US citizen (living outside the states) - Financing options?

[Carmel T.]

Hello everybody.

I made the decision to start investing in rentals in the second half of 2022.

My question is what are my options when in comes to financing deals (mortgages) if I'm an American Citizen (have SSN) but never lived in the states and doesnt have american Credit score and financial history (and a bank account for now).

What types of loans will I be able to get? what interest? for how many years?

Any tips that can help me come more prepared and ready (financing wise) to the summer of 22', so I can jump in and get my first property?

[Shai Flax]

Hi @Carmel T., I'm exactly in your situation.

I'll tell you what I've learned:

You can def build your credit score outside of the US (feel free to reach out if you need an explanation on how to do that). It took me about 8 months to get a good credit score.

Until this point, I couldn't find any conventional bank (not the big ones, not community ones, and not credit unions) that will give me a loan without a W2 (which is impossible for you since you are not working in the US). However, I didn't talk to alllllll lenders out there so there might be someone who will, I'm in the process of look into it. 

The way it's helping me is to use private lenders that my terms (LTV, interest rate) will be better than for foreigners and that can make a huge difference.

If you have family in the US they might agree to co-sign you and then a whole world will open up for you:)

Feel free to reach out. Good luck!