Finance for non-citizens?

Question

Hi all,

I’m looking to move over to the US and was wondering if anyone is able to offer advice about borrowing money on a visa.

My current understanding:

We (non-citizens) can get a regular mortgage through a bank only if it’s a home to live in.

Banks consider up to a fourplex a standard property they’re willing to offer a regular mortgage. Assuming I live in a unit.

When it comes to buying investments or flipping regular banks wouldn’t be an option? Alternative loans such as hard money would be the only options?

I could be completely wrong. Open to all and any advice.

Thanks in advance!

Nicholas Covington · Answer

@Brayden Currey basically you would be looking for a "foreign national" program. For these types of programs, you would be qualifying on stated income and using your money from your bank back home. You will need about 25%- 35%+ to put down in most cases. Rates will vary on the higher side as well, but it still allows you to get the home.

Normally for these types of programs, you will want to work with a mortgage broker as to help source these types of programs for you. Being one myself I have plenty of resources and access to this specific program, so it's easy to speak on.

Account Closed · Answer

@Brayden Currey

You can get bank financing , both personal and business once you get EIN and ITIN

Patricia Steiner · Answer

@Brayden Currey

I don't want to disseminate incorrect information nor plug a financial institution that talked big when it wasn't prepare to act.  Once I've vetted their preliminary information (hopefully in the next day or two) and take care of my client's need, I'll be in a position to share specifics.

Brayden Currey · Answer

@Patricia Steiner

It’s sounding like a mission and a half. I appreciate your input. Are you able to share which 3 banks?

Brayden Currey · Answer

@Chris Mason

Thanks for that link Chris. I’ll look into it and what a SSN is haha but it sounds like I want one of them.

Patricia Steiner · Answer

Brayden, there are about three banking institutions who are still doing mortgage financing to Foreign Nationals who reside in and outside of the US.  In general, multi-family is not a preferred property type and would most likely need to be financed through a non-bank entity.  And, some countries are currently excluded from bank financing due to their currency trading restrictions placed on financial institutions.  It has been a laborious process in finding these resources for my clients and I'm currently interviewing them (with a whole lot of what ifs) to determine the depth of their expertise and interest.

Chris Mason · Answer

Oh and if you have a SSN, disregard all that and just go get a normal mortgage.

Chris Mason · Answer

@Brayden Currey,

This list is a few years old... if you want a current list, swipe a "Scotsman Guide" from the reception desk and/or recycle bin of your local retail direct lender branch. While there, may as well ask if they have anyone that specializes in these, the metaphor here being that if you need knee surgery then you don't need a general practitioner doctor or a cancer doctor or a brain surgery doctor, you need a doctor that's a joint surgeon.

Brayden Currey · Answer

@Nicholas Covington

Thanks a lot for that Nicholas. The down payment required is important information. It also gives me a direction to research foreign national programs.

I’ll stay in touch if you don’t mind. I’ll probably have way too many questions as I learn more.

Finance for non-citizens?

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