I am a foreigner. Am I allowed to buy a condo or co-op? Also, can I get a loan from a bank? If so, does it have to be with a co-signer?

Asked by Kerry, New York, NY Sat Nov 3, 2012

I am neither a US citizen nor resident but lived in NYC for school before. I am pretty familiar with the city.

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14
Patricia, , New York
Mon Nov 5, 2012
Dear Kerry,

The best option for you it is to invest in a condo .. We have a big experience in foreign buyers, please contact us for any further information.

Best regards,
Patricia ,

BSD Equities
174 Fifth Avenue #301
New York, NY 10010
Office: (212) 367-7200 Ext.18
Patricia@bsdequities.com
http://www.bsdequities.com
1 vote
Raoul Sodoga…, Agent, New York, NY
Sat Nov 3, 2012
Hello Kerry,

Where are you from?

Best Regards,

Raoul Sodogandji
Member of ELITE
Licensed Real Estate Agent

(o): 212.252.8772 (EXT.782)
(c): 347.993.8333
(e): raouls@nestseekers.com

" It is common in all businesses that the level of customer service, is usually based on income generated from that service given; which is fairly unfair to those who need just the same service of selling, buying or renting in New York City.

That's one of the reasons why we came up with ELITE. It is the highest standard level of same service given from a $2000 rental to a $40 Millions sale, and instead of treating the customers differently, we've decided to give them the ELITE service.

Let's help you with our services, no matter your budget, what you are selling or want to buy, we will give you and your referrals the same best experience ever lived. "
1 vote
Margaret R.…, Agent, New York, NY
Sat Nov 3, 2012
Dear Kerry, I am a real estate broker who has worked with many foreign buyers: generally, I recommend that you purchase a condo because they have fewer rules about primary residency and what not and require a less intrusive purchasing process. And, if you have a relationship with an international bank with offices here such as HSBC, you can most likely get a mortgage. it also helps that you write and speak English and are familiar with the different neighborhoods here.

If you are interested in buying a property here, then I can certainly help you for that is my area of expertise. You can see more about me, an independent real estate broker, on my website: http://www.hoppproperty.com... or telephone me (212 9470578) to discuss what you are looking for, your budget, time frame, etc. I have shepherded many buyers through the somewhat daunting real estate market. I can anticipate every step of the process as well as find the perfect property to fit your needs.

I look forward to hearing from you. Very best regards, Maggie Hopp, CEO Hopp Property LLC
1 vote
Kris Chung, , New York, NY
Wed Nov 14, 2012
Hi Kerry,

I also went to school here and met many foreign students who purchased apartments here in New York. I can refer you to several mortgage companies that can arrange financing for you. Please email me at kchung@kianrealtynyc.com . Kris
0 votes
Jenet Levy, Agent, New York, NY
Sat Nov 3, 2012
Kerry,
A condo would be the option for you as a foreign investor. The advice below telling you either is fine is wrong. Co-ops do not allow investor; they are meant to be owner-occupied. I do not know what country you live in, but you say you are neither a US citizen or resident. Without a credit history here, you will have a very difficult time getting a mortgage here. Your best bet is to get a loan in your country and buy the condo here with cash.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Nov 3, 2012
Without much information, why not begin by consulting with an attorney....
0 votes
Ava Kim, , New York, NY
Sat Nov 3, 2012
I have heard that foreign buyers buying in Manhattan, or near Manhattan, have gotten mortgages through HSBC, and that banks require about 50% down payment.

Condos offer less restrictions, so it is much more popular for foreign buyers than coops.

Maybe also you can consult with a real estate or immigration lawyer about purchasing property as a non-resident (non-Green Card holder)?

I could make referrals if you arethink interested.
0 votes
Sergio Ayo, Agent, New York, NY
Sat Nov 3, 2012
You can buy both as long as a pied a terre is allowed for the coop, but you are better off looking at condos. As far as financing, there are lenders that do financing for foreigners with higher down payments. You should speak to a mortgage professional first. Please let me know as I do alot of work for foreign buyers and sellers and I can refer you to someone.

Thank you,
Sergio Ayo
917 678 4164
0 votes
Elena Ravich,…, Agent, New York City, NY
Sat Nov 3, 2012
you definitely can purchase a condo or a coop that allows pied a terre (if you don't plan to reside in NY). As to financing - not that many lenders provide loans to foreigners but there are still many. Contact me at 646 239 2527 if you need a referral for a mortgage broker who works with foreign buyers loan programs.
0 votes
Joan Rajalin…, , New York, NY
Sat Nov 3, 2012
call me : 917 995 7597 - you could text me if I don't pick up right away.

Thanks / Joan
0 votes
De Vonte Wil…, Agent, East Point, GA
Sat Nov 3, 2012
Good Afternoon Kerry. In order to get a loan, you will have to qualify. In other terms, you will need to provide; tax returns, income statements, credit reports and prove steady employment. You should consider consulting with a Mortgage Advisor who could assist you further.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes
Jennifer Chi…, Agent, New York, NY
Sat Nov 3, 2012
Hello Kerry,

You can buy into a co-op if you have US credit history which includes US tax filings for the last 2 years. These are standard board application requirements.

Watch this video to learn more about what to expect as a foreign buyer.

http://www.youtube.com/watch?feature=player_embedded&v=R…

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
0 votes
Adina Greenb…, , New York, NY
Sat Nov 3, 2012
In order to get a loan from a bank, you will need a job. How are you going to pay the mortgage otherwise? Best is to check with a mortgage professional what your chances are to obtain a loan, with or without a co signer.
0 votes
Christopher…, Agent, Tarrytown, NY
Sat Nov 3, 2012
Hi, Your best bet is speaking to a mortgage professional directly, the criteria changes all the time. I recommend Christian Babcock from Mortgage Master Inc 914.447.9691, tell him I sent you.

Christopher Pagli
Accredited Buyer Representative
0 votes
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