Whether you are interested in purchasing a home in the United States to use as a vacation rental or residence, there are several main conditions you will need to meet. First, if you can pay cash for the property, you will have less hurdles. If you require financing, there are foreign national mortgage programs that do not require a FICO score, social security number, green card, or visa and typically offer between $500,000 and $5 million, interest only payments. There are other qualifications that you should discuss with a lender to ensure that you meet all of the requirements.
To attain a standard loan, most lenders require evidence of your legal right to be here by providing a work visa, temporary visa, or residency card as well as a down payment. If you are using the property as an investment such as a vacation rental or purchasing the home for family residing in the United States, your residency status would not likely be an issue. Fannie Mae purchases and securitizes mortgages made to non–U.S. citizens who are lawful permanent or non-permanent residents of the United States under the same terms that are available to U.S. citizens. Fannie Mae does not specify the precise documentation the lender must obtain to verify that a non–U.S. citizen borrower is legally present in the United States. The lender must make a determination of the non–U.S. citizen's status based on the circumstances of the individual case, using documentation it deems appropriate. By delivering the mortgage to Fannie Mae, the lender represents and warrants that the non–U.S. citizen borrower is legally present in this country.
If you would like further information about properties available in California, contact Kristin Benedetti at Berkshire Hathaway HoneServices at 858-900-5578 , lajollaluxuryhomes@outlook.com. BRE Lic # 01946447.
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