U.S. lenders will loan to international purchasers, but there are significant limitations. For example, the list of “qualified foreign nationals” is usually restricted to Canadians, Aussie’s, and other English speaking former U.K. colonies. The good news is that U.S. credit or a U.S. Social Security Number is not required. The typical requirements include: Must be a second home; No other financed properties here in the U.S.; 25% – 30% down; Good credit based on own country’s credit report; An account must be opened, and it is the direct payment source. BBVA Compass has a foreign loan program, and BMO Harris Bank (which is a sister company to the Bank of Montreal) and U.S. Bank also have Canadian only loan programs.
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