgages compensation is not based on the rate, and borrowers will receive the best options available at the time of application.
Acceptible Non-US Resident Bank Statements
Non US Citizen mortgage borrowers need to show two months (60 days) of bank statements and show that funds are “seasoned.” Seasoned funds mean that funds have been in an account, U.S. or Foreign, for a minimum of 6o days for anti-money laundering (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.
America Mortgages has loan programs that allow for 100% gift funds for Non-U.S. citizen borrowers looking to purchase U.S. Real Estate. Gift funds are money given to you by a family member or friend without expectation of repayment. This money will also need to meet the AML seasoning requirements.
Necessary Money Reserves US Mortgages for Non Residents
For most programs reserves are not required.
Foreign Credit Report or Bank Reference Letter
For most programs, a foreign credit report or bank reference letter will be required for non US citizens.
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 either a U.S. account or non-U.S. account. Any bank statements in foreign languages require professional translation.
Minimum Loan Amount $100,000
Unlike regular loans, US mortgages for non citizens do have a minimum loan amount requirement. Remember that it is the loan amount, not the sales price.
If you have a specific scenario and property that you would like us to price it and give you the client’s requirements, please feel free to email firstname.lastname@example.org.