What requirements do non-residents need to buy a house in the US?

What requirements do non-residents need to buy a house in the US?

  • In order to process a mortgage if you are not a resident of the United States, you will need your ITIN, which is your Taxpayer Identification Number

The real estate market in the United States is growing, even with the highest interest rates and exorbitant prices of some houses. Anyone who has the financial capacity to buy a house in the country can do so, even if you are not a resident.

There are currently no laws or restrictions that prohibit someone from buying a home in the United States. Whether it is for your home, a vacation home or you do it as an investment, you can carry out this operation.

As we all know, there are two ways to buy a property, either in cash or through a mortgage loan. If you will do it in cash, the process will be much easier to carry. According to various experts, your ability to obtain a mortgage as a non-US citizen will depend on your residency status.

If you want to buy a house in the United States but do not plan to move there at some point, then only the option of applying for a loan for foreigners is available to you. These usually have a higher initial payment, higher interest and will require an Individual Tax Identification Number (INTN).

Next, in Globe Live Media we are going to give you a list of all the requirements that non-residents need to cover to acquire a house in the United States.

1.- Request your ITIN

It is the Taxpayer Identification Number and is used to file your taxes in the United States without being a resident. And it is that when you become the owner of a house in the country, then you are obliged to file an annual tax return.

2.- Check your credit score

It is important that you do so so that you can ensure that they will grant you a mortgage

3.- Know the property you are going to buy

Experts recommend that you seek out local residents to get a better idea of ​​the community you’re looking to enter. The broader your perspective, the better.

4.- Get in touch with real estate experts

The process of buying a house, and even more so in a country that is not yours, can be complicated, therefore, it is best that you contact real estate experts, since they will be familiar with the market and the system in the United States.