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Margo D Scott, Real Estate Pro in Detroit, MI

Can Foreigners get mortgages in the us?

Asked by Margo D Scott, Detroit, MI Tue Oct 27, 2009

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Foreigners can get home loans in the U.S. but it's difficult. It depends on their residency status. If they've got a green card they're home free on both FNMA and FHA. Otherwise they will need to have either an H1 or L1 visa (3 yr renewable). Even with the right visa or green card you still have some potential problems. You have to put together a documented loan package i.e. 2 year employment and income history, verifiable assets, and acceptable credit scores. Credit scores can be the most diffficult to establish since very few countries have a credit scoring system using Experian, Equifax, and Transunion. I believe England, Australia, and Canada may have one out of three bureaus. If they've been in the U.S. awhile and/or have some international credit cards, you might be in luck. The visas get you in the door but the loan documentation may be a problem. I hope this info helps.
1 vote Thank Flag Link Tue Oct 27, 2009
i moved from Canada an dregistered a business in Houston. Like to buy a Condo but have 4 year credit history in canada and with a company registered in Canada as well. can pay 5% down for buyout as well. Any broker can get me around 500K to buy a Condo,
0 votes Thank Flag Link Sat Feb 23, 2013
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