Mortgages for Foreigners

If you come from a country which has a bank with U.S. branches, that would be your absolute best bet. For example, there are several Canadian banks with U.S. subsidiaries which offer Canadians buying U.S. property mortgages on the strength of their Canadian credit report/score. There are other countries' banks which have U.S. operations and offer consumer loans such as mortgages. Otherwise, from personal experience, U.S. banks generally do not offer mortgages to non-resident foreigners.

As an Australian I had the same negative experience despite impeccable financial credentials. Thankfully I can afford cash, but that wasn't my preference. Was there a change after 911 or has this always been the case?

As a mortgage broker, I can get financing for a non-resident foreigner. There is a large down payment though, and the rate is high, I believe in the high 7's.

You need to get pre approved first and as a non-resident foreigner and your down payment is now 40% (before Housing crisis it was 30%).
The mortgage will be treated as your second home, (even you dont have one) the intrest is a bit higher, we got 5% for 15 years.
If you want to buy in new development some Banks want 70% sold some 90%, there are not much banks who give to non-resident foreigners a loan. Personally i know HSBC, Citibank and Bank of America.

Talsh: When did the rejection happen? From what I heard, it became next to impossible in late 2008 through early 2009 for foreign nationals to get mortgages. However, as the financial market somewhat stabilized, they are again considering foreign nationals, albeit at a much higher rate & downpayment.

Hey, to Anonyme, I am a New Zealand citizen, living in Shanghai... Which makes it a bit tough, as my realtionship with NZ banks is almost non-existant as I havent really lived there in years. Perhaps HSBC would be a better bet.

To nyc212, just the past week or so in speaking to some brokers actually. I recently have had better luck in finding one willing with 50% down, but a pretty high rate. I will try HSBC as I have a relationship, but I believe their Overseas and US relationship is quite seperate. Would really prefer not to pay cash of course.

On another note, would anyone know if a foreign citizen with a B1 business visa (temporary resident), or H-1B work visa, has a better bet than a foreign non-resident?

Can do Foreign National / Private Bank Deals for high net worth individuals who can verify income and assets. Rates are great and LTVs up to 80. Loans would go through a private bank. Call John on 212 481 7700 if interested.