Currently, with the dollar being so low against foreign currencies, foreign investors are purchasing properties in the United States. It's not a problem if they choose to pay cash but if they need financing there are restrictions that apply.
In individual who is a non-U.S. citizen who is not authorized to work in the U.S. or live here for any extended period of time is considered a Foreign National. Financing is not available through FNMA, FHA and most major banks.
However, a non-U.S. citizen who is permitted to reside in the U.S. on a temporary basis and has been granted authorization to work in the U.S. is considered a Non-Permanent Resident Alien (NPRA). Financing is available through FNMA, FHA and most major banks.
FNMA and FHA offer the same terms offered to U.S. citizens. A valid social security number is required. Any individual in the U.S. who is classified as an NPRA will also have a work visa. The most common visa is an H-1B which classifies them as a temporary worker in a specialty occupation. Typically a U.S. corporation sponsors the foreign individual in obtaining the visa so they can work for the company here.
The two biggest issues when obtaining financing under NPRA status is credit and sourcing of the funds for the down payment and closing costs. An international credit report can be used to determine credit ratings if not enough trade lines have been established in the U.S. It is preferred to have the funds in a U.S. bank and in the same account (seasoned) for 60 days or more.
Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"
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Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!
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