Can non US citizens buy foreclosure homes in United States?
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Sure. Non citizens buy US real estate all the time. Private parties buy usually as second or vacation homes. Florida has a big constituency of non-citizen home owners. There are even non-citizen mortgage programs. These mortgage programs are called “foreign national” loans. They require a hefty down payment and a ton of paperwork, but they are available.
If your question was more along the lines of buying foreclosure homes for investment purposes, then the answer is “Yes” again.
Foreign nationals and foreign companies can own investment property in the US regardless of if they bought it out of foreclosure or not. It wasn’t long ago when Japan was riding high, every one feared Japanese companies would buy every piece of property in Hawaii.
Remember that?
The Guidelines from the biggest provider of Foreign National loans rules are below:
Below are some guidelines for Foreign Nationals to qualify for a home loan in the United States with Choice Finance® at 70% ltv:
In United States legally (work visa) What is your Visa status?
Funds in a U.S. bank (no seasoning)
Primary residence, second home, vacation home, investment property
Purchase? refinance? cash-out refinance
Construction loan (requires full documentation)
All loan amounts considered.
Work visa financing available- primary residence only
If your property is in Florida and is a condo, we may need 40% down payment
Hope that answers your question. If not, use the comment section below to get more information.
Thanks!
2 responses so far ↓
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Rosemary,
I added more “procedural” aspects of getting the loan approved. The big thing is knowing whether they’ll come to the US for the closing. If not, getting a title company to work with an overseas closing is tough. The signing is required to be done at an Embassy…and for many that be a long way away.
It’s just better if they come here…and there money has to be in a US bank as well.
Contact Choice Finance ..they are on the east coast too.
Good Luck,
July 1st, 2008 at 9:34 amRKB
I have just had a telephone call from a person who lives in Nigeria and wants to know what the details are to buy a house in the US. He would be classed as a foreign national. I am obviously a realtor but I do not know the procedure for a foreign national and do not know if he can buy a house.
July 1st, 2008 at 8:34 amLeave a Comment