Mia Taylor

A report from the International Trade Association reveals that arrivals of non-citizens to the United States by plane have declined by more than 11 percent since March 2024.

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Amid unrest in Haiti, Royal Caribbean ships are heading to other ports and avoiding Labadee.

Skip to content Can a non-U.S. citizen buy a house here? (Bankrate) By Mia Taylor, Bankrate Updated 13 minutes ago Key takeaways Under current law, you do not have to be a U.S. citizen to buy a home in the U.S. The vast majority of non-resident buyers come from Canada, China, Mexico and India. Many mortgage lenders offer conventional and FHA home loans to non-U.S. citizens. You don't have to be a U.S. citizen to buy a home in the U.S. In fact, you don't even have to be a U.S. resident — anybody who wants to can purchase property here. Between April 2023 and March 2024, the value of residential property in the United States that was sold to foreign buyers totaled $42 billion, according to the National Association of Realtors (NAR)'s International Transactions in U.S. Residential Real Estate report. (Despite the high dollar amount, these transactions accounted for just 1.3 percent of existing home sales during that time period.) The majority of non-resident buyers are from Canada, followed by China, Mexico and India. Can a non-resident buy a house in the U.S.? Yes. While this may all change under the Trump administration, under current law, any non-U.S. citizen — including permanent residents, temporary residents, non-residents, refugees, asylum seekers and those who are recipients of Deferred Action for Childhood Arrivals (DACA) relief — can buy property in the U.S. legally. “Purchasing a residential property in the U.S. is open to any individual regardless of their citizenship,” says Jen Horner, a Realtor with Masters Utah Real Estate in Salt Lake City and Park City. There are also no limits surrounding the type of property that can be purchased. A non-U.S. citizen can buy a condo , single-family home, townhouse — or even land with no structure on it at all. “There are no restrictions in the United States on purchasing a property as a foreign national,” says Chase Michels, of the Michels Group at Compass in Hinsdale, Illinois. “This applies to resident foreign nationals who might want to buy property for primary residence based on where they currently live in the United States, or non-resident foreign investors looking to buy property for other reasons — such as investment use or a vacation home.” According to the NAR report, 76 percent of foreign buyers purchased either a detached single-family home or townhome, and 45 percent purchased a property for use as a vacation home , rental or both. What documents does a non-resident need to buy a home? Non-citizen buyers are typically required to provide additional documentation to complete a home purchase in the United States, compared with U.S. citizens. The exact requirements vary, however, depending on whether the home is being purchased with cash or a mortgage, and based on the specific resident status of the buyer. Some of the basic requirements for non-U.S. citizen buyers, Michels says, often include: A foreign passport, U.S. visa or driver's license A Social Security number or Individual Taxpayer Identification Number (ITIN) Financial statements from applicant's foreign bank, if applicable Evidence of financial assets/income (bank statements, etc.) Tax returns (preferably U.S., if applicable) All-cash purchases may require additional paperwork, because any cash transaction of more than $10,000 must, by law, be reported to the IRS. “Cash purchases will require proof of identity and reporting the purchase to the federal government,” says Horner. “If a mortgage lender will be used, they have the ability to request as much documentation as they feel necessary to advance [the] mortgage application.” Financing for non-residents Non-citizens can also obtain a mortgage to finance home purchases in the United States. But it's complicated: Non-citizen homebuyers will likely have slightly more complex application requirements to establish their financial qualifications, and a larger down payment may be required as well. They will also have more complex tax laws to comply with as homeowners. In general, mortgage lenders prefer to work with applicants currently living in the United States, and who are classified as permanent or non-permanent residents. (Individuals who have a green card and a Social Security number are permanent residents , while those who have a Social Security number, but no green card, are non-permanent residents.) Their rationale is simple: Applicants residing in this country are viewed as less of a risk, particularly in case of default on the loan. A buyer's residency status impacts the specific type of mortgage that can be used. There are two main categories of lending for non-citizen purchases. Permanent residents: Mortgage applicants who are permanent residents can usually qualify for a conventional mortgage backed by Fannie Mae or Freddie Mac, as well as Federal Housing Administration (FHA) loans. “Many banks and mortgage companies offer conventional and FHA home loans to non-U.S. citizens, provided they can verify their residency status, work history and financial track record,” says Michels. Non-permanent residents: Applicants living abroad can buy properties in this country using what's known as a foreign national loan or foreign national mortgage loan. These loans are typically designed for borrowers living outside the country who are seeking to either purchase or refinance. Foreign national mortgages are not backed by Fannie Mae or Freddie Mac. Other rules and restrictions to know about Tax rules also apply to properties owned by non-U.S. citizens. For instance, if a non-U.S. citizen rents out the property purchased to generate income, then that income must be reported and taxes must be paid both in the United States and in the property owner's home country (if applicable), says Bruce Ailion, a real estate attorney and Realtor with RE/MAX Town & Country in Atlanta. In addition, non-U.S. citizens are liable for paying local property taxes , just like anyone else. When a non-U.S. citizen sells a U.S. property, capital gains tax laws will typically apply as well. “When selling a property in the U.S., there are special withholding provisions that must be complied with,” says Ailion. “A tax advisor with specific knowledge in international tax should be consulted.” All Fair Housing Act and other anti-discrimination protections apply to real estate transactions involving non-U.S. citizens, just as they would with citizens — these laws are in force no matter who the buyer is, says Michels. Bottom line It is entirely possible to purchase a home in the U.S. as a non-U.S. citizen, and there are no limitations on the type of property that can be purchased. However, the situation can be complicated, especially if the purchase is being financed with a mortgage. The path to U.S. homeownership is certainly not blocked for non-citizens — it just may have a few speed bumps on it. Working with a local real estate agent who has experience with your situation can help smooth the way. © 2025 Bankrate.com

