Mortgage for Foreign Buyer in NYC

Asked by Meng, Outside U.S. Thu Dec 27, 2012

I lived in the US from 2003 to 2008 (went to college and worked for a year after graduation). I'm current employed by a large US financial services firm and working in one of the Asian offices.

I'm looking to purchase an apartment in NYC for investment purposes (ie buy to rent) and want to take out a mortgage to finance the purchase. I have a good FICO credit score (798 when I checked it last week) but I am not a US citizen or a permanent resident. Would I be able to get a mortgage under these circumstances? If so, what is a typical LTV? I'm particularly interested in long-term fixed rate mortgages.

Many thanks!

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William McBurney Jr’s answer
William McBu…, , New York, NY
Thu Dec 27, 2012
Meng --- I have one answer now and will keep looking for others.
One large local savings bank will do your loan, but it has to go as
a second home purchase. A few of their basic rules:
Minimum loan size - $450,000
Minimum down payment – 40%
Minimum purchase price of apartment - $750,000
A couple of commercial banks in midtown that used to be very
active with foreign buyers, may be getting more aggressive on
their terms, I will have to check further.
0 votes
William McBu…, , New York, NY
Thu Dec 27, 2012
No question I can find you the exact kind of apartment investment you want but regarding the current state of financing for a person with your status, I will check with my mortgage banker colleague and get back to you.
0 votes
Thanks. I don't already own a property in the U.S. so this won't qualify as a second home purchase. Is it still possible to get a good mortgage? Cheers!
Flag Wed Jan 9, 2013
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