Every week, our loan officers based around the world speak with U.S. real estate investors with a multitude of short—and long-term goals. As 100% of America Mortgages’ clients are living and working abroad but obtaining U.S. mortgages, this insight is unique to a mortgage firm. With each client interaction, our loan officers increase their knowledge of real estate investing from a global perspective, building a community of like-minded investors.
As we all know, obtaining a mortgage in the U.S. can be an exciting and potentially lucrative venture. However, for foreign nationals and U.S. expats, the process can feel like a maze. Without guidance from professionals who know all the “ins-and-outs” of U.S. mortgages for non-residents, navigating it can be challenging. With the help of America Mortgages, navigating the complexities of Loan-to-Value (LTV) ratios, credit requirements, foreign earned income, qualifying standards, and securing the right financing becomes easier and more straightforward.
In this article, we answer frequently asked questions from new and seasoned U.S. real estate investors. So, whether you’re investing in U.S. property for the first time or you’ve been investing for years, this roadmap will hopefully answer any questions you may have.
What’s the LTV for a Foreign National?
America Mortgages offers LTVs for foreign nationals, typically up to 75% for purchases and 70% for cash-out refinancing/equity release. This means foreign nationals can finance up to 75% of the property’s value.
What’s the LTV for a U.S. Expat?
America Mortgages offers an LTV of up to 80% for U.S. expats, depending on the specific program and the borrowers’ financial profile. Our goal with U.S. expats is to make it as easy as if they were living and working in the U.S. and walking into their local U.S. bank, however, no W2 is required and foreign income and assets are accepted.
Do I need U.S. credit?
For Foreign Nationals, U.S. credit is not required. If a formal credit history from your home country or country of residence is not available, America Mortgages accepts other forms of financial credit if the loan program requires it. Don’t have any credit history in any country? No worries. We also have programs for no-credit references.
For U.S. Expats: To qualify for a conventional mortgage, you need to have U.S. credit and maintain a minimum FICO score of 640+. However, America Mortgages does understand there are U.S. expats who have been abroad for many years and may have limited or no U.S. credit history. If so, we have loan programs that will still allow you to obtain a mortgage.
In which U.S. states can I get financing?
America Mortgages offers financing solutions across all 50 U.S. states. Foreign nationals and U.S. expats can purchase or refinance properties in any state.
What’s the minimum and maximum loan amount?
The minimum loan amount offered by America Mortgages is $100,000; the maximum loan amount is in excess of $100 million (High net worth mortgages).
The LTV for HNW mortgages can vary depending on the specific loan program, property and the borrower’s financial profile.
What documents are needed to qualify as an Expat?
To qualify as a U.S. expat, you need to provide the following;
- U.S. Passport
- Two years of U.S. tax returns
- No W2 is required
- Two months’ pay statements
- Two months’ bank statements (foreign accounts are accepted)
- U.S. credit report (if available)
What documents are required to qualify as a Foreign National?
- Passport
- Foreign credit report (if applicable
- Two months bank statements (foreign accounts are accepted) showing available down payment and closing costs
What’s the best market to buy investment property in the USA?
That is a big question. The “best “market depends on your investment goals. Major cities like New York, Miami, and Los Angeles are popular for their strong real estate markets, but emerging cities like Austin, Ohio and Detroit also offer great opportunities.
America Mortgages’ loan officers are very knowledgeable about investment properties, and as a company, we provide free resources to help you evaluate market conditions based on your specific needs.
How long does the process take?
Getting pre-approved for a loan is easier and quicker than most people expect. The pre-approval process takes 24-72 hours once all documents are received.
The entire mortgage process typically takes around 30 to 45 days from application to closing.
I own a property in the U.S. but never had a mortgage. Can I still refinance?
Yes, America Mortgages offers refinancing options, even if you have never had a mortgage before. We provide cash-out refinancing and other options depending on your property’s equity and current value.
What is the age limit for getting a U.S. mortgage?
There are a lot of unique benefits to U.S. real estate investing and age happens to be one of the biggest. There is no age limit when getting a U.S. mortgage. What does that mean? It means that if you’re 19 or 99, you still qualify for the longest amortization. This allows U.S. investors to maximize their yield.
I’ve heard U.S. taxes are high. Can you advise on how to reduce or mitigate this?
This is probably the biggest misconception of people living outside the U.S. With proper planning and tax advice from experts, the taxes on investment property are likely significantly lower than what you’d pay in any other country. The U.S. economy relies heavily on real estate, and therefore, it is one of the best countries to be a real estate investor.
How many mortgages can I have as a foreign investor in U.S. real estate?
Real estate is a tremendous way to build wealth in the U.S. Unlike many countries that have restrictions on foreign ownership or cooling measures in place to limit the appreciation of real estate; the U.S. is truly a free market. There are no limitations on the number of mortgages one can have as long as they qualify. This gives savvy investors the ability to buy, cash out, and buy again using leverage. Building a real estate portfolio in the U.S. with expert guidance and proper leverage is definitely achievable.
How are your mortgage loans underwritten?
America Mortgages has several ways to qualify you for a mortgage, and with a 97% approval rate, we know this type of lending is better than anyone else in the market. The most popular program is;
Qualify only on the rental income. What does that mean? It means common sense underwriting. When you buy a property for investment, you qualify based on the cash flow generated from the property. You do not need to provide personal income. As long as the rental income covers the mortgage, tax and insurance, then the loan qualifies. In a situation where the rent isn’t sufficient to qualify for the entire monthly debt, it doesn’t mean the loan doesn’t qualify; it simply means you may need to increase your down payment.
Introducing our new online mortgage platform
America Mortgages recently launched our new application platform which gives our clients a simple application process and an encrypted platform to communicate and upload documents required for obtaining a mortgage. Now, you’re able to follow the process of your mortgage in real time from application to closing.
Now, qualifying for a mortgage is even easier and more straightforward. If you’d like to apply for a pre-approval U.S. mortgage on our platform, you can apply here.
Securing a mortgage as a foreign national or U.S. expat doesn’t have to be an uphill battle when you partner with America Mortgages. With a clear strategy and the right support from America Mortgages, you’ll be well on your way to turning your real estate aspirations into reality—whether it’s a smart investment or the perfect place to call home in the U.S.
Start your U.S. real estate journey today! America Mortgages approves 97% of loan applications—connect with our expert loan officers through our 24/7 link and make your investment a reality.
