FAQ / MORTGAGES for FOREIGN NATIONALS and NON-RESIDENT ALIENS
Purchase Mortgages for Foreign Nationals and Non-Resident Aliens


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FOREIGN NATIONALS FAQ

Below are frequently asked questions about mortgages for Foreign Nationals and Non-Resident Aliens.

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Frequently Asked Questions

How much is the maximum loan amount that a foreign national can borrow?

Are interest rates higher for foreign nationals or non-resident aliens?

Are closing costs high for foreign nationals or non-resident aliens?

Will owing a property in the USA help me acquire residency?

What if I do not have any credit history within the USA?

I do not have any provable income from the USA.

I do not currently have a Visa for the USA.



How much is the maximum loan amount that a foreign national can borrow?
Ten Million Dollars-US. The maximum loan amount generally available on a mortgage, per property for a foreign national or non-resident alien is Ten Million Dollars US. (US$10,000,000.

Are interest rates higher for foreign nationals?
Not significantly, but yes by approximately, 1/2 to one full percent. Interest rates on most mortgage programs for foreign nationals and non-resident aliens run slightly higher than conforming US interest rates on other programs.

Are closing costs high for foreign nationals or non-resident aliens?
No, closing costs are generally the same for foreign nationals and non-resident aliens as they would be assuming a conforming mortgage were available. Please not that closing costs are mostly proportionate to the actual loan amount. Notwithstanding, greater loan amounts tend to see proportionately somewhat lesser closing costs. This is because certain fess such as underwriting, title search, etc. are fixed amounts. There may be some comparative cash-flow savings per closing; as private investors, do have the option of waiving escrow requirements.

Will owing a property in the USA help me acquire residency?
Generally no. If you are foreign national or non-resident alien, owning property in the USA, will not legally help you acquire a green card. It is possible however, that upon reviewing your application, there could be an increase in comfort level for the government case worker to approve your request.

What if I do not have any credit history within the USA?
These programs for foreign nationals and non-resident aliens are underwritten without USA credit. They will often accept a credit report from your current domicile. Also letters of credit reference from businesses and/people that know you within your county, can often be used instead of USA credit.

I do not have any provable income from the USA.
Foreign national and non-resident alien programs do not require income from within the USA. These programs will accept your income documentation from your current domicile. Depending on how much, (percentage-wise), you are putting down, they may not require income verification. As well, sometimes, if you have liquid assets in another country, they will use a formula from that, to calculate hypothetical income.

I do not currently have a Visa for the USA.
These programs do not require a current Visa. Whether your Visa has expired, or whether you have never had a Visa, will not prevent you from obtaining financing. Foreign nationals and non-resident aliens, are not expected to have a current residency within the USA.


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Last Update 04-14-2017