Question for Lawyers/Real Estate Guru's.

[dx3]

Guys,

Can a non-US citizen legally purchase residential property in the US if they pay cash?

Can this non US citizen legally stay in said property for 180 days before having to leave country?

Thank you,
Jonny

 

[JonBoy]

Yes and yes.

 

[SOURCE 1]

Ovcourse and ovcourse again

 

[JonBoy]

By the way, the reason I know this is because I was looking at buying a house as soon as I got into the USA (even with a temporary work permit). The requirements for owning property here do not take citizenship or residency into account. However, FINANCING one does require residency of some sort (even if it's temporary).

 

[steveny]

You can always title it in my name. :wink: :biggrin: Don't forget to keep those rent checks coming my way. :smile:

 

[SWIFTVISION]

Yea, no one will finance you.

 

[dx3]

Yea, no one will finance you.

It is my parents - and they are paying cash :tongue:

Jonny

 

[morrow]

By the way, the reason I know this is because I was looking at buying a house as soon as I got into the USA (even with a temporary work permit). The requirements for owning property here do not take citizenship or residency into account. However, FINANCING one does require residency of some sort (even if it's temporary).

There is actually financing for NON US Residents. I was a little concerned when I heard about it, but here is the skinny, the loan requires a TIN (Tax ID Number), the income is stated with as little as 5% down, funds to close will not need to be sourced or seasoned! Needless to say with those terms the rates are not super attractive unless you are issuing a large down payment but there are loans for theses needs.

Please do not blast me, I am not an advocate of this type of financing, but I do know that it exists. It is similar to BofA giving CC to NON-US Citizens. Crazy if you ask me.

 

[steveny]

There is actually financing for NON US Residents. I was a little concerned when I heard about it, but here is the skinny, the loan requires a TIN (Tax ID Number), the income is stated with as little as 5% down, funds to close will not need to be sourced or seasoned! Needless to say with those terms the rates are not super attractive unless you are issuing a large down payment but there are loans for theses needs.

Please do not blast me, I am not an advocate of this type of financing, but I do know that it exists. It is similar to BofA giving CC to NON-US Citizens. Crazy if you ask me.

I bet this is no longer available if you check.

 

[morrow]

I bet this is no longer available if you check.

Last time I heard anything about it was May, so it may have gone away, but the program has been available for 18yrs. so it is possible that it is available but just may not have much exposue.

This was funded by banco popular.

 

[JonBoy]

There is actually financing for NON US Residents. I was a little concerned when I heard about it, but here is the skinny, the loan requires a TIN (Tax ID Number), the income is stated with as little as 5% down, funds to close will not need to be sourced or seasoned! Needless to say with those terms the rates are not super attractive unless you are issuing a large down payment but there are loans for theses needs.

Please do not blast me, I am not an advocate of this type of financing, but I do know that it exists. It is similar to BofA giving CC to NON-US Citizens. Crazy if you ask me.

When I was looking at it, I had to be in the country two years (if I wasn't a resident alien) in order to qualify for financing and the rates were definitely higher.

Thanks for the additional info, though.

Also, BoA gave me my first CC but I had a valid SSN, even though I wasn't a resident (temporary worker at the time, on a TN visa).