Ukey Hoo

How foreigners buy properties in the United States.  The step-by-step guide.

Let¡¯s face it.  Buying properties in your own country is a relatively simple matter.  I¡¯ve got my first investment property with my wife in my home country 2 years into my job, while she was still a student, at a price of USD262,500 (based on the exchange rate then), putting in USD52,500 as downpayment and taking a loan for the remaining USD210,000 from a local bank.  The reason it¡¯s simple is because you, as a local, is relatively low risk to a bank, as your credit history, accuracy of employment and income could easily be obtained by banks.  While obtaining an investment loan is a little more difficult, with the correct credit history and income, the route is still frequently traveled by local investors.

Buying properties as a foreigner in any country, however, is a totally different story.  Having no established credit history in the country, no fixed local income, no visa or work permits, you are an unknown to banks.  That translates to high risk, which goes against the philosophy of a good banker.  This means that the odds are against you getting a loan, and even if you manage to qualify for a loan, you would be charged high interest to compensate for the risk the bank has to bear.

This book shows you a way to purchase your property in the United States, and also shows you the various resources with which you could make an informed decision.