Looking for refinancing for non US citizens

8 Replies

Hi,

I own a duplex in Franklinton neighbourhood in Columbus Ohio and I'd like to check out some refinancing options.

ARV should be around 220,000+.

I am not a US citizen and I don't live in the so today I don't have a credit score and this is my first property.

I'd like to contact any bank or company that does long term loans for 20-30 years.

Any recommendations and what from your experience is the percentage loan I can get and the fixed interest rate?

Thanks for all responders!

Sharon

This is a sticky wicket for sure.  Your best option will likely be achieved through a commercial loan, a joint-venture type of partnership, or with a conventional loan.  

With the current trends in banking I would anticipate a higher LTV for the upcoming refi than you may have previously anticipated.

There are some hard money lenders that lend on equity but I'm not sure if they're currently doing long term loans. My other suggestion would be a commercial lender. Or of course, you could bring in a partner who could get the loan @Sharon Raziel .

@Sharon Raziel you don't need to be a citizen. I bought a house in California (1/3 down) years before I became a citizen. You do need a visa; or borrow in your home country. I had a US bank account many years before I even moved here.

The first thing anyone wanting to buy property here should do is open a US bank account and deposit a bunch of money into it. If you want to borrow from a US lender get a VISA and have more than the usual down payment. It is not hard to buy property in the USA.

Originally posted by @Sharon Raziel :

Hi,

I own a duplex in Franklinton neighbourhood in Columbus Ohio and I'd like to check out some refinancing options.

ARV should be around 220,000+.

I am not a US citizen and I don't live in the so today I don't have a credit score and this is my first property.

I'd like to contact any bank or company that does long term loans for 20-30 years.

Any recommendations and what from your experience is the percentage loan I can get and the fixed interest rate?

Thanks for all responders!

Sharon

I would recommend talking with as many lenders as possible. The appetite for refinances on investment property has dried up recently. You will probably need to find a smaller bank that holds their own loans

 

Not being U.S. citizen is fine. Many lenders will just raise the rate or reduce LTV by 5%. The problem is no credit score.