Home Buying in Texas>Question Details

Derek Hardy, Home Buyer in Bermuda Dunes, CA

Austin - Texas. Can Foreigners buy homes and get a mortgage?

Asked by Derek Hardy, Bermuda Dunes, CA Mon May 5, 2008

We are considering putting 50% down on a home in Austin, Texas with the intent of moving there in 3 - 5 years. We are non us residents - what are the tax implications and can we get a mortgage? Can we also rent the home until we decide to move there? Thanks for your help.

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I may be mistaken, but I believe he is asking if he can rent out the home until he decides to occupy.
1 vote Thank Flag Link Tue May 6, 2008
Yes. Our laws require that everyone be treated equally. As for taxes, there is no difference related to property taxes. You should however consult with a tax professional regarding the tax obligation related to resale of the property.
1 vote Thank Flag Link Mon May 5, 2008
Hi Derek,

I'm so glad you're considering Austin....awesome Austin! In regard to your questions, I spoke with my mortgage broker who would like to communicate with you directly as there are several scenerios that apply and he has questions to ask to see how you would qualify for a mortgage. And yes, you can also rent. Please let me know and I'm happy to help.
0 votes Thank Flag Link Mon May 5, 2008
I am a Texas home mortgage loan officer, and a Texas realtor you can purchase a home here in the US there is some additional forms that would need to be completed however YES we welcome you. However in order to work with a Texas real estate agent you will need to be pre-approved for a loan we can assist in this process the approval is good for approx. 60 days prior to purchase,

Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon May 5, 2008
You can certainly buy a home here in the US!! You would only be required to put 30% Down and show a valid US Visa at the time of your purchase. There is no income verification, no asset verification nor is a credit report needed. Depending on how much you buy down your rate you could very well get interest rates and monthly payments comparable to those of any other home buyer. It would be in your best interest to consult with an expert financing advisor so that you get the best deal possible.

As far as what taxes you would be responsible for you will have to pay real estate taxes annually (these can be included in your monthly mortgage payment if you so desire) and certain state and city taxes associated with getting your mortgage. To determine what the impact will be on your personal taxes you would need to consult with an accountant.

Finally, renting the home you plan on buying before actually purchasing it would have to be something the seller is open to. With so many properties up for sale right now, the more aggressive ones are offering buyers lease with option to buy contracts. A competent and qualified realtor would be able to assist you in finding these types of offers.

Jo Polanco
Financing Advisor
Robbins and Lloyd Mortgage
RLFunding at AOL.com
0 votes Thank Flag Link Mon May 5, 2008
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