Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Applying mortgage in US

Applying mortgage in US

Old Nov 25th 2012, 3:53 pm
  #1  
Just Joined
Thread Starter
 
Joined: Aug 2012
Posts: 14
PegsC is an unknown quantity at this point
Default 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.
PegsC is offline  
Old Nov 25th 2012, 4:27 pm
  #2  
Often not so civil...
 
civilservant's Avatar
 
Joined: Apr 2010
Location: The Boonies, GA
Posts: 7,336
civilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond reputecivilservant has a reputation beyond repute
Default 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.
civilservant is offline  
Old Nov 25th 2012, 4:49 pm
  #3  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,358
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by civilservant View Post
I think it's safe to say a foreign resident cannot get a US mortgage.
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.
lansbury is offline  
Old Nov 25th 2012, 4:53 pm
  #4  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,358
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by PegsC View Post
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.
We were still living and working in the UK, when we purchased our house in the US. It was some years ago, but we found Wells Fargo very helpful. All done online, by phone and fax.
lansbury is offline  
Old Nov 25th 2012, 10:58 pm
  #5  
BE Enthusiast
 
Joined: Nov 2007
Location: Carson City, NV
Posts: 789
TimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of lightTimNiceBut is a glorious beacon of light
Default Re: Applying mortgage in US

Originally Posted by lansbury View Post
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.
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.

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.
TimNiceBut is offline  
Old Nov 25th 2012, 11:06 pm
  #6  
BE Enthusiast
 
Joined: Nov 2007
Posts: 904
cranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond reputecranston has a reputation beyond repute
Default Re: Applying mortgage in US

talk to HSBC about their Premier Service.
cranston is offline  
Old Nov 26th 2012, 2:07 am
  #7  
MODERATOR
 
Noorah101's Avatar
 
Joined: Apr 2003
Location: Phoenix, Arizona
Posts: 57,954
Noorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond reputeNoorah101 has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by PegsC View Post
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.
Are you sure you want to buy instead of rent? It's usually not worthwhile to buy a home with a mortgage that you're only going to use for 4 years. You probably won't get your money back on the resale when the time comes.

Rene
Noorah101 is offline  
Old Nov 26th 2012, 2:46 am
  #8  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,358
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by TimNiceBut View Post
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.
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.
lansbury is offline  
Old Nov 26th 2012, 2:54 am
  #9  
Just Joined
Thread Starter
 
Joined: Aug 2012
Posts: 14
PegsC is an unknown quantity at this point
Default Re: Applying mortgage in US

Originally Posted by Noorah101 View Post
Are you sure you want to buy instead of rent? It's usually not worthwhile to buy a home with a mortgage that you're only going to use for 4 years. You probably won't get your money back on the resale when the time comes.

Rene
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
PegsC is offline  
Old Nov 26th 2012, 3:56 am
  #10  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by PegsC View Post
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
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.
fatbrit is offline  
Old Nov 26th 2012, 4:25 am
  #11  
Just Joined
Thread Starter
 
Joined: Aug 2012
Posts: 14
PegsC is an unknown quantity at this point
Default Re: Applying mortgage in US

Originally Posted by lansbury View Post
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.
Do you have any contact of the brokers?
PegsC is offline  
Old Nov 26th 2012, 4:25 am
  #12  
Just Joined
Thread Starter
 
Joined: Aug 2012
Posts: 14
PegsC is an unknown quantity at this point
Default Re: Applying mortgage in US

Originally Posted by fatbrit View Post
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.
I am going to pay 50% downpayment
PegsC is offline  
Old Nov 26th 2012, 4:32 am
  #13  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by PegsC View Post
I am going to pay 50% downpayment
In that case shop around until you find something. You might be better with an independent mortgage broker rather than a bank.
fatbrit is offline  
Old Nov 26th 2012, 4:41 am
  #14  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by PegsC View Post
Do you have any contact of the brokers?
Brokers are often state specific. Your realtor will have some suggestions, too.
fatbrit is offline  
Old Nov 26th 2012, 6:35 pm
  #15  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 91,616
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: Applying mortgage in US

Originally Posted by lansbury View Post
We were still living and working in the UK, when we purchased our house in the US. It was some years ago, but we found Wells Fargo very helpful. All done online, by phone and fax.
Was that in the last 4 years?

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.
Bob is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.