Mortgage on a property for Foreign investors

Member since 2023 · 6 posts · 2 votes

Hi,

I recently bought a property with full cash in Cleveland for about ~130k. Can I get a mortgage on this property considering the following?

- The property is under a U. S LLC.

- Me and my wife, the partners of the LLC are foreign nationals not currently in the U.S.

- I have a valid SSN and lived in the U. S for 8 yrs until 2022.

The reason I ask this is if I can start looking for another property with the new mortgage.

Thanks.

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Tarik Turner

Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes

Yes it can be done as everyone mentioned here. A few things that I will add is
if you will be in a different country at the time of closing on the mortgage your lender may require you to sign docs at a us embassy.
You must also have a US bank account in most cases
Depending on when you purchased the property their maybe a seasoning period unless you are doing a delayed purchase

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Andrew Weiner
Property Manager · Cleveland, OH · Member since 2020 · 268 posts · 315 votes
2y
If you have a SSN and file a US tax return I would try a few banks. If that doesn't go well I do have a lender that I can send in a PM that lends to international investors. I don't think the terms are amazing but if there are no other options its better than nothing.
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Chad Davis
Lender · Richmond VA · Member since 2012 · 305 posts · 31 votes
2y
@Rajesh Rajendran Yes, have worked with several foreign nationals and you still qualify for a DSCR loan. It will come with reduced leverage but still doable. Happy to take a look.
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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
2y
Quote from @Rajesh Rajendran:

Hi,

I recently bought a property with full cash in Cleveland for about ~130k. Can I get a mortgage on this property considering the following?

- The property is under a U. S LLC.

- Me and my wife, the partners of the LLC are foreign nationals not currently in the U.S.

- I have a valid SSN and lived in the U. S for 8 yrs until 2022.

The reason I ask this is if I can start looking for another property with the new mortgage.

Thanks.

Hey Rajesh,
What is the current market value? When did you buy it? Have you completed any renovations?
You may do a Cash out with a foreign national DSCR loan at 70% LTV, assuming you have US credit. If not the LTV gets cut to 65%.
[email protected]818-269-7983
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Ko KashiwagiPro Member
Lender · Los Angeles, CA · Member since 2022 · 967 posts · 445 votes
2y
Hi Rajesh,
Yes, we work with foreign nationals and there are a couple financing options you would qualify for. I'm curious to see if you have US credit score?
Happy to help and take a look. Let me know if you have questions.
310-848-9776
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Tarik Turner
Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes
2y
Yes it can be done as everyone mentioned here. A few things that I will add is
if you will be in a different country at the time of closing on the mortgage your lender may require you to sign docs at a us embassy.
You must also have a US bank account in most cases
Depending on when you purchased the property their maybe a seasoning period unless you are doing a delayed purchase
1 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
2y
Quote from @Rajesh Rajendran:

Hi,

I recently bought a property with full cash in Cleveland for about ~130k. Can I get a mortgage on this property considering the following?

- The property is under a U. S LLC.

- Me and my wife, the partners of the LLC are foreign nationals not currently in the U.S.

- I have a valid SSN and lived in the U. S for 8 yrs until 2022.

The reason I ask this is if I can start looking for another property with the new mortgage.

Thanks.

Yes it's doable. I work with lenders who do loans for foreign nationals in Cleveland all the time.
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