Property buying guide for USA
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Mortgages in the USA

Mortgages are available in the United States to non-U.S. citizens. According to the National Association of Realtors, 50% of foreign nationals in the country prefer to buy property with a loan. The proportion of the buyers using borrowed funds reaches 66% among foreign residents, and as little as 27% among foreign non-residents. Having a green card or work visa makes it easier to get a loan.

Maximum LTV ratio 70%
(for U.S. citizens: 97%)
Minimum loan amount $100,000
(for U.S. citizens: $50,000)
Fixed rates 3-6% per annum
Loan term 5 to 30 years
Minimum age of borrower 18
Maximum age of borrower
by the end of the loan term
Maximum percentage of monthly
income for mortgage


Mortgage applications in the United States require the following documents:

  • proof of legal presence in the United States (green card for permanent residents, visa and passport for the temporary residents)
  • credit history for the two previous years
  • one or two letters of recommendation from the applicant's bank(s) (foreign or American)
  • social security number
  • pay slips for the three previous years
  • proof of US PIT payments for the two previous years
  • bank statements (proving sufficient funds for the down payment and processing fees)
  • information about the apartment building’s solvency, insurance coverage and pending litigations against owners (if an apartment is purchased)
  • confirmation by an independent auditor of the company's address, type of business, the date it was launched and income (for borrowers that are entrepreneurs)

All the documents must be translated into English and notarised.

"It is preferable for the applicants to already have their money in an American bank account when they apply," said Stas Kolbin, a realtor at Miami Red Square Realty.

Loan applications usually take up to three weeks for approval, but could reach eight weeks.

Extra costs

Non-recurring mortgage costs in the United States range between $350 and $2,000.The buyer also pays a fee equal to 2% of the loan value. Additional annual property insurance payments range from $2,000-3,000.

Property appraisal and Due Diligence $350 to $2,000 (the fee is double
for properties valued at over $1M)
Borrower's life insurance Not usually required
Property insurance $2,000−3,000 per annum
Mortgage arrangement fee 2% of the loan value
Early repayment penalty
(foreign nationals only)
3% of the remaining debt during the first year,
2% during the second
and 1% during the third one

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    Property buying guide for USA
    Article 3 of 6
    Tranio’s managers offer advice on buying real estate in the USA
    Anna Boyarchukova
    Anna Boyarchukova
    Head of Residential Department
    +44 17 4822 0039
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