Skip to content Do you need a down payment to refinance your mortgage? (Bankrate) By Mia Taylor, Bankrate Updated 19 minutes ago Key takeaways You don't need a down payment to refinance, but you'll likely have to come up with cash for closing costs. Some lenders let you roll closing costs into the mortgage to avoid upfront expenses. You can also try negotiating with the lender to waive them. Either way, conduct a cost-benefit analysis to ensure refinancing makes sense. Refinancing your mortgage is basically applying for a new home loan — with one major exception: You rarely need to make a down payment. Lenders assess a borrower's creditworthiness, but they generally don't require you to come up with ready money. You're not totally off the hook, however. Refinances still carry some costs, so you'll probably need to have some cash when you close. How much cash largely depends on the type of refinance you do. Do you need to put money down to refinance a mortgage? In most cases, you don't need to put down money to refinance your mortgage . In the typical rate-and-term refinance, which lowers your interest rate and payments and/or shortens your loan term, lenders generally look for an 80 percent loan-to-value ratio (LTV) or lower. Presumably, your home has appreciated in value since you bought it and your mortgage balance has shrunk, so meeting that LTV should be simple. Your current ownership stake in effect acts as your cash contribution to the transaction, taking the place of the down payment you made when you took out your mortgage originally. Still, while you can usually refinance with no money down, lenders aren't just giving out refis. Additional factors that contribute to a lender's decision include: The amount of equity in your home Your credit score Whether your existing mortgage has been maintained in good standing without late or insufficient payment Equity requirements for mortgage refinancing While lenders might not care about the amount of cash in your checking account for a down payment , they do care about another type of financial reserve. Specifically, they want to see that you have sufficient equity in your home. Calculating home equity Say your house is valued at $400,000 and there's $300,000 on your mortgage balance. You would have $100,000 worth of equity — and you would own 25 percent of your home outright. The equity requirement varies depending on the type of refinance you're considering. Generally, the requirements break down as follows: Conventional refinances As little as 3 percent equity works for a rate-and-term refinance. For a cash-out refi, 20 percent is more the norm. FHA refinances You'll need 20 percent down to pursue a cash-out refinance, but you can explore rate-and-term and streamlined refis with just 2.25 percent equity. VA refinances With a VA loan refinance, you can take out up to 100 percent of your home's value. USDA refinances You might be able to explore a USDA refinance (specifically, a Streamlined Assist Refinance Loan) with no equity (i.e., 0 percent). What are closing costs for refinancing? Even though you don't need a down payment to refinance, you do have to pay for it. Refinancing comes with closing costs. The average refinance closing costs total around 3 percent to 6 percent of your loan principal, according to Freddie Mac , and can include: Appraisal fee Credit report fee Survey fee (if needed for property boundaries) Closing costs are generally due at the closing table. Or you may have the option to roll them into the loan to keep more money in your pocket at closing (see below). Either way, be sure to consider the point when you'll break-even to determine whether the cost is worth the savings you'll realize. You can use Bankrate's refinance calculator to see how many months it'll take to recoup the closing costs. If you don't plan to stay in your home for a long time or are near paying off your mortgage , embarking on a refinance might not be worth it. What is a cash-in refinance? A cash-in refinance is basically the opposite of a cash-out refinance , in which you swap