Foreign National

Although obtaining financing in the United States today is more difficult than during the property boom, it is still possible for qualified foreign investors to get a loan from several Banks when buying a property in United States. However, the loan is typically 50-60% of the purchase price or less. In other words, the down payment must be 40-50% or more of the purchase price.

Qualification is not based on the FICO credit score and is relatively easy. Foreigners are not required to have a credit record in the United States. Of course, the borrowers must have a job or be self employed in their home country.

The interest rate charged may be slightly more than for a US resident. Some Banks offer an ARM (Adjustable Rate Mortgage) loan or others have a 30 year fixed interest rate loan. The ARM loans may have an interest rate fixed for 3 to 5 years, after which the interest rate will be based on an index plus margin, they are amortized over 30 years.