Do you need a home loan or mortgage for a house in the US but you are a non-citizen, non-resident, or an expat that has been abroad for many years? Read further to see home loan lenders that can help you with an international mortgage.
Anyone can get a mortgage for the purchase of US property. That includes you.
Yes, you read that right. Even if you are not a US citizen; even if you are not a US resident; even if you’ve lived abroad for decades, you are eligible for a loan on a property in the United States.
How can foreigners and expats get American mortgages?
Creative lenders have realized that any finished property is great collateral no matter where the borrower is from. When rental income and homeownership itself are on the line, every borrower is highly incentivized to make their payments! So these are some of the most secure loans out there for lenders regardless of the borrower’s citizenship or place of residence.
Interest rates & requirements for a loan on property in America.
The interest rates a non-US citizen gets are the same or slightly higher than the interest rates a US citizen would receive. What’s the catch? If you are not a US citizen, you’ll have to put down a minimum of 30% to receive your loan, and the interest rate decreases the larger your deposit is. For American citizens, the typical initial payment is closer to the 20% range.
As far as requirements go, there are two possible ways to go. You can go the “full income documentation” route or the “stated income” route:
Stated Income Mortgage Processing
This is the easier of the two. All that is necessary is a copy of your passport, basic loan processing documents, and 60+ days worth of bank statements (or another asset) showing that the borrower was in possession of the funds for the last 60 days. That last one is to prevent money laundering. Relatively easy, isn’t it?
Full Income Documentation Mortgage Processing
The full income documentation route could save you 1% or more on your interest rate. For this method the borrower must submit a) the most recent 2 years of tax returns, b) 2 months of bank statements, c) 2 months of pay statements, d) a copy of their passport and e) the basic loan processing documents.