Buying U.S. Property as a Foreign National
You do not need a Social Security Number or a U.S. credit score to get a U.S. mortgage. Here is what lenders ask for instead.
International buyers are often told they must pay cash for U.S. real estate. That has not been true for years. A well-developed foreign national lending market finances these purchases every day, and the documentation is more straightforward than most buyers expect.
Credit without a credit score
Lenders accept an international credit report where one is available, or a set of reference letters from institutions in your home country. Two or three letters confirming accounts in good standing, on institutional letterhead, generally satisfies the requirement.
A larger down payment is the other substitute. Most programs sit between 25% and 35% down, which gives the lender protective equity in place of a score.
Documenting income
An employer letter, foreign tax returns, or business financial statements all work. Documents in another language need certified translations, and income in another currency is converted at a published rate. Some programs waive income documentation entirely on investment property and qualify on rent instead.
Practical steps before you shop
Open a U.S. bank account early and move your down payment into it at least sixty days before closing, since seasoning requirements are common. Obtain an ITIN if you will hold the property personally, and speak with a cross-border tax advisor about whether an LLC makes sense for your situation.
Timing
These files close in three to five weeks routinely. The delays we see almost always come from wire timing across borders and from translation, not from underwriting, so start those two items the week you go under contract.
Does this apply to your situation?
Twelve questions, no credit check, and no email required. See which programs are commonly used for situations like yours.
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