RESIDENTIAL REAL ESTATE

1. Understand Eligibility to Purchase Property

• Who Can Buy?
  
  • Non-residents, including tourists and foreign investors, can purchase property in the U.S. without restrictions.
  • There are no citizenship requirements to own real estate in the U.S.

• Purpose of Purchase:
  
  • Determine your goals: personal use, rental income, or long-term investment.

• Immigration Status:
  
  • Property ownership doesn’t grant residency or visa benefits, but certain investment programs like the EB-5 visa may offer opportunities for residency.

2. Legal and Financial Documentation

• Legal Requirements:
  
  • You’ll need a valid passport or government-issued ID.
  • Obtain a Tax Identification Number (TIN) for tax filing purposes.

• Financial Documentation:
  
  • Bank statements showing proof of funds for the down payment and closing costs.
  • Income proof (pay stubs, employment verification, or business financials).
  • Credit history from your home country or letters of reference from financial institutions.

3. Finding a Suitable Property

• Work with a Real Estate Agent:
  
  • Partner with Ms. Real Estate Guru a licensed agent experienced in working with international buyers.
  • Ms. Real Estate Guru can guide you through U.S. market trends and property options.

• Determine Key Criteria:
  
  • Location: Research neighborhoods based on safety, schools, commute times, and amenities.
  • Budget: Factor in down payment, taxes, and maintenance costs.
  • Property Type: Choose between single-family homes, condos, or multi-family units for investment.

4. Making an Offer and Negotiating

• Submitting an Offer:
  
  • Your real estate agent will help you submit a formal offer to the seller.
  • Offers typically include contingencies, such as property inspections or financing approval.

• Negotiations:
  
  • Expect counteroffers from the seller.
  • Negotiate terms like price, closing date, and repairs.

• Earnest Money Deposit:
  
  • Upon accepting your offer, you’ll pay a deposit (usually 1–3% of the property price) to show your commitment.

5. Closing the Purchase (Contracts, Legal Checks)

• Property Inspection:
  
  • Hire professionals to inspect the home for structural issues, plumbing, electrical systems, and other potential problems.

• Title Search:
  
  • Ensure the property has no liens or legal disputes.

• Closing Costs:
  
  • Budget for costs like appraisal fees, attorney fees, title insurance, and taxes (2–5% of the property price).

• Sign Documents:
  
  • Finalize the purchase by signing the sale agreement and transferring funds.

1. Mortgage Eligibility, Rates, and Terms

• Eligibility:
  
  • Many U.S. banks offer mortgage options for non-residents, but eligibility depends on:
    • Financial stability.
    • Down payment (usually 20–30%).
    • Creditworthiness or alternative references.

• Rates:
  
  • Non-residents typically face interest rates higher than U.S. citizens due to lender risk.

• Loan Terms:
  
  • Mortgages for non-residents generally have terms of 15–30 years, similar to domestic buyers.

2. Checklist of Required Documents

• Valid passport or ID.
• Bank statements (3–6 months) to show liquidity.
• Proof of income (pay stubs, employment letters, or business earnings).
• Tax Identification Number (if applicable).
• International credit report or letters of reference from banks.

3. Partner Lenders for Non-Resident Mortgages

• Work with banks and brokers experienced in non-resident financing,

Tips:

• Larger down payments (25–30%) improve approval chances.
• Seek lenders offering competitive rates and fewer restrictions.