It all starts off by either coming on vacation, hearing that “property is so cheap” in Florida or doing a quick search on the internet to realize that you want to relocate to Brevard county, invest in a property or quit your job and make a living by flipping property, but you have one problem, and that is you’re not a citizen of the United States.
Back in dark ages, your residency status affected your ability to obtain a home loan. A home buyer, investors, flipper whatever you would like to call it will fall into one of the following categories: citizen, resident alien, or non-resident alien, unless you’re a corporation.
In the case of a citizen or resident alien (green card holder), obtaining a home loan in the U.S. is a simple process because you are eligible to apply for home loans either through conventional financing or FHA provided you meet their underwriting requirements such as income, assets, and credit worthiness.
However, if you are a non-resident alien, finding a home loan can be much more difficult, but not impossible. For example, TD Bank allows Canadians to obtain a US based mortgage and credit card based on the buyer’s credit report and income in Canada, it’s called Banking without Borders. In addition to TD bank, there are several mortgage brokers and lenders who can lend to Canadian, Europeans, and other non-resident aliens.