International Home Buyers Can Get Mortgages in US Too!

Living and working as REALTORs in San Diego, we meet a lot of non-US citizens who are here visiting family, working in the military community, working temporarily or just haven’t completed their US citizenship process. Many of them are interested in purchasing homes in San Diego and ask about access to loan programs for foreign nationals. It turns out, there are programs available, even without established US credit.

I had lunch with a local lender this week and we talked about this topic. He told me that their company also hears from a lot of foreign nationals and they in fact have loan programs in place to service these buyers. Here’s what he said foreign buyers need in order to get a US mortgage loan:

• Foreign Nationals Only (a non-U.S. Citizen with a valid passport and valid visa)
• Loan amounts: $100k – $650k
• Fixed rate terms (10, 15, 20, 25 & 30)
• Purchase and Refinance rate and term (not available for cash out)
• No pre-payment penalties
• Up to 65% loan-to-value financing on Purchase (Max 55% LTV on Refinances)
• Self-employed okay
• Eligible properties include single-family homes, condos and townhouses
• Occupancy includes owner occupied and second homes
• All loans must establish an ACH debit for mortgage payments from a U.S. bank
• No previous bankruptcies or foreclosures permitted
• Borrowers who are politically exposed are ineligible. All involved entities must be cleared through the OFAC SND list

So, if you know a non-US citizen who is interested in taking advantage of current low interest rates and lower home prices, please contact me today and I’ll put you in touch with a lender who can walk them through the steps to get approved for a good loan, we’ll help them buy a home in our beautiful city, and they can experience the American Dream.

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