Can a foreigner purchase a home in the US through getting a mortgage from a foreign bank in the US?

Asked by nattaeng, Los Angeles, CA Tue Oct 1, 2013

Can a foreigner purchase a home in the US through getting a mortgage from a foreign bank that has branches in the US? ( I have steady income and have saving more than the actual home price in the foreign bank)

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15
Jamie Tian, Agent, Los Angeles, CA
Tue Oct 1, 2013
Hi,

Foreign homebuyers can sometimes get loans from foreign banks or private mortgage lenders if they put enough down (typically at least around 50%).

I would be happy to recommend a few lenders to you that you can contact and see if you can get pre-approved for a loan.

Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
BRE #01920120
Web Reference:  http://www.jamietian.com
1 vote
, ,
Fri May 9, 2014
Obtaining a loan, from a US bank, for a Foreign National, Non-Permanent Resident Alien (NPRA), or Permanent Resident Alien (PRA) is not much different than doing a loan for a US Citizen. We require credible documentation for 2 yrs. + YTD Income, credit report or alternative credit to demonstrate ‘A’ quality credit worthiness, and seasoned funds in a known financial institution (does not have to seasoned in a U.S. bank account)....

Thierry

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes
, ,
Thu Apr 24, 2014
As you can see from the many responses, there are several options for foreign nationals. While you could use a foreign bank, the answers suggesting that you have to use a foreign bank or private investor are incorrect. We have many foreign national clients. There are conventional U.S. lenders who will finance a purchase for a foreign national. U.S. residency is not required.
0 votes
Brad Korb, Agent, Burbank, CA
Mon Feb 17, 2014
Yes,I would talk to your banker to get all the financing lined up before you go out to look for a home & get your pre-approval letter all ready to go ! Good luck !
0 votes
Heather Paul, Agent, Santa Monica, CA
Fri Feb 14, 2014
Yes, there are only about 3 to 5 banks that handle these loans and mortgages. I have many overseas foreign clients that get mortgages to buy here all the time and would love to help give you some contacts and details. Give me a call 310-923-2334 or email me anytime.

I look forward to speaking with you soon,
Heather Paul, Realtor, Broker Associate
Coldwell Banker
310-923-2334
http://www.HeatherPaulOnline.com
heatherprealtor@gmail.com
0 votes
Hbfc, Renter, Phoenixville, PA
Fri Feb 14, 2014
We mite have a way to help.....hbfcinvestors.com
0 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
Yes there are! There are lenders like myself in Southern California that are able to give out loans to foreign purchases. One type of loan you should consider is a Foreign National Loan. These loans are meant for non-residences/citizens. This type of loan usually requires about 20%-40% down so have that ready. I recommend you speak with a lender like myself to discuss your different options. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
You are on fire today!
Flag Fri Feb 14, 2014
Richard- El…, Other Pro, Augusta, GA
Mon Oct 14, 2013
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
thegocp@gmail.com
0 votes
Heather Paul, Agent, Santa Monica, CA
Sun Oct 6, 2013
Yes, there are good mortgage programs for foreigners "non-resident home buyers", generally you will need to put down up to 40% of the purchase price. You will want to get pre-qualified first before beginning your home or property purchase as this way you will know how much your payments will be, how much you can afford to buy, and you will need this to write up any offers.

I work with international buyers all the time, feel free to contact me if you have any questions or if you are in need of your own exclusive buyers agent.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
310-923-2334
http://www.HeatherPaulOnline.com
0 votes
carlos parra…, Other Pro, Monrovia, CA
Thu Oct 3, 2013
Yes you can. If you have the money you can own. The only issue may be in the making of the offer and the veracity of your paperwork to convince the Seller you can get the loan in a timely manner.
0 votes
, ,
Wed Oct 2, 2013
Nattaeng,

Obtaining a loan for a Foreign National is not much different than doing a loan for a US Citizen.
We require credible documentation for 2 yrs. + YTD Income, credit report or alternative credit to demonstrate ‘A’ quality credit worthiness, and seasoned funds in a known financial institution (does not have to seasoned in a U.S. bank account). Translation of documents may be necessary if the originals are not in English.

