If you want to purchase a property and need financing, the first thing you should do is contact a mortgage expert, preferably recommended. The professional mortgage officer will prequalify you taking into account your credit history, your employment, debts, etc. In order to do so, he/she will require some documents at the time of your first interview.
Once you are preapproved for a loan, the mortgage professional officer will issue a letter of pre-approval which will be provided to your Realtor to begin the search for the home of your dreams. Your mortgage professional officer will notify you the amount you have been approved for; the approximate interest rate that you will get; the type of loan you qualified (FHA, Conevntional, VA, etc) ; the amount of down payment you should have and the approximate closing cost you will need to bring at the time of closing.
FOREIGN NATIONAL LOANS
If you live abroad and want to buy a property financed in the USA, below are the requirements and documentation you might need at the time of application:
- 3 letters of commercial references in the country of origin
- 2 letters of banking institutions where you have accounts in the country of origin
- Copy of your passport and AMERICAN VISA
- Copy of other form of personal identification (ID, etc)
- Last 2 bank statements of your account in USA
- Minimum 30% down payment available in your bank account in a USA bank or country of origin bank (some restrictions may apply)
- Personal profit and loss and / or your company for the last 3 years
- Letter from a Certified Public Accountant reflecting your occupation and annual salary or employment letter with the letterhead and seal of the company.
Copy of personal identification and licensed Accountant.
NOTE: If you are planning to purchase a home cash, you won’t need an American Visa to do so, however, you will need a proof of funds and/or bank statement showing your balance.