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Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Old Nov 20th 2019, 12:21 am
  #1  
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Arrow Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Hi everyone, I'm hoping that someone here can offer some advice.

I'm an Aussie passport holder with a nonimmigrant b1/b2 visa. Over the past 3 years I have been spending about 6 months a year in the USA; enough time that I have became a US tax resident. I own outright a house (which stays empty when I'm not in the USA) and three duplexes that I rent. The house is worth close to $200K and the three duplexes are worth close to $400K. I have no debt. I plan to stop spending as much time as I have been in the USA so I'm need to decide what to do with the house. Ideally, I would like to receive a 50% or 60% mortgage on the house, using the money to buy a house in Spain outright, and rent the USA house to pay back the mortgage. Problem is of course I'm not a US resident for immigration purposes, and have no credit history in the USA. What are my chances of finding a bank that will work with me? Are there other alternatives I should look at like crowdfunding?

If worst comes to worst and I cannot receive credit I'll just sell the house, and because I've owned it and lived in it while in the USA for over two years I will not pay CGT.
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Old Nov 20th 2019, 3:20 am
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by m2m2012 View Post
Hi everyone, I'm hoping that someone here can offer some advice.

I'm an Aussie passport holder with a nonimmigrant b1/b2 visa. Over the past 3 years I have been spending about 6 months a year in the USA; enough time that I have became a US tax resident. .....

If worst comes to worst and I cannot receive credit I'll just sell the house, and because I've owned it and lived in it while in the USA for over two years I will not pay CGT.
Where else are you tax resident, if your only here 6 months a year your habe likely trigger tax residence somewhere else as well... they may also tax you on the sale if it’s a country that tax’s on worldwide income.
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Old Nov 20th 2019, 5:12 am
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by tht View Post
Where else are you tax resident, if your only here 6 months a year your habe likely trigger tax residence somewhere else as well... they may also tax you on the sale if it’s a country that tax’s on worldwide income.
No I'm not a tax resident of anywhere else.
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Old Nov 20th 2019, 12:26 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by m2m2012 View Post
No I'm not a tax resident of anywhere else.
That is interesting... and probably contrary to the terms of your non immigrant visa.. I had to look at a situation similar to yours in detail and learned it not all just a about counting days.. concepts I had never heard of line domicile if Origin start to come in to play... good luck!
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Old Nov 20th 2019, 5:46 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by tht View Post
That is interesting... and probably contrary to the terms of your non immigrant visa.. I had to look at a situation similar to yours in detail and learned it not all just a about counting days.. concepts I had never heard of line domicile if Origin start to come in to play... good luck!
Sorry, but why I need good luck? Perhaps you should not peddle false information when you obviously don't now what you're talking about. When I enter the USA my passport is stamped giving me a 6 month stay, which is called the I-94 form. I'm a US tax resident because I meet the substantial presence test which is:

"You will be considered a United States resident for tax purposes if you meet the substantial presence test for the calendar year. To meet this test, you must be physically present in the United States (U.S.) on at least:
  1. 31 days during the current year, and
  2. 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting:
    • All the days you were present in the current year, and
    • 1/3 of the days you were present in the first year before the current year, and
    • 1/6 of the days you were present in the second year before the current year."
So as you can see, someone can became a US tax resident when spending LESS than 183 days per calendar year in the USA. To suggest I'm violating the terms of my visa is silly and irresponsible on a serious forum. As I said I have rental properties in the USA, which is "business interests" and that's what a b1/b2 visa is for. And I suggest the IRS/US government are happy to see people like me became US tax residents because they can tax me on my worldwide income, while I am not entitled to any government services.
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Old Nov 20th 2019, 5:59 pm
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Thumbs up Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by m2m2012 View Post
Hi everyone, I'm hoping that someone here can offer some advice.

I'm an Aussie passport holder with a nonimmigrant b1/b2 visa. Over the past 3 years I have been spending about 6 months a year in the USA; enough time that I have became a US tax resident. I own outright a house (which stays empty when I'm not in the USA) and three duplexes that I rent. The house is worth close to $200K and the three duplexes are worth close to $400K. I have no debt. I plan to stop spending as much time as I have been in the USA so I'm need to decide what to do with the house. Ideally, I would like to receive a 50% or 60% mortgage on the house, using the money to buy a house in Spain outright, and rent the USA house to pay back the mortgage. Problem is of course I'm not a US resident for immigration purposes, and have no credit history in the USA. What are my chances of finding a bank that will work with me? Are there other alternatives I should look at like crowdfunding?

If worst comes to worst and I cannot receive credit I'll just sell the house, and because I've owned it and lived in it while in the USA for over two years I will not pay CGT.
Since there has been no replies to my question (I did not ask for advice on tax residency) I did more digging and found this information:

https://www.nonprimelenders.com/fore...onal-mortgage/

So to answer my own question...yes, there are lenders that work with non-US residents for immigration purposes that have no credit history in the USA; but of course, the interest rates are higher.
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Old Nov 20th 2019, 6:14 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Well you got a B2 somewhere, you have some sort of home address.

