Are you interested in investing in property in the United States?
Whether it is for your family, retirement, investment for extra income, Citizens from around the world can buy real estate in the United State without any major restrictions.
There are many foreign investors who purchase investment property such as multi-unit apartments or condos, single-family homes, and even business properties such as shopping malls.
Can I buy a house in the USA as a foreigner?
Yes, Non-US citizens can buy property in the US since there is no citizenship requirement for real estate sales.
In fact, foreigners can even qualify for a home loan (known as a mortgage in the US) if they meet certain requirements. But this is very difficult, Due to the complexity of analyzing risk, many lenders simply opt not to lend money to foreign citizens.
Requirements for a US Mortgage for foreigners:
Most banks (lenders) require that foreigners meet some of the following requirements in order to secure a mortgage:
- A credit score of 720 or better, ideally 780+
- Be able to make a 20% downpayment
- Have a valid SSN or ITIN
- Have an existing US source of income and expect that income to continue for at least 3 years
- You have been in the US for at least 2 years
- You have at least 2 years of US work experience
Does buying a property in the USA give you residency?
No, owning real estate doesn’t give you any visa or immigration benefits.
This week I chat with Brian Dzingai – a Zimbabwean Olympic sprinter and real estate investor.
Listen to the full episode on the UNPACK Podcast
- Ways to purchase a home in the US if you are a foreigner.
- Why purchasing in the US is a good idea?
- Tips for flipping properties