If you are a foreigner and wish to purchase homes in the United States, you can do so using a
mortgage loan; however, US banks will not approve your application in the same way they
would for a local customer. Here are some tips for those interested in obtaining a mortgage loan
as foreign citizens:
Required Documentation: Banks will require certain documentation for loan approval; These
include, but are not limited to various forms of identification such as valid passports and work
permits, as well as a credit history endorsed by the foreigner.
Financial Proof: Banks will also require evidence of adequate fund flow from the borrower; Once
again, it is expected that the foreigner provide reliable guarantees to serve as depositary or
ensure their claim.
Money Origin Report: Lenders will also require reports clarifying the origin of the money used to
finance the property being purchased; This is important, as it will be necessary to demonstrate
that the funds come from legal sources.
Income Demonstration: Finally, lenders will seek information on how much income the borrower
will be able to provide through the new property; This helps determine how much could be lent
to the applicant based on their current and future financial capabilities.
Living in the United States as a foreign citizen can be complicated, but fortunately there are
options available for those interested in buying properties! Know the necessary requirements to
obtain them and prepare all the documentation before diving into this process!