Anyway would be very tricky for a visitor to obtain a Mortgage in the US, you could check with your local friendly Mortgage Broker.
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Old Nov 20th 2019, 7:58 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by Boiler View Post
Well you got a B2 somewhere, you have some sort of home address.

Anyway would be very tricky for a visitor to obtain a Mortgage in the US, you could check with your local friendly Mortgage Broker.
The key to not having problems when entering the USA on a b1/b2 visa is not to spend more time in the USA than outside the USA. I don't; I've done my homework. And of course not to work or to violate any laws, and to be very polite to the CBP officer at passport control. Tax residency, owning a home, owning rental properties, owning a car. etc. etc. is irrelevant.

I will try a local mortgage broker to see what they say but I will also contact the companies mentioned in the link above. A couple of serious banks in the list including HSBC.

Last edited by m2m2012; Nov 20th 2019 at 8:03 pm.
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Old Nov 20th 2019, 8:32 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

There are many factors, but that was not what you were asking.

I do recollect a friend of mine who was pushing his luck big time reckons he got in once because they could not find a car registered in his name, it was registered in his bosses name!

Anyway an unusual situation, well not one I have come across before, let us know how it goes.
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Old Nov 20th 2019, 10:38 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by m2m2012 View Post
Sorry, but why I need good luck? Perhaps you should not peddle false information when you obviously don't now what you're talking about. When I enter the USA my passport is stamped giving me a 6 month stay, which is called the I-94 form. I'm a US tax resident because I meet the substantial presence test which is:

"You will be considered a United States resident for tax purposes if you meet the substantial presence test for the calendar year. To meet this test, you must be physically present in the United States (U.S.) on at least:
  1. 31 days during the current year, and
  2. 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting:
    • All the days you were present in the current year, and
    • 1/3 of the days you were present in the first year before the current year, and
    • 1/6 of the days you were present in the second year before the current year."
So as you can see, someone can became a US tax resident when spending LESS than 183 days per calendar year in the USA. To suggest I'm violating the terms of my visa is silly and irresponsible on a serious forum. As I said I have rental properties in the USA, which is "business interests" and that's what a b1/b2 visa is for. And I suggest the IRS/US government are happy to see people like me became US tax residents because they can tax me on my worldwide income, while I am not entitled to any government services.
I am always opened to being schooled on unpublished updates from USCIS... All I know are the published criteria...

”You have a residence outside the United States in which you have no intention of abandoning, as well as other binding ties which will ensure your return abroad at the end of the visit”

https://www.uscis.gov/working-united...siness-visitor

It is my understanding that those criteria continue to apply each time you seek entry... Not not just when you get a visa stamped.

I have actually been in a similar situation and became a resident ”by choice” rather than days/law in another country ... In my opinion your analysis is way to narrow... But as I know nothing I won't bother you by replying again. But my general rule of thumb is if it's to good to be true it probably is. It's a pretty common thing in American to say ”Good Luck to you”. Until I got Global Entry 9/10 USCIS officers would say it to me after I was admitted and I have 100+ VW-B VW-T and L1a entries prior to becoming a PR and then USC...

Last edited by tht; Nov 20th 2019 at 11:04 pm.
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Old Nov 20th 2019, 11:36 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

just out of interest, how does the OP pay tax with no social security number or ITIN?
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Old Nov 20th 2019, 11:58 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by petitefrancaise View Post
just out of interest, how does the OP pay tax with no social security number or ITIN?
I don't have a SSN but do have a ITIN.
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Old Nov 21st 2019, 5:25 pm
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Default Re: Taking out a mortgage on a home I already own with nonimmigrant b1/b2 visa?

Originally Posted by m2m2012 View Post
Sorry, but why I need good luck? Perhaps you should not peddle false information when you obviously don't now what you're talking about. When I enter the USA my passport is stamped giving me a 6 month stay, which is called the I-94 form. I'm a US tax resident because I meet the substantial presence test which is:

"You will be considered a United States resident for tax purposes if you meet the substantial presence test for the calendar year. To meet this test, you must be physically present in the United States (U.S.) on at least:
  1. 31 days during the current year, and
  2. 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting:
    • All the days you were present in the current year, and
    • 1/3 of the days you were present in the first year before the current year, and
    • 1/6 of the days you were present in the second year before the current year."
So as you can see, someone can became a US tax resident when spending LESS than 183 days per calendar year in the USA. To suggest I'm violating the terms of my visa is silly and irresponsible on a serious forum. As I said I have rental properties in the USA, which is "business interests" and that's what a b1/b2 visa is for. And I suggest the IRS/US government are happy to see people like me became US tax residents because they can tax me on my worldwide income, while I am not entitled to any government services.
So defensive for someone asking for help
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