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
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.
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
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
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.
800 315 8803