In most cases you will need a significant amount down 50-60%. If you are looking to get pre qualified call me anytime or email me to get started. I will need :
1 mnth paystubs
2 forms valid ID
2 years most recent tax returns
2 month bank statements to show reserves and down payment
This is just to get started. Below is a link to my website should you like to apply today.
When you sell the home, depending on your residency status, you may be liable for what is called a FIRPTA tax.
Speak with your tax advisor on any tax liability in your home country.
The other issue with foreign nationals buying, is that it may be difficult to obtain a mortgage in the USA. If you can buy with cash, that is the easiest solution. There are some lenders who lend to foreign nationals, typically demanding a higher down payment and a higher interest rate.
I am here to assist you anytime.
Ann Griffin, Realtor
Coldwell Banker Trails & Paths
We have loan programs for foreign nationals to obtain financing. Paying cash is the easiest if you dont mind the cash out of pocket. We can help you get pre-approved and qualified. This is good to have completed ahead of looking for the property to purchase. I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California . If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!
Yes the law does permit a foreign national to purchase property in the US. We always recommend that you speak to a Real Estate Attorney and a Tax Accountant that specialize in Real Estate. You will also want to get a Tax Identification Number (TIN).
Paying cash is the easiest way for a foreign national to purchase property here. There are some lenders that lend to foreign nationals but they may only allow a vacation home and/or one investment property. This is good to check ahead of time if you are not paying cash.
Ron & Brenda Cunningham
West USA Realty
*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***
Search the Official, Active, FlexMLS for homes like a Realtor through our website for FREE:
The federal tax implications of foreign ownership of U.S. real property can be divided into three main categories: 1) federal income taxation, 2) transfer taxation (estate and gift tax), and 3) Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) withholding requirements.
If you are renting the property and when you sell the property, you will need to comply with the income tax requirements. http://centralazhomes.com/az-home-seller-resources/az-real-e
Central AZ Real Estate
Your Local Expert
If you are not a permanent resident, buying is easy, but when you sell there is a tax called FIRPTA that is based on the sale price. This is based on the assumption that you are leaving the country, and would otherwise not have to pay taxes that and American would have to pay, such as capital gains. The way to make this easiest is to apply for a Tax Identification Number well before you plan to sell the property. I have gone through this with past clients, and without the Tax Identification Number (or TIN) it can be complicated and frustrating.
If you are planning to rent the property, you will have to report the income to the IRS, and pay taxes on your net income. I strongly suggest you talk with a financial advisor before you take this step, since I don't know what laws there may be in Armenia that could also affect you.
If I can help you any further, please email or call me. Best of luck.
Ann Griffin, REALTOR, ABR, E-PRO, SRES
Coldwell Banker Trails and Paths
2913 N. Power Rd., Suite 101
Mesa, AZ 85215
You should also become familar with withholding taxes on rent and when you sell (the law is called FIRPTA). Be careful, there are default rules and exceptions to the rule. For example, the default rule is that there must be 30% withholding on the GROSS rents. However, you can file certain forms and/or make certian elections to avoid the withholding. There are also non-tax reporting forms that must be completed such as the BE-15 or BE-605.