Home Loans For Foreign Nationals

When it comes to the purchasing of properties in America, one of the most sought after locations is that of Los Angeles. Here, it is not just the locals that want to buy homes, but even foreign nationals- those that reside in another country, but occasionally visit the United States, either on business or for vacations. If you are a foreign national considering getting in on the realty market in Hollywood Hills, then there might be many questions that you need answered. Remember that as a foreign national, the following are some points that you have to bear in mind in order to obtain a loan.

In order to make the process of procuring celebrity homes in Los Angeles as smooth as possible, you have to contact any approved mortgage professional in California. But before you go ahead and contact such a professional, you need to have a pre-approval letter. This letter would state details such as the amount of money that you would have to deposit in a U.S. bank as well as your estimated price range.

If you are planning on purchasing property in Los Angeles with a view of selling it over time, remember that the best investment would be in resorts as they usually tend to increase in value over time. You would have a choice of celebrity lakefront resort properties, golf course properties, wine country properties or even mountain properties. As far as obtaining a loan, if you are a bona fide "foreign national," then you would stand a much better chance of obtaining the loan. To qualify for a home loan, it would be best if you have a good FICO credit score along with credit letters. Also remember that you need to have a minimum amount invested in a US bank, which usually defers from case to case. Usually this reserve amount is the mortgage amount for 6 months along with down payment costs.