Foreigner partnering with US citizen - Conventional Financing

[Peter Vu]

Hi Everyone,

I am an Australian (living in Australia) looking to purchase an investment property in the US with my cousin who is a US citizen living in Texas. Our thinking at this early stage is to setup an LLC with 50/50 equal share. I was hoping for some guidance from BP experts about getting a loan from a US bank. My questions are:

1. Because my cousin is a US citizen but I’m a foreigner, would we still be eligible to apply for a Conventional Loan with US banks? My understanding is Conventional Loans have lower down payment requirements, lower interest rates than compared to Foreign Investment Loans and are available to US citizens.

2. If not, is it correct to say that the only way for us to be eligible to apply for a Conventional Loan is if my cousin is the only applicant?

Any help/guidance would be much appreciated.

Thanks

Peter