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Ruth, Renter in Borough Park, Brooklyn...

what do i need to do or proof, in order to get mortgage in USA as I'm NOT USA citizen?

Asked by Ruth, Borough Park, Brooklyn, NY Sat Oct 9, 2010

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Although you are not here as a citizen, if you have legal status in the US, either as a permanent resident alien (green card holder), or are here on a work visa other than the kind that allows you to work for organization like the UN, you can get a mortgage. You must show a copy of your green card or visa, have a 2 year credit history in the US, and be able to qualify based on your income. In addition, if you have a large down payment and have been self-employed for at least 2 years, there are programs for you.
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.
2 votes Thank Flag Link Sat Oct 9, 2010
You need proof of your income either in the U.S. or your home country for last 2 years
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.
0 votes Thank Flag Link Wed Oct 13, 2010
We agree that you should seek out a mortgage professional. Also check with your HR Department if you work for a large multinational company.

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.

Best regards,
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19

917-593-4068 (CELL)
davidrogoff@fillmore.com
0 votes Thank Flag Link Tue Oct 12, 2010
Please contact a Mortgage professional for all the answers. The answer Robin Silverberg seems to be detailed and helpful. If I can help please contact me anytime
0 votes Thank Flag Link Sun Oct 10, 2010
Hi Ruth
send me your direct email and i will give you a few mortgage people to talk to
madelinepadovano@fillmore.com
0 votes Thank Flag Link Sat Oct 9, 2010
If you file tax and can proof your satues. that is all the proof you will need to start with.
0 votes Thank Flag Link Sat Oct 9, 2010
Ruth,

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.

Best wishes,

Bill
0 votes Thank Flag Link Sat Oct 9, 2010
i did NOT received YOUR answer to my last question , what do i need to do or to proof in order to take a mortgage as I'm NOT USA citizen please answer me a.s.a.p.
0 votes Thank Flag Link Sat Oct 9, 2010
Contact me offline and I will connect you with mortgage brokers/bankers who handle loans for non-citizens.

Gail@GailGladstone.com
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sat Oct 9, 2010
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