If you are a foreigner looking to buy a home in the United States, you can do so using a mortgage loan; however, American banks will not approve your application the same way they would for a local client. Here are some tips for those interested in obtaining a mortgage loan as foreign citizens:
Necessary Documentation: Banks will require certain documentation for loan approval; These include, but are not limited to, various forms of identification such as valid passports and work permits, as well as a credit history endorsed by the foreigner.
Financial Evidence: Banks will also require proof of adequate cash flow from the borrower; again, the foreigner will be expected to provide reliable collateral to serve as a depositary or guarantee their claim.
Source of Money Report: Lenders will also require reports clarifying the source of the money used to finance the property being purchased; this is important, as it will be necessary to demonstrate that the funds are coming from legal sources.
Proof of Income: Finally, lenders will seek information on how much income the borrower will be able to provide through the new property; this helps determine how much they can lend to the applicant based on their current and future financial capabilities.
Living in the United States as a foreign citizen can be complicated, but fortunately, there are options available for those interested in purchasing property! Know the requirements for obtaining it and have all the documentation ready before diving into the process!