Foreign National Mortgage
It may be difficult for you to secure a foreign national mortgage through a bank. Most banks don’t like to even get involved, but these loans are available through other lenders. You will likely need a down payment of at least 30%. You also need to prove income, show bank statements, and get reference letters from your bank. Depending on where you are from, you may also need a Visa or a Green Card.
When purchasing a home in the US, there are some other costs that may surprise you, so please remember to include them in your budget.
- Closing Costs: There are various expenses involved in closing a loan like title insurance, appraisals, origination fees, and transfer taxes. These typically add up to about 2% of the purchase price.
- Insurance: All lenders in the US will require homebuyers to purchase home insurance. In Michigan, the average is around $70 per month.
- Property Taxes: Depending on where you’re from, you may have previously experienced very high or very low property taxes. In Michigan, the average is between 1-2% of the home value per year.
How We Can Help
At McLellan Financial Mortgage, we have access to a wide range of lenders, which gives you more choices. Many banks won’t get involved with foreign national loans or have restrictions that some borrowers can’t meet. We have helped many families without citizenship secure mortgages and can do the same for you. Because at McLellan Financial Mortgage, we do more than close loans. We open doors.
Home is Where You Are
No matter where you are from, you deserve the chance to own your own home. Our foreign national mortgage options can help you achieve that.