Foreign Nationals looking to buy with borrowed money

Posted by Rich Fine on Sunday, April 25th, 2010 at 11:15pm.

The first step is to obtain or show evidence of the appropriate visa (see attached). 

Wells Fargo can lend to foreign nationals; albeit, it is a challenge.  First, it is a minimum of 40% down.  Second, there must be a complete credit package including a credit report showing at least 4 lines of credit being paid consistently for a minimum of 12 months.  This can usually be accomplished with bank statements with housing expenses, car payments, credit card payments, etc.  Assets are easy, unless it requires an interpreter.  Income must be documented by a letter from an employer as well as the pay stubs.  Self employed buyers are no longer allowed.  Contact me for a direct contact with a lender in Park City to get you started in buying property here as a foreign national.

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