Buying a house while on B1 Visa - Is it possible?

[cellardoor10 0]

Hi all,

My cousin-in-law, a Chinese citizen, wants to purchase a home in the U.S while visiting here on a B1 visa. Does anyone know if a non U.S. citizen can take loans and mortgages out from banks and lenders? Has anyone had any experience with this or can point me to a link or website that explains how non-citizens can buy real estate?

Thanks in advance. If this topic is better off in a different thread, please let me know!

[CC90 90]

This is within the discretion of the individual bank. You should contact them to find out.

Regardless of immigration status, I would suspect that banks would want to check US credit reporting agencies before loaning any money. If your cousin-in-law does not have US credit, it's highly unlikely he/she will be able to take out a mortgage.

[NigeriaorBust 4,087]

Before a bank/lending institution hands over money they want to be reasonably sure that if the borrower doesn't pay they will be able to recoup their money\ It will be much harder for someone with no US income to convince a bank they are a good credit risk. He would be better off doing an all cash purchase. However owning property in the US makes it harder to prove you don't have immigrant intent and will put him under higher scrutiny when he visits

[kzielu 1,147]

Hi all,

My cousin-in-law, a Chinese citizen, wants to purchase a home in the U.S while visiting here on a B1 visa. Does anyone know if a non U.S. citizen can take loans and mortgages out from banks and lenders? Has anyone had any experience with this or can point me to a link or website that explains how non-citizens can buy real estate?

Thanks in advance. If this topic is better off in a different thread, please let me know!

Non US-citizens can take loan/mortgage easily - if they have legal permanent status and decent recent score. Somebody on tourist visa have chances close to zero of getting one - due to no credit history.

[Penguin_ie 5,986]

Buying a house is not a problem, getting a loan/ mortgage is.

To get a mortgage you generally need a stable, US based income, which cousin would not have.

[noahsmama 6]

Your cousin can purchase a home with cash I am sure it is no problem. Getting a loan, I doubt it.

Like everyone else said, Mortgage loan requires US income and a good credit history.

Edited June 4, 2013 by noahsmama

[Darnell 8,478]

pay cash? no one cares.

[Darnell 8,478]

huh? I thought BC was so full of 'chinese' because so many hongkee immigrated legally out of hong kong the month before the Brits left.

[Blue Bianchi 77]

Yup! This is especially true in Victoria, where they drove real estate prices up, up, and away!

huh? I thought BC was so full of 'chinese' because so many hongkee immigrated legally out of hong kong the month before the Brits left.

[Noel194 53]

I can see it now. He will buy a house, Have his visa revoked or be denied entry due to immigrant intent and never be able to come to US again.

[CC90 90]

I can see it now. He will buy a house, Have his visa revoked or be denied entry due to immigrant intent and never be able to come to US again.

No.

[renozone 0]

but what's the purpose of buying a home in the united state if you are not resident ? how are you going to stay in the house after ? please explain this to me

[CC90 90]

but what's the purpose of buying a home in the united state if you are not resident ? how are you going to stay in the house after ? please explain this to me

Many reasons.

One: Investment. Many people own more than one piece of real estate and use them as investments.

Two: For one's family to use

Three: Place to stay when visiting (like beach condo) and rented out when away.

Plenty of different reasons why this is completely legitimate.

[Kathryn41 3,205]

one post containing inappropriate negative stereotyping comments in violation of the Terms of Service has been removed

[cellardoor10 0]

Thank you everyone for the feedback this was very helpful!