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Non-US Resident Mortgage Loans
Let's start with the good news! Even if you are not a US resident, you can still qualify for a mortgage in Illinois. This is where Non-US Resident Mortgage Loans come in handy. Like American citizens, you have access to conventional and FHA loans. It won't be easy, but you can still buy a home and achieve the American dream — especially if you're a permanent resident with a green card or a non-permanent resident with a work visa. In addition, you can qualify for a loan at the same rates as US citizens. If you fulfill the essential credit requirements, you will be eligible.
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The first step to owning a home in the USA
It starts with your credit history, the first thing lenders will look at to determine your chances of repaying a loan. If you have an account with any US banking institution, you will be one step ahead in the credit history-building process. It will also help to have an account with an international bank with branches in the United States.
Keep in mind that you will need to use the home as your primary residence — lenders will often not approve a mortgage for non-residents if they only use the property occasionally.
If you are a foreign citizen and do not have an extensive work history in the United States, you may still be eligible for a home loan. The FHA accepts non-US tax returns as evidence of income and employment, making it possible for you to qualify for a loan.
What are Non-US Resident Mortgage Loans in Illinois
Non-US Resident Mortgage Loan is a loan program for non-US residents who want to buy a home for investment or as a primary residence. With this type of loan, you can get help in solving specific problems that foreigners face when purchasing a home.
More often than not, non-residents can get a mortgage through national lending programs without a Social Security number, green card, visa, or credit score. Instead, the lender will be happy with a credit report from your country of origin.
Features of a loan for non-US residents
- Minimum down payment - 30%
- No US credit is required
- Second homes and investment properties
- SFR, townhouses, apartments, 2-4 apartments
- No SSN or ITIN is needed.
- 12 months reserves required
- 5/1 ARM or 30-year fixed warranty
Loan Requirements for Non-U.S. Residents
Non-US residents can obtain home financing thanks to Foreign national loans. Of course, borrowers must meet credit standards even if they don't have a Social Security number, green card, or FICO score.
When applying for a loan, a non-resident must provide the following documentation:
- Income documentation
- Visa or visa waiver
- Permitted visa types: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, Laser Visa, TN NAFTA.
- Credit Confirmation
If your documents have been approved, you can begin the application process. Depending on the lender, you may be asked to provide additional information.
How to Choose a Non-US Resident Mortgage Lender in Illinois?
Careful selection of a lender — both US residents and non-residents go through this stage. But it will be much easier for you if you contact LBC Mortgage — we work directly with borrowers and help each of our clients choose the optimal loan program. Our lending program helps you close deals as quickly and efficiently as possible. And our mortgage consultants are always ready to help you and explain how the lending process works.
LBC Mortgage provides a wide range of loan services, so you can choose the one that suits your individual requirements
Schedule a free consultation to learn more about Non-US Resident Mortgage Loans in Illinois
We understand how difficult it can be to adapt to a new country and even more so to buy a home. Non-US Resident Mortgage Loans in Illinois can be a real lifesaver for you and help you achieve your American dream. Depending on your circumstances, there may be no US credit required, and you may be able to benefit from the same kinds of terms as a conventional loan, such as a 5/1 ARM or a 30-year fixed mortgage. In addition, you don't need a social security number.
Also, you can get a loan from a foreign citizen to purchase a townhouse or condo with 2-4 apartments.
But to have confidence and a good understanding of the details of the process, we recommend working with our mortgage team. We will save you time and money and help you understand whether you can qualify for Non-US Resident Mortgage Loans in Illinois.
Buying a home is an essential stage of your life in the USA, so take the first step toward realizing your dreams. Sign up for a consultation and get all the answers you need from our team.