Applying mortgage in US
#1
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Joined: Aug 2012
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Applying mortgage in US
Can someone please tell me which bank in the US would accept non-residents mortgage? I currently lived in Hong Kong and would like to buy a US property as a second home for my daughter who will be going there for University in about a year time. I wonder if any banks would lend to a non-resident. Any advise would be appreciated.
#2
Re: Applying mortgage in US
Since any potential mortgage will:
a) be based on a US credit rating and
b) be an agreement only enforceable in US Law
I think it's safe to say a foreign resident cannot get a US mortgage.
a) be based on a US credit rating and
b) be an agreement only enforceable in US Law
I think it's safe to say a foreign resident cannot get a US mortgage.
#3
Re: Applying mortgage in US
Then how do Brits get them to buy holiday homes in Florida. I purchased my home in the US while being a Brit living in the UK, and my wife while a US citizen was living in the UK as well.
#4
Re: Applying mortgage in US
Can someone please tell me which bank in the US would accept non-residents mortgage? I currently lived in Hong Kong and would like to buy a US property as a second home for my daughter who will be going there for University in about a year time. I wonder if any banks would lend to a non-resident. Any advise would be appreciated.
#5
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Joined: Nov 2007
Location: Carson City, NV
Posts: 789
Re: Applying mortgage in US
The time when mortgages got handed out to anybody who's had a pulse at some point in the previous six months pretty much came to a halt in 2008; also, don't forget that a lot of the "Brit buying property abroad" was financed by remortgaging and extracting (some of) the equity of the house in the UK.
That said, I'm not sure that buying a house in a place that you can't necessarily get access to (if the IO doesn't let you in, didn't we have a case like that recently) and only for a limited time (your daughter's time at University) makes an awful lot of sense, especially given the high transaction costs of purchasing property here in the US when compared to the UK.
#6
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Joined: Nov 2007
Posts: 906
Re: Applying mortgage in US
talk to HSBC about their Premier Service.
#7
Re: Applying mortgage in US
Can someone please tell me which bank in the US would accept non-residents mortgage? I currently lived in Hong Kong and would like to buy a US property as a second home for my daughter who will be going there for University in about a year time. I wonder if any banks would lend to a non-resident. Any advise would be appreciated.
Rene
#8
Re: Applying mortgage in US
I'm pretty sure your wife being a US citizen might have had something to do with it...
The time when mortgages got handed out to anybody who's had a pulse at some point in the previous six months pretty much came to a halt in 2008; also, don't forget that a lot of the "Brit buying property abroad" was financed by remortgaging and extracting (some of) the equity of the house in the UK.
The time when mortgages got handed out to anybody who's had a pulse at some point in the previous six months pretty much came to a halt in 2008; also, don't forget that a lot of the "Brit buying property abroad" was financed by remortgaging and extracting (some of) the equity of the house in the UK.
#9
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Joined: Aug 2012
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Re: Applying mortgage in US
thanks for your advise. Well, It would probably be use for more thean 4 years as my brother's daughter will be going to US for university as well so i might as well buy it then rent it
#10
Re: Applying mortgage in US
You don't say how much you're putting down. Five percent and I wouldn't even bother looking for a taker, but 50 percent and you're probably going to find someone who'll take it.
#11
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Re: Applying mortgage in US
That may or may not be the case. When we were purchasing our house I posted on BE for advice and was given information of several brokers who could arrange a mortgage in the US for Brits buying a second home here. I was replying to a rather broad statement that a foreign resident cannot get a mortgage in the US. I'm sure there are many ways of financing such a purchase, but saying no foreign resident can get a US mortgage isn't correct. It is probably a lot harder now than it was, but saying it can't be done is just another example of the all encompassing statements made on BE which are opinions based on no real knowledge.
#15
Re: Applying mortgage in US
Sure it's still doable these days, but you'd need a hefty deposit.
Either way, for someone just to go to uni, it's a pretty shit investment.
Likelyhood of finding someone willing to bother, even with 50% down probably entirely depends on local market conditions. Out in Maine, probably more than golden, but in Boston, still probably no chance.