I am indian holding visitor visa for usa. Can I invest in a house in usa ( Texas ). If yes, can I get a mortgage if make 50% down payment?

Asked by Asha, 22202 Sat Nov 6, 2010

If answer to above question is YES. can I rent out that house? My son who is resident of usa can take care of the property in my absence

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8
Mahavir Singh…, Home Buyer, Outside U.S.
Mon Jul 15, 2013
i am an indian n want to purchase a house in usa what are the laws n documents we need to purchase house in usa?
0 votes
Mahavir Singh…, Home Buyer, Outside U.S.
Mon Jul 15, 2013
what documents we need if we purchase house in usa ? i live in INDIA
0 votes
Sushant Baga…, , Miami, FL
Wed Apr 20, 2011
Yes you can. There still are lenders you will more than happily fund you for the rest 50%. Pls be adviced that Texas State Laws don't easily allow you to go for a cash-out if ever required, so you might wanna go with as much financing as possible. You can also rent that house and enjoy the rental returns. Either your son can take care of the property or you can appoint property management company to do the same. One more thing, if you are doing it for an investment only purpose, then my suggestion would be to go for a single family or multi family home and not a CONDO. Generally the CONDO Association fees really brings down the return on the investment. Single or multi family houses solve the purpose.
0 votes
Elizabeth He…, Agent, Agawam, MA
Tue Nov 9, 2010
If you are going to be renting out the property, please keep in mind that you will have to put aside 30% of your income from that property to pay into taxes.

Here is a lin that might e useful to you; http://www.firpta.com/

I am a member of FIABCI/Interntional Real Estate Federation so if I can be of any further assistance to you please contact me at elizabeth@elizabethherbert.com
0 votes
Jessica, , Virginia
Mon Nov 8, 2010
Can a non-US Citizen purchase a home?

Yes. Mortgage loans are available both to lawful permanent or non-permanent aliens of the United States. Even if a non-citizen has cash and does not need financing, they will still need to provide proof that they are lawfully here in the United States.

The home loan process for a non-citizen does require a few extra steps:

- Must establish legal residency in the United States. Green card or work permit, with proof that it can be renewed.

- Ability to demonstrate at least 12months of credit history within the United States or can obtain written verification from foreign creditors. Or 3 forms of alternative credit lines such as rent or utilities with at least 12 months of history.

- Provide proof of funds. Many non-citizens have funds in foreign bank accounts. They must be able to document that the funds belong to them in the foreign country and transfer the funds to a U.S. bank account prior to closing.

As always, I recommend you speak to a lender as specific requirements may vary.



This is a post on my homebuying blog, for more great info check it out. link below
0 votes
Linda Lorenzo, Agent, McKinney, TX
Sat Nov 6, 2010
You can get a mortgage especially with that much down. Just contact any lender and they will direct you as to your best options. Non-resident foreigners buy property all the time. You do need to check out the Homeowner restrictions (HOA) which you will get a copy of to approve with any offer you make. Some have restrictions against renting but lots have none. Good luck to you.
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Young Choi, , Fairfax County, VA
Sat Nov 6, 2010
Yes, if you get the mortgage from hard money lender. They provide short term mortgage loan with higher interest rate. Of cause you could rent out to your son.
0 votes
Myra Gouger, Agent, Las Vegas, NV
Sat Nov 6, 2010
You can purchase property, you won't be eligible for a mortgage. You have to pay cash for it. If you purchase the home, you can rent it out if it is permitted by the subdivision.
0 votes
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