Absolutely! Here is an interesting article on this very topic. International real estate purchases in the U.S. continue to be a significant share of business for many Realtors, according to the 2008 National Association of RealtorsÂ® Profile of International Home Buying Activity.
This new research indicates that international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular. Read more: http://www.realtor.org/press_room/news_releases/2008/08/real
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Hello. Short answer to your question - yes. With proper documentation and verifiable funds, he will be able to purchase property here in Austin.
Ritch Haenke, Realtor
Coldwell Banker United
It is absolutely legal for your brother to buy a home here in Texas. There are a few more lending requirements that have to be met in order to qualify for a loan. If he is paying cash then he will need to establish himself with a Tax Payer Identification number. It seems he would be buying an investment property, if this is the case, take a look near campus, you will find a much more protected investment there.