Molleejrr, Other/Just Looking in Texas

Can a home be sold to a person who is not yet a U.S. citizen?

Asked by Molleejrr, Texas Tue Mar 27, 2012

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7
Burkel, , Dallas County, TX
Mon Aug 6, 2012
Hi Mollee,

Yes and we can offer financing.

Advancial Mortgage
Immigrant loan program

This program is for professional immigrants entering the USA on an acceptable visa.
No SSI or TIN number required.
No US credit required
We do not have restricted markets. Product is available in all 50 states.
Loan sizes up to $3,000,000.00 allowed.
80% ltv ( 20% down payment required ) for up to $1,500,000.00 loan.
Foreign assets are considered on a case by case basis for reserves and down payment.
We will qualify on offer letters and / or first paystubs.
The program is also offered to US citizens living abroad working for a US based company, even if no credit score is present.
US citizens working abroad for foreign companies may be considered on an exception basis if US tax returns have been filed showing the foreign income.

John Burkel - 972-201-1645
0 votes
Luis E. Loza…, Agent, Weston, FL
Sat Apr 7, 2012
Absolutely, Foreign citizen are able a legally allows to buy Real estate on The United states either as a cash buyer or with loan if they meet the requirements of the Lender. Also there are great investment opportunities for Foreign Citizen that one to invest in Real estate and be able to get a Legal resident in the United States. For more details about this projects you can contact me directly.
0 votes
James Tan, Agent, elk grove, CA
Sat Apr 7, 2012
Yes, a US property can be sold to a non-US citizen. If the buyer is paying cash, the buyer does not have to come to the US. However, if the buyer needs a loan, he must have a visa to come to the US. Even if it is simply a tourist visa.

Refer to http://www.BuyHomeInUS.com, this website contains a lot of info for foreigners wanting to buy a house in the USA.
Web Reference:  http://www.BuyHomeInUS.com
0 votes
Burkel, , Dallas County, TX
Tue Mar 27, 2012
Yes. Advancial Credit Union out of Dallas offers an agressive immigrant / expat mortgage loan program.

This program is for professional immigrants entering the USA on an acceptable visa.
No US credit required.
No SSI or TIN number required.
We do not have restricted markets. Product is available in all 50 states.
Loan sizes up to $3,000,000.00 allowed.
20% down payments allowed to $1,500,000.00 loan amount.
Foreign assets are considered on a case by case basis for reserves and down payment.
We will pre-qualify using an offer letter. First paystub is required for funding.

Please call John Burkel – 972-201-1645 with any questions.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Tue Mar 27, 2012
Yes, as long as you are paying cash or can qualify for a mortgage.
0 votes
Fred Yancy, Agent, Woodstock, GA
Tue Mar 27, 2012
We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.

We will try to describe these options from least difficult to most difficult.

PERMANENT RESIDENT ALIENS

These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the “green card” issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.

H1B VISA HOLDERS

H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.



WORK PERMIT

Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.

FOREIGN NATIONALS

It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.



ITIN MORTGAGES

For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Mar 27, 2012
It can be... You would need to make sure a real estate or closing attorney assisted you with closing to nmake sure the local, state and federal paperwork is correct to close your purchase. A good buyer broker in teh area you want to purchase can guide you through the process.
Web Reference:  http://www.ScottSellsNH.com
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