Buying a home as a foreign national

On Behalf of | Jul 2, 2021 | International Real Estate Lawyer |

It is possible for those who aren’t citizens of the United States to purchase homes in New York, Florida or other states. However, foreign nationals may have a harder time qualifying for a mortgage compared to those who can claim America as their country of origin.

Are you planning on living in the United States?

It may be possible to qualify for a traditional home loan if the house that you want to buy will be your principal residence. Otherwise, you may be limited to loans designed to help foreign investors gain access to the United States real estate market.

Do you have a credit score in the United States?

Most lenders will assess your ability to purchase a home by looking at your American credit score. If you have a foreign credit score, it may be difficult to convince a bank, credit union or other financial institution that you’re capable of handling debt.

You might not get the best loan terms

It isn’t uncommon for foreign nationals to pay higher interest rates than buyers who are American citizens. Furthermore, as a foreign national, you may be required to make a larger down payment for the right to borrow money from a mortgage lender. A real estate attorney may be able to provide more insight into what you should expect during the process of obtaining a loan.

Regardless of where you live, it’s generally a good idea to hire an attorney to help with the process of buying a home. This person may be able to ensure that you understand your rights and responsibilities after making an offer, obtaining a loan and closing on a transaction.