Right now, a foreign buyer in this country can qualify for a loan of up to 80%, with a maximum term of up to 25 years and interest rates as low as 1.4%. One of the easiest ways to borrow for an overseas property purchase can be to take out a home equity line of credit (HELOC) on your U.S. property.
Additionally, can a foreigner buy a house in USA?
Buying a House as a Non-U.S. Citizen
Anyone may buy and own property in the United States, regardless of citizenship. There are no laws or restrictions that prevent an individual of any foreign citizenship from owning or buying a home in the U.S.
Thereof, can I get a loan in the US to buy a house in Mexico?
Mexico is relatively friendly when it comes to Americans buying a property in the country, going so far as to offer mortgages to US persons. The first thing you need to do to purchase property in Mexico is to go to a local real estate agency and find a respected local law firm.
Can I own property in another country?
Purchasing property in a foreign country is a popular option for those looking to invest their money. … Additionally, each individual country possesses the right to place any desired restrictions on non-citizens who are attempting to purchase and own property in that country.
Owning Foreign Real Estate as a Corporation or Land Trust
It’s common for United States citizens to purchase foreign real estate through a foreign entity such as a corporation, partnership, or trust.
Mortgage financing and loans in Mexico are typically granted in Mexican pesos with the potential for loan-to-value ratios of up to 90%, with fixed-rate interest plans.
Individual countries have the right to place restrictions on non-citizens who want to own properties. Even if the country you’re interested in allows foreigners to buy homes, you may be required to obtain special residence permits or register with a government agency before you can complete a home purchase.
How to finance an overseas property
- arrange an overseas mortgage with your local bank.
- apply for a mortgage from an overseas lender.
- release equity from your home, if you already own property.
- pay in cash to buy the property outright.
Non-residents on a work visa
If you are in the US under a valid work visa, you have the option to apply for a mortgage through the Federal Housing Administration (FHA). This is a government-backed loan with the same terms as given to American citizens.
Therefore, if you would like to spend more time making the most of your property then you must hold a B-2 visa. This visa entitles the holder to stay for up to six months (the maximum amount of time non-residents can stay in the States).
These include Cyprus, Hungary, Portugal, Ireland, Malaysia, Bahamas and the UAE. In October 2012, the Portuguese government passed a law to offer ‘Golden Passport’ to attract investments. Under this, the country will give you resident status if you buy a property worth Euro 500,000 (Rs 3.65 crore) or more there.
Four countries in which there are extra layers of difficulty for non-citizens who attempt to purchase real estate are Vietnam, Mexico, Greece, and Thailand.
Most Stable and Secure Countries for Real Estate Investment