Foreigner Loan: Requirements for Getting a Mortgage in the US
The path to owning a home in the United States through a mortgage as a noncitizen is difficult, but doable. The United States has many foreigner loan programs that noncitizens can take advantage of to get funding for a home just like a citizen. As one of the premier locations for foreign landownership, the US, in partnership with many private lenders, have created accessible and convenient pathways to this goal. Here are the requirements for anyone who is looking to take advantage of the opportunity.
Mortgage Pre-qualification and Pre-approval
PRE-QUALIFICATION - This is an easy first step to show sellers you’re getting serious about buying. In order to get a mortgage pre-qualification letter, a loan officer will make a general assessment of your financial situation. They’ll be able to gauge whether or not you can get a loan and how much money you can get. PRE-APPROVAL - Once you’ve gotten a better idea of your financial picture, you need to get pre-approved. It’s important to time your pre-approval with when you’re ready to buy because a pre-approval letter expires in 60 to 90 days. Pre-approval is a conditional promise from a bank or lender that they are willing to lend to you, and for what amount.