My client is a Foreign National and comes and goes, wants to buy a Fannie Mae-owned property. Does he qualify as Owner Occupied Buyer?

Asked by Saul Garcia, Chicago, IL Fri Nov 23, 2012

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10
Manuel Brown, Agent, Chicago, IL
Fri Nov 23, 2012
Saul,

If you client is paying cash I cannot for see any problem as long as your buyer has the proper visa as stated by Annette. However, if your client is looking to finance through a U.S. lender he/she will still be subject to U.S. underwriting policies and procedures.

Best of Luck,
1 vote
Bill J Delig…, Agent, Naperville, IL
Fri Nov 23, 2012
If he can prove that the home is near to his work or other business interests and that he has a legitimate reason for owning a home, he should qualify. Is this a Financed purchase? If yes, plenty of documentation will be required.
1 vote
Annette Levi…, , New York, NY
Fri Nov 23, 2012
Does he have a VISA that allows him to live in this country? If not he cannot be an owner occupied buyer
1 vote
Jose Hernand…, Agent, Chicago, IL
Sat Nov 24, 2012
Hi Saul,

I've been been working with many international investors and we've had the same question before, according to some attorneys I've talked to, as long as he doesn't rent the property your client should be ok. But always check with your attorney.

Jose Hernandez
Coldwell Banker
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Nov 24, 2012
If it is his primary residence here in the US then yes.
0 votes
Ivan Sagel, Agent, Chicago, IL
Fri Nov 23, 2012
Saul,

"Owner Occupied" would still need to be the primary residence.

Best of luck
0 votes
Bill Eckler, Agent, Venice, FL
Fri Nov 23, 2012
If "coming and going" allows your buyer to have this property be the legal full time residence, there should be no problems.
0 votes
Albert Cossy…, Agent, Chicago, IL
Fri Nov 23, 2012
Simle answer..
Cash transaction - no issue
Financed transaction - show evidence that you are legally here- then all fannie required income docs.

Done
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Nov 23, 2012
If he proves he will be living there he can qualify for it
0 votes
JIM Michaels, Agent, Chicago, IL
Fri Nov 23, 2012
In a 2011 study, the National Association of Realtors showed the increasing popularity of American real estate. According to the report, $1.07 trillion in existing home sales were recorded between the months of March 2010 and March 2011. Of that total, $82 billion in sales were generated by buyers born outside of the United States, an increase from $66 billion the previous year.

A significant portion of those buyers were foreign nationals - non-citizens who resided in the United States and were looking to purchase a permanent home. Experts note American real estate was attractive to these buyers for many of the same reasons it is to citizens - affordable prices and attractive mortgage terms.

Call below number for your owner occupied task at hand

Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us.
0 votes
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