The United States is one of the major and third-largest countries globally, with many different foreign nationals wanting to live here and acquire their own property. But instead of applying for a conventional mortgage loan, they need to apply for a Aurora mortgage company. It’s a special type of mortgage for foreigners or non-US citizens, which allows them to purchase a home in the United States. But getting a US mortgage as an expat is not that easy, and there are many things that a foreigner needs to take into consideration first.
With the many homes available in the US, foreigners dream of owning their own house and property in their chosen US state. But it will largely depend on their residency status. Non-permanent residents with a working visa and foreign nationals can still borrow or apply for a mortgage, but they need to jump through extra hoops to do so. On the other hand, expats with a green card or a valid working visa can borrow without problems. Do you want to know more about US expat mortgages? Let’s find out more here.
Applying as a Non-Resident with a Valid Working Visa
If you’re applying as a non-resident of the US but with a valid working visa, then you can do so through the Federal Housing Administration or FHA. It’s an excellent government-backed loan with the same terms as American citizens. You will have your own social security number, which you need to provide to the FHA along with your Employee Authorization Document or EAD. With work visas, the lenders will be looking for proof that you’re living in the country in the next three years. One proof is a letter from the employer saying they will renew your contract each year it expires.
Getting a Mortgage Loan Without a Valid Working Permit as a Non-Resident
Suppose you’re a non-resident without a valid work visa. In that case, lenders will have a hard time accepting your application simply because it will be harder for them to look for you overseas. One major reason is that you don’t have a binding residency permit with them should you fail to pay for your mortgage. And if there are any available mortgages for non-residents without a valid work permit, the interests will be much higher. Aside from that, the downpayment is much larger compared to conventional mortgage loans to offset the credit risk. Most of the time, it can be 30% or higher!
Get Advice from a Specialist
The best thing you can do in your situation is to consult a specialist who will help you weigh the risk. It will largely depend on your situation, such as your work. They will help you decide if getting a mortgage is the best answer to your problems, especially if you’re looking to move to the United States. That’s because there are tons of variables that need to be put into consideration, especially when it comes to purchasing property overseas. With the right advice, you wil be able to make the right decision for yourself.
Not only will you make the best decision, but you can also determine the different interest rates that come with mortgage loans. As a result, they can help you save on money while you get your dream home in your dream state!