BREAKING NEWS

BURNETT V NATIONAL ASSOCIATION OF REALTORS (NAR) SETTLEMENT

BUYERS

YOU CAN NOW DECIDE HOW MUCH TO PAY AN AGENT (THE SELLER CAN NO LONGER PRESET THE AMOUNT) 

SELLERS

WHAT DOES THE PRICE OF YOUR HOME HAVE TO DO WITH WHAT YOU PAY TO SELL IT?

 YOU DON’T HAVE TO PAY FOR THE BUYERS AGENT ANYMORE

Keith L. Eliou, Esq., CFP, RIA, MBA

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A Guide to Buying a Home in the U.S. for Non-U.S. Citizens

A Guide to Buying a Home in the U.S. for Non-U.S. Citizens

Navigating the process of buying a home in the United States can feel like figuring out a complex puzzle. For people from other countries, getting a mortgage can be tough but worth it. To succeed, you need to understand the ins and outs of the system.

Understanding Your Immigration Status:

First, you need to know your immigration status. Lenders see non-U.S. citizens differently based on whether they're permanent residents, visa holders, or undocumented. Each group has its own challenges and requirements.

Building Your Credit:

Having good credit is key to getting a mortgage. If you're not from the U.S., you'll need to start by getting a secured credit card and slowly building up your credit history.

Providing Financial Proof:

Just like when you need to prove your identity online, you'll need to show proof of your finances to get a mortgage. This includes things like proof of income, employment records, and tax returns.

Understanding Mortgage Terms:

Certain terms related to immigration status are important in the mortgage process. Being a permanent resident might give you an advantage, while temporary visa holders need to make sure their visa duration matches what lenders expect.

Saving for Down Payments:

Saving money for a down payment is like budgeting for important expenses. Different types of loans have different down payment requirements, so it's important to plan ahead.

Getting Expert Advice:

Just like you might ask for help from experts in other areas, it's a good idea to consult with a mortgage professional and if possible a real estate attorney. They can offer valuable guidance and make sure everything is in order.

Considering Cultural Differences:

Understanding the cultural norms in American real estate can make a big difference. It's important to get involved in local communities and learn about the neighborhoods where you want to buy a home.

By understanding both the financial aspects and cultural nuances of buying a home in the U.S., non-U.S. citizens can set themselves up for success in achieving their homeownership goals.

If you're considering buying a home in the United States and you need help financing your purchase, please give us a call today.