your current mortgage for a larger one, pocketing the extra amount for immediate use. The key distinction: While a cash-out refinance increases the overall amount you owe on your home, the cash-in refinance reduces the principal amount you owe. A cash-in refinance involves you bringing money to the table, similar to the down payment you made when you originally purchased the home. As part of the refinance process, you make a single, lump sum payment toward the principal balance owed on the home loan. Making this payment reduces the total amount owed and as a result, your refinanced mortgage will have a smaller principal balance. When a cash-in refinance makes sense A cash-in refinance can be a strategic money move in certain circumstances. Here are few situations where a cash-in refinance might make sense:​ If you want to lower your monthly payments: By reducing your loan balance, you can decrease your monthly mortgage payments, especially if interest rates have remained stable or even decreased. ​ In order to improve your loan-to-value (LTV) ratio: Increasing your equity through a cash-in refinance may improve your LTV ratio, making it easier to qualify for better loan terms in the future and get you to a point where you can get rid of private mortgage insurance (PMI) If you've recently come into a significant amount of money: You can use a recent windfall to prepay a chunk of the mortgage, significantly reducing your overall debt load. How to avoid closing costs when refinancing Your lender might let you roll your closing costs into your loan via a no-closing-cost refinance . Here are a few things to keep in mind if you choose a no-closing-cost refinance: Although this strategy lets you avoid paying the costs upfront, it doesn't eliminate them. The disadvantage is that you'll pay interest on a higher loan amount and may end up paying much more over time. Still, if you're strapped, it might be the best way to go. You can also try negotiating your closing costs . If you've had a loan with the lender in the past or are otherwise a client in good standing, you might be able to persuade them to waive some fees. If you've had an appraisal done lately, you might not need another one, which can save you some money as well. Or you may be able to swap the appraisal for a much cheaper broker price opinion How to get the lowest refinance rate Another way to reduce the cost to refinance is to get the lowest possible interest rate. While mortgage interest rates remain elevated, you can take these steps to obtain the best rate possible in the current environment. Improve your credit score . Take action to make on-time payments and reduce your credit utilization to improve your credit score. Also, review your credit report for errors and have them fixed as soon as possible. Pay points . Depending on your situation and timeline, it might make sense to pay discount points. Generally, each point you pay reduces your mortgage rate by 0.25 percent, and one point costs 1 percent of the amount of the loan. So, if the mortgage rate on a $150,000 refinance would normally be 7 percent, paying one point could reduce it to 6.75 percent, at a cost of $1,500 upfront. Shop around . One of the best things you can do to reduce your mortgage rate is to shop around . You can compare multiple lenders online to find the best deal, reading reviews from customers and financial authorities like Bankrate to compare not just their rates and terms, but their customer service. Lenders are a competitive bunch, and one institution might even try to match a competitor's offer to sign you up. Bottom line Even with mortgage rates still at relatively high levels, refinancing your mortgage this year may be a smart financial move — especially if it helps you lower your monthly payments. However, it's important to run the numbers and carefully weigh the costs involved before moving forward. If the math works in your favor, refinancing can be a worthwhile investment. Additional reporting by Allison Martin © 2025 Bankrate.com

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