Getting a mortgage as a non-resident US citizen

[Matt Wan]

I want to buy an investment property in the United States. I have a good credit score (791 based solely on credit cards) make almost $200,000 per year, and have very healthy investment and retirement accounts in America. But I live abroad. Can I get a good mortgage? 

[Nick Belsky]

@Matt Wan

If you are seeking conventional or agency financing, the answer is No.  In late 2023, the guidelines changed to where NPR must be living/working in the US in order to obtain a mortgage.

If you are seeking a loan for an investment property, then yes, there are options.  Many lenders will limit to 65LTV for Foreign Investors, but there are some exceptions who will go to 70LTV or even 75LTV. 

You already have US based credit so that is good.  The other hurdle many run into is that you need to have funds to close and cover reserves in a US based bank account.  While some lender will allow statements from other countries and will convert to USD, the path of least resistance here is to have your funds already in the US and create a US based entity to vest on title.  That comes with the hurdle of how do you get a US bank account.  Wise is an international bank that allows you to deposit and display statements in whatever currency you choose.  They are also based in the US so this is a good option for many.  You seem to already have US based accounts, so you are good there too.

The last item here is the definition of "good".  That is relative, of course, but to expect rock bottom rates and prime terms is not realistic.  Being abroad adds risk to your file and terms will be effected in some way or another.  Could be a higher rate, lower leverages, higher reserves, etc... varies by lender.

Cheers!