My Links

My Profile
Weblog Archives

Buying/Financing a home in the USA for British Citizens

After the 2007 housing meltdown, mortgage financing in the United States was overhauled by new Federal regulations. For U.S. citizens alone, getting a mortgage became very challenging; even worse for non-citizens. In the 10 years since the recession, bankers and lenders alike have adapted to the new regulations and the housing industry has rebounded. This is vital to the U.S. economy as housing typically makes up 2/3rds of the GDP growth. There is plenty of money to lend, although many will argue that getting a loan from the big banks is still difficult; thus, non-bank lenders are taking the helm and offering the products necessary to help qualified individuals obtain a home loan. So what about foreign buyers? Citizens of other countries moving to the U.S. now have options too. In fact, citizens of other countries who do not live/work in the U.S.A. even have options to buy a home, although very limited compared to one living/working here. What are some of the important factors to getting a loan: 1. Proper work VISA as sponsored by employer here in the U.S.A. 2. Establishing credit, although not a requirement for all situations. 3. Employer letter outlining job, title, start date, pay rate, and length of employment period, if known. 4. Having documented income and assets (including establishing a bank relationship here). 5. Down payments can range from as little as 3.5% to as much as 50%; numerous conditions apply along with overall qualifications as established by the lender's guidelines. So where do you start? Contact me. You can do this.

Posted: 03:43, Monday 15 May 2017
Comments (0) | Link

This Blog is hosted by BritishExpats.com. To report a problem with this blog, Click Here.