What conditions do China people need to meet when buying a house in the United States?

1. What conditions do China people need to meet when buying a house in the United States?

For China residents who want to buy a house in Australia, they must consider whether they can meet the conditions for buying a house, otherwise they cannot buy a house in Australia. Especially in Australia, the conditions for buying a new house and a second-hand house are different, so for those who want to buy a new house and a second-hand house, it is necessary to distinguish what conditions need to be met.

What do China people need to buy a house in Australia?

For China residents, they are non-Australian residents, that is, foreign citizens who do not live in Australia, including those who hold short-term visas and are allowed to stay in Australia for a limited time. For such residents, it is generally impossible to buy real estate directly in Australia. If they want to buy, they need to submit a FIRB application to get the qualification to buy, and they can only buy a new house.

If you buy a second-hand house, you need to hold a temporary visa that allows them to stay in Australia for more than 12 months, and you need to apply through FIRB to buy a second-hand house in Australia, and it is for your own use. It can be seen that even if you buy a qualified second-hand house, there is not much investment space. You can live by yourself. See Can China People Buy Second-hand Houses in Australia?

Therefore, it can be seen that one of the most important conditions for buying a house in Australia is to obtain an FIRB application first. If it is not approved or violates FIRB regulations, it will be punished, as follows:

Purely overseas: Pay the FIRB application fee and be fined 40 pounds.

Australian visa holder: fine, 200 fine to pay the application fee.

In addition, the two will also face a civil fine as high as 10% of the house price.

Under what circumstances can I not apply for FIRB to buy a house?

In some cases in Australia, you can buy a house directly without applying through FIRB, mainly in the following ways.

1. Buy the property that can be sold to foreigners with the prior approval of the developer. 2. Buy some residential real estate in the comprehensive tourist resort; 3. Rights and interests acquired by inheritance according to will or law.

4. Rights and interests obtained from the Australian government (federal government, state, regional government or local government) or legal enterprises established for public purposes.

As for the conditions for buying a house, for China residents, if they want to buy a new house, they only need to apply through FIRB, but if they want to buy a second-hand house, they need to meet more conditions, except holding a temporary visa that allows them to stay in for more than 0/2 months. There are the following situations.

1. Major enterprises in Australia can apply for buying second-hand houses for employees living in Australia.

2. If you buy a second-hand house for decoration, as long as the decoration proposal can increase the housing stock in Australia (at least two houses are needed to demolish one), or it can show that the existing house is abandoned or uninhabitable, it can generally be approved.

2. What are the conditions for China people to borrow money to buy a house in the United States?

China people can borrow money to buy a house in the United States, as follows:

In the United States, the core principle of mortgage loan issuance is that the value of collateral is sufficient.

The applicant has a good reputation and continuous.

It is not directly related to the identity and nationality of the applicant.

At present, in most states in the United States, foreigners (0%) have no loans to buy American real estate. Because there is no American credit record and proof of income source, lending institutions will require lenders to pay extra interest higher than the market level 1-2%.

Third, the conditions for China people to borrow money to buy a house in the United States.

Nowadays, vicious and successful people know how to invest, especially in real estate. I hope to maximize the investment income with the help of capital advantages. So, how can China people get loans smoothly in the United States? Let me talk about the conditions for China people to borrow money to buy a house in the United States.

First of all, let's find out, as a foreigner, are you eligible for a loan?

Is it higher for foreigners to apply for mortgages in the United States?

It's normal!

In the United States, the core principle of mortgage loan issuance is that the collateral value is sufficient, and the applicant has a good reputation and a continuous source of income, which is not directly related to the applicant's identity and nationality.

As an overseas person, the requirements for obtaining a mortgage in an American bank are relatively high. If you have relevant deposits, investments or other active accounts in the bank, or if the work visa holder has a long-term and stable income and expenditure record, loans in the United States are "extra points"!

At present, in most states of the United States, foreigners (without American green card) can purchase American real estate through loans, but the down payment is usually 40-50%, and because there is no American credit record and proof of income source, lending institutions will additionally require lenders to pay interest higher than the market level 1%-2%.

Green card holders have lower requirements for applying for mortgage in the United States?

