Home Loan For Foreign Nationals

Standard, Old-School Mortgage Definition of a Foreign National is:

  • A foreign national is a legal resident or citizen of another nation.
  • They buy a second home or a vacation home here in the U.S. for personal use.
  • The foreign national lives in the US property only on a short-term basis.
  • He or she could be here on business, or while on vacation or holiday.
  • Foreign nationals primarily have income, employment, credit, and residency in a country other than the US.

But a Foreign National Can Also Be:

  • A foreign buyer who is purchasing investment property to rent out or lease.
  • A buyer purchasing commercial property such as hotels, office buildings, apartment buildings or warehouses
  • A borrower with an ITIN (Individual Taxpayer Identification Number)
  • Someone with a certain class of work visa, other than the B-1/B-2 visitor visa.
  • International borrowers.
  • US citizens who work abroad and earn income overseas.

Who We Are and How We Help

The American Dream has long been defined as the concept of owning a home. That's true not only for American citizens, but also for residents who live in the country and have not acquired official citizenship. For these residents, the hurdles of buying a home can be even greater, on top of the ongoing challenges inherent to the process, such as saving for a down payment and finding favorable interest rates.

However, there are programs and products that can help. The home loan for Foreign Nationals at AmeriStar Home Loan Company, offers those residents the opportunity to buy a home in the United States at terms that are not restrictive or unattractive. With some of the industry's most flexible conditions, the foreign national loans at AmeriStar Financial are the key to helping non-citizen residents put down roots in the United States.

The U.S. market is increasingly attractive to non-citizen buyers

Throughout history, America's shores have welcomed individuals from around the world, many of whom were looking to start anew in an unfamiliar land. That continues right up until present day, as people continue to strive for the opportunity America promises.

In a 2011 study, the National Association of Realtors showed the increasing popularity of American real estate. According to the report, $1.07 trillion in existing home sales were recorded between the months of March 2010 and March 2011. Of that total, $82 billion in sales were generated by buyers born outside of the United States, an increase from $66 billion the previous year.

A significant portion of those buyers were foreign nationals - non-citizens who resided in the United States and were looking to purchase a permanent home. Experts note American real estate was attractive to these buyers for many of the same reasons it is to citizens - affordable prices and attractive mortgage terms. However, in many ways, foreign nationals' demand for American homes helped propel domestic real estate markets during difficult times.

Terms compare favorably to those available to domestic buyers

Due to that significant demand, it should stand to reason that non-citizens require affordable and accessible foreign national loans. Yet, for many years, mortgage terms remained unattainable for many of these residents. Obtrusive down payment requirements and high interest rates made the cost of affording such a loan difficult for many buyers.

However, with the market opening up opportunities for all buyers and trusted lenders providing attractive foreign national loans for non-citizens in particular, the time may be ripe for these consumers to enter the American real estate market. The top foreign national loans in the industry can offer financing for a wider price range of homes and for a greater selection of buyers.

The advantage of working with AmeriStar

While there are options for consumers looking for foreign national loans, AmeriStar's programs remain among the industry's most flexible and attractive. Borrowers can finance up to $550,000 per property or obtain financing for up to 60 percent of a home's value. Additionally, they can select from 10-, 15-, 20-, 25- and 30-year fixed-rate loans, and a bevy of hybrid adjustable-rate options.

We work with several dozen national and international lenders who provide financing to foreign nationals, and who lend to borrowers with visas and ITINs. This is a complex mortgage niche, served by a smaller, specialized broker community. We have worked with foreign nationals for over 11 years, and have earned a reputation for broad product selection, low rates, and top-notch advice.

Mortgage financing has changed and with it, the easy availability of money. This is true for both US borrowers and foreign nationals. Those left in the in the foreign national market work harder to find both new sources of financing and competitive rates.