For qualified buyers with the necessary knowledge, obtaining financing to purchase a home in the U.S. is possible.
Although during and following the financial crisis in 2008 financing for foreign nationals was somewhat hard to come by, the last two years have seen banks significantly loosening their restrictions on financing and lending again to many international buyers. Qualified foreign buyers can generally obtain financing for properties with a 30% down payment (though certain markets, such as Florida, require a 40% down payment). It’s a good idea to check the requirement for the specific state in which you plan to buy.
Banks gladly offer mortgages to foreign buyers, but they usually require a relationship with the customer that goes beyond just the mortgage. Some banks, such as HSBC (which does a great deal of foreign homebuyer financing) have a requirement that the buyer hold a $100,000 deposit with the bank. Banks often also want to see proof of 12 months’ worth of reserves to cover mortgage payment, maintenance, and taxes, in addition to the $100,000 mentioned above. We have relationships with all of the major mortgage banks, and we can help you find a lender and mortgage terms that suit your needs.