Foreigners
How to buy a house
in USA if you are foreign?
Basically the Moneylender will request you the following necessary
information to apply for the Mortgage.
1. Employment/Income verification. A professional
accountant's Letter.
This letter should contain information of your employment
or profession, the years of experience in your work and the wage received
so far during the last two years until today. If the applicant is self-employed
or he/she has a business, it will require a letter of a Public Accountant
of the origin country. The letter should be made in official paper of
the CPA with the address and the telephone. The letter should reflect
the entrance of the applicant in the last 2 annual periods in American
Dollars. Salaried buyers will require a letter of the employer's work
establishing the current wage in American Dollars for the entrance of
the last two annual periods, time of work and position. The letter should
come in official paper of the company and it should be signed.
2. Capital it should be verified in the origin
country and in the United States. For
your bank accounts in USA you should demonstrate that you possess one
or several in this country. The capital of the origin country can be
verified with a letter of the Bank reflecting the account numbers, current
balances, the average of balances for the last 2 months and when they
were open this accounts. The letter should be dated, in official paper
of the Bank, including the address and telephone of the Bank, and signed
by an official. Capital liquidates in the United States it will be verified
by VOD's (Verifications of Deposits) or the account statement of the
last 3 months.
3. Reference Letter /Recommendation of a Bank
Institution of the origin country. References of your country.
They almost always demand you three references: your bank, business
and import/export references.
It should be in official paper (including address and telephone), dated
and signed by an official. The letter will establish duration and relationship
type with the bank Institution, and that the applicant is known to be
a person of reputation business, and that they recommend it as client.
4. All the Loans require 6 months of reservation
in a Bank of United States. Reserve
Fund. The financial institution in the
U.S requires a Reserve Fund in a national bank that is enough to cover
the first 6 months of the payment of the loan.
For the amount of the payment of the Principal, Interest, Taxes and
Insurance, and it requires debit automatic for the payment of the mortgage
for the first six months of the loan.
5. Copies of Visa or Passport. Identification
documents. You will present copy of your passport
and VISA of the United States.
6. An endorsement of any property that
the person has in their origin country. (Some Banks).
A report of credit of the United States or report of
international credit is not required, only if the applicant has a Social
Security number or credit in the United States.