Loan for foreign people (Houston, Cleveland: mortgage, credit, loans)

[lovecoldweather]

Hello, my family and I are relocating to Houston and we would like to buy a house. We have heard that if you are a non citizen, you can't get house loan from a Bank. Does anybody know about it? Thank you!

[HoustonRonnie]

Originally Posted by lovecoldweather

Hello, my family and I are relocating to Houston and we would like to buy a house. We have heard that if you are a non citizen, you can't get house loan from a Bank. Does anybody know about it? Thank you!

That's hogwash. Being a non-citizen doesn't automatically disqualify you from getting a mortgage from a bank. However, if, under the rules of the Bank Secrecy Act, you can be qualified as a Politically Exposed Person (you have held, currently hold, or are related to someone that holds a political position in a country that is on the no-lend country list maintained by the Office of Foreign Asset Control "OFAC"), then you may have a problem. Also, if you are from a country that's on the OFAC list, then you can forget it too. Nigeria, Iran, North Korea, Oklahoma, California, Cleveland...... on and on the list goes.

If you have an L-2 work visa and a social security number, you can apply without exclusion.

Ronnie

[HookTheBrotherUp]

Originally Posted by lovecoldweather

Hello, my family and I are relocating to Houston and we would like to buy a house. We have heard that if you are a non citizen, you can't get house loan from a Bank. Does anybody know about it? Thank you!

Ba-ha-ha! Some of these are really funny.

BTW, are you Nigerian?

[cheryjohns]

I work with a really good loan officer that is very experienced in work visas, etc. PM me if you need her number. it is improtant to use a lender that knows their way around that - and a lot of the rules just changed last month.

I am curious about your user name (lovecoldweather). Are you sure you want to move to Houston? We don't get much cold weather!

[City Love]

Try compass bank. They do those types of loans. You have to qualify though.

[Shipresa]

If you have a SSN, many banks will talk to you. Whether they loan you anything with zero US-based credit, is another story. The big banks will have foreign sections that deal with this, and also check with your employer - depending on employer and level of your (or spouse's) job, they can assist in financing to get you over here. Its not impossible at all, just finding out. Talk to a realtor, as well, that works with expats who have moved here. CheryJohns is one on here.

[lovecoldweather]

Originally Posted by HoustonRonnie

That's hogwash. Being a non-citizen doesn't automatically disqualify you from getting a mortgage from a bank. However, if, under the rules of the Bank Secrecy Act, you can be qualified as a Politically Exposed Person (you have held, currently hold, or are related to someone that holds a political position in a country that is on the no-lend country list maintained by the Office of Foreign Asset Control "OFAC"), then you may have a problem. Also, if you are from a country that's on the OFAC list, then you can forget it too. Nigeria, Iran, North Korea, Oklahoma, California, Cleveland...... on and on the list goes.

If you have an L-2 work visa and a social security number, you can apply without exclusion.

Ronnie

Thank you Ronnie, Thank God I don't qualify as a PEP, so I'll do more research about the loans.

[lovecoldweather]

Originally Posted by Shipresa

If you have a SSN, many banks will talk to you. Whether they loan you anything with zero US-based credit, is another story. The big banks will have foreign sections that deal with this, and also check with your employer - depending on employer and level of your (or spouse's) job, they can assist in financing to get you over here. Its not impossible at all, just finding out. Talk to a realtor, as well, that works with expats who have moved here. CheryJohns is one on here.

Thank you Shipresa, I'll do it.

[lovecoldweather]

Originally Posted by cheryjohns

I work with a really good loan officer that is very experienced in work visas, etc. PM me if you need her number. it is improtant to use a lender that knows their way around that - and a lot of the rules just changed last month.

I am curious about your user name (lovecoldweather). Are you sure you want to move to Houston? We don't get much cold weather!

About my user name, I know but it's ok, I like Houston very much! On the lender, I'll let you know when we (husband and I) are completely sure we'll move. Thanks a lot!

[paulw99]

Friends of ours found that as a non-resident foreigner there was no way we could get a home loan, even with another house as collateral. Hopefully it's different for you if you live and work in the US.