If you have no lawful status in the US, are a resident of another country, come here on a tourist visa and would like to purchase a property to be used as a second home, you would need to show enough income from your country of residence to qualify, would have to put down at least 40% of your remaining amount would be for a loan of over $500,000, or you would need 50% down if you want a loan under $500,000. You would also have to have 9 months of payments held in escrow by the bank. I think that basically covers it for what you can do here in NY. If you want to explore what kind of options are available to you, and talk about this a little more, please contact me through my profile.
photocopy of your passport
photocopy of your U.S. visa status
Proof of funds in a bank account for the downpayment
That is a minimum needed to get a loan. You would get better terms if you can also prove/have:
U.S. credit lines (cell phone, credit card, etc.)
Money in a U.S. based bank Account
Employment with a U.S. based firm or subsidiary abroad
As common sense would dictate, the more that can be proven, the better the terms on a mortgage and the less that can be sourced or proven, the worse the terms would be on a mortgage.
Please contact me for your specific purchase scenario for more detailed information.
In previous jobs I worked with professionals from foreign countries in the US on H-1 visas . Many purchased real estate and had mortgages. I am uncertain regarding the specific requirements and perhaps the employer provided a guarantee as part of an ex-pat package.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
As one would expect, it has become more difficult for people to get loans and this includes foreign nationals. Expectations may vary slightly from company to company but you can plan on needing a minimum 700 international credit report and full documentation. Also expect to pay higher than the current going rate.