Hello, I am a non US citizen looking to buy a house/condo in chicago, Illinois? Is it possible and can I get a mortgage? What mortgage is available?

Asked by Chloe, Chicago, IL Mon Feb 6, 2012

I can put down about 50% down payment at most

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14
Kenneth, , Palatine, IL
Mon Feb 13, 2012
You do not need to be a citizen to buy a home in the U.S. You do need to be a permanent resident alien, and be able to provide a green card. Not very complicated really, and there are no "special programs." U.S. citizens need to provide their State ID (and Social Security card for FHA loans) to apply for a loan as well.
1 vote
This is NOT offered as legal advice. I'm an attorney, but I do not handle real estate transactions. My understanding is that non U.S. residents are able to buy houses in the U.S. as well. I checked with my cousin, who is a real estate attorney, and she said I was correct. In any event, a foreigner could set up a corporation or LLC in the U.S. and the corporation and LLC could buy property in the U.S. (I do handle business formation in Illinois). I don't know the details regarding taxes and obtaining a loan for either of these options though (options buying as an individual and buying as a business).
Flag Thu Jan 30, 2014
Michael Vrie…, Agent, Chicago, IL
Sat Feb 11, 2012
Chloe -- It definitely is possible to purchase, I have helped clients do this in Chicago. You have some good resources below (or I can provide others) for the mortgage and it would be wise for you to follow up with them.

Non U.S. residents sometimes are taxed in a slightly different way on the sale of the home. Though you haven't even purchased the home, I like my buyers to be aware of the complete picture so there are no surprises. This link will provide a quick overview : http://en.wikipedia.org/wiki/Foreign_Investment_in_Real_Prop…

Good luck, please email if you need further assistance in any way. I'm more then happy to help.

Michael
1 vote
i want to buy a home in harvey IL i'm not a citizen nor green card holder. i do pay tax every year i have an employment card and i can pay out the house in full. i donot need mortgage or a loan will i be able to own a home?
Flag Tue Jun 25, 2013
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sat Aug 27, 2016
I just wanted to simplify a few points on this topic, but before I do, I am licensed as a mortgage loan originator only in the state of California. It is possible for those in all four citizenship classes below to obtain a mortgage here in the US, but there are specific guidelines for each --- the major ones I have tried to touch on here:

US Citizens: Limited only by qualification criteria (income, assets, credit and collateral). All programs, loan-to-values (LTVs) accessible.

Permanent resident aliens (green card): As with citizens, must have sufficient US history on credit qualifying characteristics but otherwise, terms very similar to US citizens.

Non-permanent resident aliens (work visa): With valid work visa, social security number and US tax and credit history, terms can be equivalent to above two classes. Without sufficient tax and credit history, mortgage financing still available but at more conservative LTVs (60% in most cases).

Foreign national: Does not have a US social security number and is a citizen of a foreign country. Financing available up to 60% of home's value --- must be a second or investment home and documentation can be provided from country of origin.

Here in CA, a niche that we see frequently and know very well is less than 20% down payment financing for non-permanent resident aliens (with tax and credit history). These individuals are even able to obtain jumbo loans with excellent terms, just as if they were a US citizen.

Let me know if I can be of service in any way.
0 votes
Jose Hernand…, Agent, Chicago, IL
Sat Feb 11, 2012
If you can legally work in the U.S. but do not hold a legal resident card, then most likely you're paying taxes through an ITIN. There's only a handful of lenders lending to ITIN holders.

Feel free to contact me for more information.

Jose Hernandez,sfr
Coldwell Banker Residential
676 N. Michigan Ave.
Chicago, IL
312-788-7079
0 votes
Jorge Vega, Agent, Chicago, IL
Tue Feb 7, 2012
Hello Cloe,

I work with two organizations that specialize in non US citizen lending. I can help you get their information along with some listings in the area you are interested in. Please call me at 773-349-2272 or email me for more information at jorgevega4u@gmail.com
Web Reference:  http://www.myownhome.info
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Tue Feb 7, 2012
Hello Chloe
You can buy even if you are a non US Citizen. We offer a program for Foriegn Nationals (a citizen of another country who wishes to purchase real estate in the US)
Do you have established Credit with the country where you have your citizenship?
One thing to note this program does not allow for loan amounts under $250,000 and requires a minimum of 30% down
I would be happy to assist should you have further questions.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Feb 6, 2012
Greetings Chloe,

It depends on your status:

If you are illegally in the country then you cannot obtain financing.
If you have a Green Card and your finances/credit look good, then Yes, you can obtain a loan.

50% Down definitely helps your cause.

Bill J Deligiannis
First Centennial Mortgage
630-788-5288
bdeligiannis@gofcm.com
Web Reference:  http://www.BJDLOANS.com
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Feb 6, 2012
You have to talk to a lender. I work with a lot of non citizens, and each situation is different. I have a lender who is experienced with this sort of thing. I would be happy to pass along their name.
Web Reference:  http://AmericorpRe.com
0 votes
Hi Matt,
Would you be so kind to provide me the name of that lender?
maria.caraballo@complete-ltd.com
Flag Sun Nov 29, 2015
Philip Sencer, Agent, Chicago, IL
Mon Feb 6, 2012
It is not as easy as some of these answers seem to indicate. It is interesting that not one lender responded to your post, just agents. You need to speak with a few lenders and tell them your complete situation to see what they say. The big banks like Chase, BOA, Wells probably will not be able to do it, but there are many others that might. My web site has some good lender references. It does not cost anything to speak with them and see if they can help. Then find an agent...................perhaps me.
My web site gives you information about my Buyer Rebate program.
0 votes
Mike LeFevere, Agent, Chicago, IL
Mon Feb 6, 2012
Ok sounds good. Ive done transactions like this before. Give me a call and we can move forward. 773 733 1153
0 votes
Adam Barrera, Other Pro, Chicago, IL
Mon Feb 6, 2012
You do not need a green card all you need is an ITIN # and show that you are working and paying taxes. Most banks have eliminated their ITIN programs but there is still few out there. At the 50k to 100k range you are probably looking at a foreclosure or SS property and you may run into other problems there but we may be able to help.
0 votes
Chloe, Home Buyer, Chicago, IL
Mon Feb 6, 2012
I am legally working in the U.S., not a green card-holder. Looking at property of 50k to 100k, first down payment range from 30%-50%.
0 votes
Mike LeFevere, Agent, Chicago, IL
Mon Feb 6, 2012
Chloe,
I would be more than happy to answer your question for you. Give me a call at 773 733 1153 and we can discuss further about your options. Thanks!
-Alex
0 votes
Summerville-…, Agent, Evanston, IL
Mon Feb 6, 2012
Do you have a permanent resident card?
0 votes
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