11/15/2023

Can a foreign national have a little home of their own? Can non-U.S. residents without an identification card buy houses in the United States? If that’s your concern, you definitely shouldn’t miss this ultimate guide! It will help you understand the preparations and processes needed for foreign nationals to buy houses in California.

Can foreign nationals buy houses in the U.S. without U.S. identification?

Yes! Foreign nationals face almost no restrictions when investing in or purchasing property in the United States. However, most overseas buyers mistakenly think that non-U.S. citizens can’t apply for mortgages. Generally, non-U.S. citizens or residents, those who enter with B1/B2 visas, or even those without any entry visas from outside the U.S. can apply for foreign national loans. So, when mortgage rates are within your budget, foreign national buyers should consider taking out a loan to purchase a home.

To buy a house with a loan, do I need to be in the U.S.?
We at AAA Lendings can accept signatures at embassies.

How much is the down payment for a foreign national program? What’s the mortgage rate?
Our Self Prepared P&L product at AAA Lendings accepts loan applications from foreign nationals, and borrowers can apply with a minimum of 30% down payment. Of course, a larger down payment and a smaller loan amount can secure a more satisfactory price.

So, what is a Self Prepared P&L?

A Self Prepared Profit and Loss (P&L), also known as an “income statement,” is a summary of an individual’s income and expenses over a period of time. At AAA Lendings, we allow clients to use their Self Prepared P&L in lieu of income documents to obtain a home loan.

What preparations are needed for foreign nationals or Self Prepared P&L when applying for a home loan?
Taking our Self Prepared P&L product as an example:
1.Clients need to provide YTD + 2022 one full year P&L Statement completed by CPA or borrower.
2.A copy of the passport, I-94, and valid VISA (F-1 and F-2 types are not allowed).
3.A copy of the passport and either I-94W or proof of ESTA Approval required for borrowers.

As a foreign national without assets in the U.S., can I use my overseas assets for the loan down payment and settlement costs?
Foreign assets used for down payment, closing costs, and/or reserves must be transferred to a U.S. institutional account before ordering loan documents.

As a foreign national, do I also need to provide credit records or any credit documents?
Yes, clients need to provide credit card transaction records, bank account statements from the last three months, or even telephone records. Long-term payments for electricity, water, and internet can also be seen as long-term transaction records.

What is the process for a foreign national to buy a house in the U.S.?
1.Contact the lender to get pre-approval letter
2.Select the right house and real estate agent
3.Make an offer on a house
4.Choose your favorite AAA Lendings loan officer to apply for a home loan
5.Wait for AAA Lendings loan approval

As a foreign national, how much do I need to pay for the loan?
Our fees at AAA Lendings are simple and transparent, only requiring a certain processing fee and underwriting fee. Due to our in-house processing and underwriting, our costs are much lower than other third-party lenders.

If I’m a foreign national with special circumstances, will the loan process take longer?
Not at all, we at AAA Lendings will quickly review your submitted documents and typically close loans within an average of three weeks.

About AAA Lendings
Established in 2007, AAA Lendings has become a leading mortgage lender with over 15 years of excellence. Our cornerstone is providing unparalleled service and reliability, ensuring the utmost satisfaction of our clients.

Specializing in a broad range of Non-QM products—including No Doc No Credit, Self Prepared P&L, WVOE, DSCR, Bank Statements, Jumbo, HELOC, Close End Second programs—we lead in the ‘Non-QM’ loan market. We understand the complexities of securing loans and have a diversified ‘Loan Arsenal’ to meet these challenges. Our early entry into the Non-QM market has given us unique expertise. Our pioneering efforts mean we understand your distinct financial needs. With AAA Lendings, reaching your financial goals is simpler and more attainable.

We have assisted nearly 50,000 families in realizing their financial dreams, with loan disbursements surpassing $20 billion. Our significant presence in key locations like AZ, CA, DC, FL, NV, and TX allows us to serve a wide demographic.

With over 100 dedicated agents and in-house underwriting and appraisal teams, we ensure a streamlined and stress-free loan process.

Video: Can a Foreign National Own a Home in California? The Ultimate Guide for Foreign National Buyers

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