Can Foreign Nationals get a mortgage loan in the US?
Avi Zukerman, CEO at Landmark Funding Group
As of 2022, securing a mortgage for a foreign national is not overly complicated or daunting. If the potential rental income exceeds the mortgage, tax and insurance expense you can qualify for an investor loan program.
These are designed for foreign nationals seeking to buy U.S. rental property of 1–4 units without any income verification. They can also be used by parents to buy homes for their kids attending US colleges. They can buy a “kiddie condo” and a U.S. real estate investment all in one.
It's a streamlined application that requires relatively few items:
any type of valid U.S. visa
reserves in a foreign bank account to cover mortgage payments
a good standing letter from a foreign bank
ownership of a primary residence abroad
potential rental income sufficient to cover mortgage, tax and insurance expenses
That’s all. You don’t need a FICO score or show pay stubs or tax returns or any kind of income verification. You don’t even need to travel to the U.S. to sign documents or open a U.S. bank account.
What’s the catch? Your interest rate will be closer to sub-prime levels of a 600 FICO score. You should expect to pay a couple points higher than what a conventional mortgage would be for a U.S. citizen with good credit and income verification.
But it’s very doable, as long as the rents will cover the mortgage, tax and insurance and any HOA fees. We do them all the time.
All the above applies to foreign nationals. If you are permanent resident with a green card or a non-permanent resident with a valid work visa you and you plan to live in the home, you may qualify for a mortgage at a conventional interest rate
For more information call or email us at: avi@landmarkfg.com 646-552-7701