Not necessarily!

As permanent residents, that is, green card holders, they also need to establish relevant personal credit records in the bank before they can apply for housing loans. Different banks have different loan policies and conditions, but as long as they meet the requirements, banks are still willing to lend to overseas applicants with higher comprehensive qualifications.

Before and after the green card, or more accurately, before and after the first tax return, the operation of buying a house with a loan is very different. It is much easier to get a loan as a foreigner before obtaining the status. Once they get their identity, it is almost impossible for newcomers to get a mortgage, because some hard requirements are simply not met, such as tax return records, credit, income and so on.

American mortgage application process

First of all, understand the process of applying for a mortgage in the United States. The process is similar to the domestic mortgage application process, which can be roughly divided into:

Choosing a lending institution-obtaining the prequalification of the lending institution-examining the applicant's qualification by the lending institution-real estate appraisal-lending by the lending institution.

Specifically divided into the following seven steps:

(1) Consult the lending institutions that can provide you with loans.

(2) After comparing the interest rate and the term, determine the lending institution that can provide you with the most suitable for your affordability.

(3) Obtain the prequalification of the lending institution that accepts your financial and identity information.

(4) According to the instructions of the lending institution, provide all information about income, identity and other requirements for review.

(5) The mortgage company conducts real estate appraisal to determine the value.

(6) employees who handle mortgage loans.

(7) loan transaction package fee settlement institution

Types of American mortgage loans

If you meet the conditions of buying a house with a loan, then you can consider the type of loan.

The usual loan period in the United States is 30 years. You can also choose 5 years, 7 years, 10 years, 15 years, 20 years and 40 years according to your repayment ability.

At present, the average loan interest rate in the United States is around 4-5%, and there are two main types of loans, floating rate loans and fixed rate loans.

(1) floating rate loan (ARM)

Usually divided into: 3/ 1, 5/ 1, 7/ 1ARM, which means that the interest rate is fixed in the first three years, five years and seven years, and then the interest rate fluctuates according to Libor and other indicators.

For example, on 2011116, I bought a 300,000-dollar house in Los Angeles, California. I made a down payment of 40%, applied for a loan of 5/ 1ARM, and the loan interest rate for the first five years was 4.1. Starting from the sixth year,

(2) Fixed-rate loans

Common fixed-rate loans are 15 or 30 years, and the annual interest rate is fixed.

For example, on 2011116, I bought a house of $300,000 in Los Angeles, California, with a down payment of 40% and applied for a 30-year fixed loan interest rate of 4.799%-5.540%.

The interest rate of short-term (3-5 years) floating rate loans is relatively fixed, and the interest rate is about 0.5- 1% lower. However, in the long run, the interest rate of floating rate loans may rise sharply. Therefore, for short-term investors, floating interest rate loans are more worthy of consideration.

For buyers who pursue stability and have low long-term risk tolerance, a fixed interest rate is more appropriate. These two kinds of loans have their own advantages and disadvantages, and buyers can do it according to their own financial situation.

How do foreigners approach American lending institutions?

(1) loan broker

More than half of housing loans in the United States are completed through loan brokers, who act as intermediaries between borrowers and borrowers. The loan broker can negotiate the fees directly with the buyer, and can achieve the lowest loan interest rate and the least fees for you. Therefore, it is a good choice to find a "reliable" loan broker for people who are not familiar with American loan purchase affairs. However, professional services will also charge a certain fee, and loan brokers usually charge 1% of the loan amount.

(2) Commercial banks

Commercial banks such as Citibank and Bank of America offer very competitive loan interest rates. If you have a checking account or a deposit account in these businesses, you can also enjoy loan concessions.

(3) mortgage bankers

Mortgage banks can provide loans for you on behalf of one or more banks, but such loan services are limited to the customers of these banks. For most China investors, consulting American commercial banks with branches in China is the main way to borrow money.

When contacting American mortgage agencies, you must discuss with employees who have been trained in foreign mortgage loans. When you are in contact with mortgage employees of different banks in the United States, find out the interest rates, qualification requirements and regulations applicable to foreigners. Discuss with a number of lending institutions and choose the bank that can provide you with the best interest rate for the loan you need.