Financing in New York>Question Details

Boris B., Home Buyer in New York, NY

Getting a Mortgage for a Foreigner in New York

Asked by Boris B., New York, NY Mon Nov 25, 2013

Hi,

I am looking to buy multiple family house for investment (2-3 apartments, 2-3 bedrooms each) and I would like to get a mortgage. I was talking to few companies and the more I'm looking for info, the more I am getting confused.

What are the rules and requirements on getting a mortgage for a foreigner in NY?

Thanks you all for the advice

Boris

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Answers

11
I've used this this banker at HSBC many times for my foreign buyers try contacting him

Matthew J Douglas
HSBC Bank USA
718-753-4205
1 vote Thank Flag Link Mon Nov 25, 2013
Thanks a lot!
Flag Mon Nov 25, 2013
Yes, Boris. You are that foreigner.
Joseph is right in that you should be talking to mortgage professionals If I may add that you should be talking to mortgage professionals who specialize in foreign nationals like you. You should also talk to real estate/tax lawyers who specialize in foreign buyers and can explain to you the legal and tax implications involved in property purchases by a foreigner. You are buying investment properties so the latter professional is a high priority. Lastly, you should seek real estate agents whose got track record in foreign buyers, not only in knowing the processes but who in fact understand the cultural nuances in dealing with foreigners themselves.
For referrals on these people, please email me at your convenience. Good luck.

Francisca M Tayag
Certified International Property Specialist
FMT International Properties LLC
francis@fmt-ip.com.
1 vote Thank Flag Link Mon Nov 25, 2013
In Manhattan there are plenty of foreigners who have been here for a while. Many of them have green cards, are hard working and have established credit. Does this sound like you at all? If it does, that is a good thing. Your next step is to talk directly with a Mortgage professional and not a bunch of brokers here. We can give you anecdotal information but you need specific answers from a pro. You have the basics in the naswers provided below. The next move is all yours. Good luck.
1 vote Thank Flag Link Mon Nov 25, 2013
Green Card means that you have social security, SS equals Credit Score - I do not have a SS or CS, I have a Visitors/Business Visa (B1 and B2).

So I qualify only as a foreigner in this country.

Thanks for the reply anyway!
Flag Mon Nov 25, 2013
Hi Boris,

It can be quite challenging for a foreign buyer to get a mortgage as I suspect you've discovered. Generally, it involves a process of developing a banking relationship and building a credit history which can take time. Because credit score is of paramount importance, the lack of a score often means paying a less-than-favorable interest rate which may negate the advantages of financing. That being said, there are some lenders who do work with foreign buyers.

Lenders who work with foreign buyers generally require the following:

1) Documentation of income and assets
2) Reference letters from foreign banking institution
3) Copy of passport and visa (if applicable)
4) A down payment of at least 30%
5) An acceptable DTI (debt-to-income) ratio

We routinely represent foreign buyers and would be happy to suggest some mortgage professionals to whom you might reach out for more clarity/specific information.

Best,

Christopher Clowdus
Licensed R.E. Salesperson
Cooper & Cooper Real Estate
Residential Sales & Rentals
341 West 38th Street, 10th Floor
New York, NY 10018
P: 212.864.4555 | C: 646.544.5529
Christopher.Clowdus@CooperCooper.com
http://www.CooperCooper.com/ChristopherClowdus
1 vote Thank Flag Link Mon Nov 25, 2013
Thank you for reply, Christopher!
You said it takes time to build a credit history, but can I actually build it as a foreigner that does not have a Social Security or Credit Card in US?
Flag Mon Dec 2, 2013
Also, most banks who work with foreign people are generally looking for an LTV (loan-to-value) ratio of 50% or better.
Flag Mon Nov 25, 2013
Basically put down 50% and there are plenty of banks who will lend. Please contact me at frank@frankragusa.com with further comments.
1 vote Thank Flag Link Mon Nov 25, 2013
Hello Boris,

I've written many foreign investor loans and can explain all the rules to you at your leisure. I've written over $250MM in mortgages. I'm a partner in a mortgage bank and brokerage and we'd be happy to guide you through the process, and educate you along the way, with humility and humor.

Please reach out to me and my partner Joe.
You may contact me at 347 834 0213
1 vote Thank Flag Link Mon Nov 25, 2013
It will depend on if you are buying residential (1-4 units) or commercial (5+ units) in addition to your status. Are you on a VISA, do you have a green card, or do have ITIN? Are you purchasing the property as an individual or a corporation? The guidelines change based on the answers to the above.

Let's discuss your loan scenario in more detail. I would appreciate the opportunity to earn your business, contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide, and offer both residential and commercial loans.

Until then, I look forward to hearing from you.

Bart Gabe

http://www.bartprequalifies.com

bart@bartprequalifes.com

800 315 8803
0 votes Thank Flag Link Tue Dec 17, 2013
If you have the proper paperwork it shouldn't be a problem. Have you spoke to a mortgage broker?
0 votes Thank Flag Link Tue Dec 17, 2013
Try Eastwestbank. They are the easiest to deal with. Citi would do a mortgage for their long-term clients. Wells fargo will do full income verification loan as a primary residence
0 votes Thank Flag Link Wed Nov 27, 2013
Try Eastwestbank. They are the easiest to deal with. Citi would do a mortgage for their long-term clients. Wells fargo will do full income verification loan as a primary residence
0 votes Thank Flag Link Wed Nov 27, 2013
Try Eastwestbank. They are the easiest to deal with. Citi would do a mortgage for their long-term clients. Wells fargo will do full income verification loan as a primary residence
0 votes Thank Flag Link Wed Nov 27, 2013
Thank you for reply.
Are you work for a broker company? I also need someone to guide me though all the details.
Flag Mon Dec 2, 2013
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