Introduction of American ordinary loan housing projects

The United States is a developed country, and many people want to immigrate to the United States. So what are the common projects for buying a house with loans in the United States? I am here to sort out the introduction of common loan housing projects in the United States, hoping to help you.

There are four common loan projects in the United States: conventional loans, veterans' loans (VA), subsidized loans from rural housing service bureau (USDA) and subsidized loans from low-income governments (FHA).

If foreign buyers hold green cards and H 1B work visas, they will generally apply for formal loans.

So, for example, if you are a green card holder or an H 1B visa holder, the loan you can apply for is likely to be like this:

Loan project: voluntary (ordinary loan)

Conditions: minimum credit score of 620, no income limit, tax declaration for at least two years.

Down payment ratio:

(1) The loan amount is less than $4 1.7 million, and the down payment ratio is 3%-5% of the total house price.

(2) If the loan amount exceeds $465,438+07,000, it is a large loan, and a down payment of 20% is required.

Loan approval time: 10- 15 days.

Other expenses:

(1) There is no agency fee and no application fee.

(2) When the down payment is 3%-5%, the mortgage insurance is much lower than the FHA loan. When your loan amount is repaid to 20% of the market value of the house, it will disappear automatically. 20% down payment: no housing loan insurance fee.

In Los Angeles, where China people are interested in buying, the median house is about 600,000 US dollars, that is, the down payment is about 6,543,800 US dollars+2,000 US dollars, and there is no need for housing loan insurance premium. Subsequent monthly repayment amount will change according to different interest rates, and the monthly repayment amount needs specific case analysis.

First of all, the above four common loans in the United States do not apply to such buyers. Generally, if foreign buyers are interested in buying a house in the United States, they need to contact real estate agents or commercial banks to find a suitable loan bank, which is more troublesome to operate.