Looking to fulfill your American dream by owning a home of your own here in USA and you aren’t a citizen? Well, it isn’t impossible even in these economic times, but you do need to meet a few requirements. We are going to discuss in detail what qualities you should possess if you want to buy property successfully.
Prepare to Prove Yourself
You don’t need citizenship to buy property here; neither a green card nor a visa. But you do need the following:
- Taxpayer Identification Number: This number is served to you by an Internal Revenue Service. It is assigned to foreign nationals who file income tax returns
- Valid Foreign passport with two or more current pictures: This may include your driver’s license. This proves your identity.
- The property owners will not be tied to your visa or immigration stations, but there are rules for how long you can stay. So, if you are not a citizen of the United States, then you better earn the visa requirements before you buy it.
Getting a Mortgage
This is the only thing you need to buy property anywhere in the world; you need to save up some cash and buy the home quickly. But this is not an option for most people.
If money is an issue for you, then why don’t you get a mortgage to aid your purchase.
Various vendors offer payment options. So do your research before, because you will need a credit history and a good credit score. If your credit score is nothing too impressive, don’t worry, there are many ways to improve your credit.
Following this, we will be giving you some examples:
- Open an account in a US bank and make it a credit card account
- Report all your income on the tax return; lenders use the tax return to verify your income and evaluate how much you can afford when you borrow money to specifically buy a home
Hire a Specialist
If you are not a citizen, but you still want to purchase property, then you better hire a certified international property specialist to help your case. Just make sure your specialist has enough training, experience, and education to help a foreign home buyer like you. An experienced attorney will help you keep your interests safe.
Tell the agent how the home buying process works in your native country. Once done, you should ask him to explain what the customs are here. This will help you learn the differences. He or she knows how property is sold and what to expect during or after closing with the cost, inspection, and negotiation. This will give you a better idea of how much you will need to pay. Just because you haven’t become a citizen, it doesn’t mean you cannot buy land here. Just make sure you follow the given tips
Image Credits: Purchase home from LightField Studios /Shutterstock