If you are resident of another country and you want to buy your own house in the US, you can borrow foreign national mortgage to buy the home of your dream. You can call it an investment property or home for your vacation.
Undoubtedly, for buying a home will create some obstacles if you are non-citizen of US. But today, you will find many mortgage lenders or lending companies that are offering mortgages to foreigners for buying their own home or property. Foreigners can also obtain from government backs at low-interest rates and down payments.
Remember that the requirements for obtaining a mortgage vary according to the residential status of the applicants.
Foreign National Mortgage Qualification
For obtaining a foreign national mortgage, you must have a valid income proof in your country through letterhead of the company including other information about the job role in your country.
Lenders will verify your assets using bank statement of the last one or two years and also a reference letter from the bank. Also, the lenders check the client’s reputation to verify that there is not any negative or criminal record in their country.
Also, banks need you to deposit a 20% of the total property cost as down payment. Different banks have different criteria for down payment. You can ask by contacting a suitable lender. Each lender grants loan according to their terms and rules. So it is necessary to research about the best lenders and requirements before closing the deal with one.
For loan approval, a list of documents is required to submit. If you are looking for a foreign national mortgage, you must ensure that you have the following documents.
- You must carry a copy of your visa and passport. A copy of your spouse is required as well doesn’t matter if he or she is the co-applicant or not.
- Evidence proof of your primary address through some utility bill, etc.
- A resume that shows the history of employment of at least ten years.
- Two reference letters from the authorized bank.
- Most recent credit statements in the form of a letter. At least two credit references are required.
- A brief application note from the applicant describing the source of wealth.
- Income Proof Required:
- If Self-Employed: A letter from CPA specifying the income of last two years.
- If Employed: A letter from the HR department of your company showing the salary of previous two years.