Kingston Mortgage

Overcoming the Housing Market in 2019 as a Foreign National

Overcoming the Housing Market in 2019 as a Foreign National

Foreign nationals who immigrate ultimately wish to purchase a home in the United States. However, most do not know whether they are able to do so while they are still on a visa. There is no law preventing foreign nationals from purchasing a home in the United States while they are on a visa. In reality, even someone residing outside the United States can purchase a property in the U.S. without having to leave their country. Kingston Mortgage thinks that anyone who wishes to own a home in the U.S. should understand how the process works. Therefore, we at Kingston Mortgage took the time to explain how the home buying process would work for a foreign national.

Karen: A Foreign National

Karen moved to the United States under the H-1b work visa within the last year. Since she is on a work visa, she does not know whether she will return to her home country in a few years or if she will permanently live in the U.S. Regardless of what happens in the next few years, Karen does know that she would like to own a home in the United States.

Foreign National Mortgage Programs

Since Karen and other foreign nationals come with special circumstances, they are unable to apply for a conventional home loan. Instead, she and other foreign nationals will need to apply for a foreign national home loan program. Foreign national loan programs are not conventional mortgages because they must be flexible enough to take into account a foreign national’s situation. Not all mortgage lenders offer a foreign national loan program, but those who do typically require two years of W-2 forms and some credit history. This is a challenge for Karen (and foreign nationals like her) because she has not lived in the United States long enough to have an extensive credit history or W-2 forms.

What Are Karen’s Options?

It is true that Karen and other foreign nationals can put off purchasing a home until they can meet mortgage lenders’ minimum requirements. But this may not be practical for Karen and other foreign nationals. A better decision would be to find mortgage lenders with foreign national loan programs. From the available mortgage lenders, Karen and other foreign nationals can choose the foreign national loan program that works best for them.

Kingston Mortgage’s Foreign National Mortgage Program

Kingston Mortgage’s Foreign National Loan Program is open to anyone interested in owning property in the United States, regardless of whether they are working in the United States with a visa or residing in another country. If a foreign national does not have a green card, credit score or W2 form, they can still qualify for a mortgage under our foreign national program. Under our flexible Foreign National Program, Karen and other foreign nationals can qualify for a home loan of up to $5 million.