Foreign Nationals:
The borrower has no Green Card and no VISA.
No Credit required…four credit references required – alternate credit from country of origin is okay…international credit reports are also acceptable. (Tip: Google the Country of Origin to determine if they have credit reports & tax filing)
.
Max 50% Loan-to-value; we underwrite as Second Home, or Investment Property.
Minimum loan amount of $300,000.

Income:
We require 2-years income verification history but it is not necessary to have U.S. tax returns…Tax documents from country of origin are okay. If the country of origin does not require the borrower to file the equivalent of tax returns, then we need an employment letter on company letter head explaining compensation. If the employment letter is in a language other than English we need to get a statement from a tax preparer or equivalent that can provide evidence of the borrower’s credentials by translating the documents…it must be on letterhead so that we can verify the company through 3rd party sources.

Assets:
Must source seasoned assets in a known verifiable worldwide financial institution (i.e., Credit Suisse, HSBC, UBS, Bank of Tokyo)…the funds may not be in an Institution which cannot be verified. The main reason for sourcing the income and assets is for OFAC (Office of Foreign Assets Control) which monitors foreign countries, regimes, known terrorists, etc.

Tax Preparer or Equivalent – Financial Analysis:
If the income and asset documentation is in a foreign language, I might have to hire an Accountant/CPA (tax preparer or equivalent) to analyze, interpret, convert and present the information in such a way so our Underwriter can easily understand. That is, have a comprehensive summary and accounting of the borrower’s financial position. (Tip: All U.S. Embassies provide translation services).

The Borrower must have a Social Security Number or a Tax Identification Number (TIN) which can be easily be acquired through an Accountant/CPA or visit the IRS website that explains what and how to get a TIN. As long as the borrower has applied for the TIN, we can proceed….

Passport and second form of ID required.
Power of Attorney (POA) is not allowed. The borrower, if not present in the US, will have to go to an American Consulate to sign and have loan documents notarized.

Verification of existing Mortgage/Rent is required for previous 12 months.
Pledged Assets is permitted; however, the assets must be in a U.S. bank account.
Asset Depletion is permitted; however, the assets must be in a U.S. bank account.
Reserves of 12-months full debt service required (including all payments, cars, etc.).

Feel free to contact me for more details.

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes
Douglas Lagos, Agent, Los Angeles, CA
Tue Oct 1, 2013
Yes, international buyers can buy homes in the US, and get a loan from a non-USA bank that has a branch in the US.

We are an international real estate brokerage and work with many international buyers like yourself.

Douglas Lagos
Coldwell Banker Residential
Tel. (310) 463-8088
Douglas@DouglasLagos.com
CA BRE # 01921046
Web Reference:  http://Douglaslagos.com
0 votes
, ,
Tue Oct 1, 2013
It probably will not be a conventional loan unless you have permanent residency of some sort (asylum, refugee, visa, etc.)

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
Travis Dina, Agent, Marina del Rey, CA
Tue Oct 1, 2013
Absolutely! I would be happy to assist. Preferred Properties LA is a full-service real estate agency specializing in international buyers and EB5 developments. Our team would love the opportunity to work with you. Please contact me below. Thank you!

Travis Pham
REALTOR
Preferred Properties LA
Travis@preferredla.com
(310) 948-8952
http://Www.preferredpropertiesla.com
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Tue Oct 1, 2013
Hi Nattaeng,

My understanding is that there are some banks that are INTERNATIONAL (in your country and US) so they might be able to give you financing-- the only way to find out is to find an international bank in your country and inquire with them.

Good luck,
Sara Mehrpouyan
Rodeo Realty
Direct phone 818-903-2040
Bre License #01712757

Email: smehr818@gmail.com
0 votes
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