I Am Not A U.S. Citizen, How Can I Buy A Home In The U.S.?

There are many new ways to buy a home in the States, even if you are not a U.S. citizen. Just recently, regulations have been revised to grant non-permanent resident aliens the same financing opportunities as U.S. citizens, as long as the home purchased will be a primary residence.

Permanent resident aliens, those who have a green card, have always had the same borrowing power as U.S. citizens. Every borrower who is not a U.S. citizen must be able to show that they have the legal right to reside in the United States. Your lender will ask for a copy of your Visa or green card as part of the initial loan application process.

If you are a Foreign National or Dignitary who is buying a vacation or 2nd home, you can still buy a home if you are able to make a 20%-25% down payment. You may pay a slightly higher interest rate, however, you will be able take advantage of the stable mortgage money that is available in America.

Once your loan officer knows your exact buying scenario, they will be able to find the right program to fit your needs by using the credit, employment and income records from your homeland. For example, if you are European and have all of your credit history available in Europe, your lender may use one of the credit reporting agencies that have reciprocal agreements with other countries. They will document your income and assets by using a published currency conversion rate table. A translator will translate any of your documentation that is provided in a language other than English, such as bank statements, employment verifications or credit references.

Your lender will pull credit information from your country for a nominal fee. It can take up to three weeks for the lender to receive the report. If you have established any traditional or alternative credit within the United States it is very helpful and can save time. For example, you may have already established a checking/savings account or utility bills in the United States and these can be used to estalish your credit history.

Be aware that while trying to establish your U.S. credit history, you should take care not to apply for an excessive amount of new credit. Too many new credit inquiries will lower your credit rating. Ask your Loan Officer for advice about the best way to establish good credit within the U.S.