BREAKING NEWS

New Rules of Options to pay Real Estate Agents went into effect August 17, 2024

BUYERS

CAN CHOOSE IF THEY WANT TO USE, AND PAY, AN AGENT TO BUY A LISTED HOME OR NOT -BUT ARE NOT REQUIRED TO DO SO- BETTER AND LESS EXPENSIVE OPTIONS EXIST 

SELLERS

NO LONGER HAVE TO PRESET AN AMOUNT TO PAY A BUYER’S AGENT IF THEY LIST THEIR PROPERTY FOR SALE

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Federal Reserve Expected to cut another 25 basis points
off the fed funds rate at the December 2024 meeting.
If so, this will be the third cut in a row!

Keith L. Eliou, Esq., CFP, RIA, MBA

- Financial & Retirement Planning

-Mortgages & Real Estate

-Elder Law & Estate Planning

-Asset Protection Planning

-Medicare & Retirement Planning

-Disability and Income Protection

- Life Insurance

- 529s and Education Planning

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A Guide to Buying a Home in the U.S. for Non-U.S. Citizens

A Guide to Buying a Home in the U.S. for Non-U.S. Citizens

Navigating the process of buying a home in the United States can feel like figuring out a complex puzzle. For people from other countries, getting a mortgage can be tough but worth it. To succeed, you need to understand the ins and outs of the system.

Understanding Your Immigration Status:

First, you need to know your immigration status. Lenders see non-U.S. citizens differently based on whether they're permanent residents, visa holders, or undocumented. Each group has its own challenges and requirements.

Building Your Credit:

Having good credit is key to getting a mortgage. If you're not from the U.S., you'll need to start by getting a secured credit card and slowly building up your credit history.

Providing Financial Proof:

Just like when you need to prove your identity online, you'll need to show proof of your finances to get a mortgage. This includes things like proof of income, employment records, and tax returns.

Understanding Mortgage Terms:

Certain terms related to immigration status are important in the mortgage process. Being a permanent resident might give you an advantage, while temporary visa holders need to make sure their visa duration matches what lenders expect.

Saving for Down Payments:

Saving money for a down payment is like budgeting for important expenses. Different types of loans have different down payment requirements, so it's important to plan ahead.

Getting Expert Advice:

Just like you might ask for help from experts in other areas, it's a good idea to consult with a mortgage professional and if possible a real estate attorney. They can offer valuable guidance and make sure everything is in order.

Considering Cultural Differences:

Understanding the cultural norms in American real estate can make a big difference. It's important to get involved in local communities and learn about the neighborhoods where you want to buy a home.

By understanding both the financial aspects and cultural nuances of buying a home in the U.S., non-U.S. citizens can set themselves up for success in achieving their homeownership goals.

If you're considering buying a home in the United States and you need help financing your purchase, please give us a call today.