The United States of America is a vast and densely populated country. If you’re wondering if a citizen of another country can buy property in the United States, the short answer is yes, and anyone regardless of citizenship can buy a home in the United States. Not only can you buy a home in this country, but you’ll also benefit from the U.S. government-backed loans.
Of course, you should know that by buying a property in the U.S., you do not get a U.S. residency, you just own a home in the country. If you want to live in the United States and buy a property in the United States, you must first obtain permanent residence in the United States and then purchase the property. Of course, it should be noted that applicants can go to the United States with a tourist visa and buy property, but by buying property in the United States, they are not granted a residence permit for the United States.
Buying property in the United States as a non-U.S. citizen
Many foreigners buy holiday homes in the United States. There are also many wealthy foreign investors who buy special investment properties such as towers or multi-unit apartments, villas and even commercial properties such as shopping malls.
So, whether you are a new resident in this country looking for a home for yourself and your family; whether the investor is interested in real estate and villas for vacation in America; there are a variety of resources and options at your disposal.
Obtaining a Mortgage as a Non-U.S. Citizen
Buying a property in the U.S. as a non-U.S. citizen is easy if you buy with cash at the same time. If you are not financially able to buy a property in the U.S. with cash, you will need to get a mortgage to buy a property in the United States. In this case, the process of buying property in the United States can become more complicated.
Your ability to obtain a mortgage as a non-U.S. citizen depends on your status in the United States. If you are planning to buy a property in the United States but do not intend to immigrate to the United States, the only loan you can qualify for is a foreign national loan. Foreign national loans have a down payment and higher interest rate, and you must have an individual taxpayer identification number (INTN).
If you have a U.S. permanent resident, green card, valid work residence or asylum, you can qualify for a mortgage. The lender must be able to confirm the applicant’s legal residence. Therefore, foreign nationals whose principal residence is not in the United States may have trouble getting a mortgage.
Most U.S.-based mortgage lenders look at the U.S. credit report to determine their eligibility for a mortgage. As a non-U.S. citizen, you may not have a U.S. credit report or your credit report may not have enough information for lenders to determine your credit. Therefore, it becomes difficult for lenders to analyze the loan risk and the risk of not repaying it.
Cost of buying a house in the United States
If you’re asking yourself, how much does it cost to buy a home in the United States? You’re not alone! When you are thinking about getting a mortgage to buy a property in the United States, the first expense you need to consider is the price of your home. According to Redfin’s data, as of January 2020, the median home sales price nationwide is $306,000, a growth of 6.7% from the same time in previous years. Of course, this amount can vary greatly depending on where you live.
