If you live abroad and want to own property in New York, a foreign national loan may let you keep part of your cash available instead of paying the full price at closing. Lenders look at your foreign income, bank statements and credit references, and they often want a U.S. bank account. Expect higher pricing than an agency loan and a larger down payment. For visa questions about owning in New York, consult an immigration attorney, and for tax questions, talk to a tax professional.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
New York condo rules: In New York, a co-op buyer purchases shares in a corporation that come with a long-term proprietary lease for a specific apartment, rather than a deed to real property as with a condo, so co-op financing works differently from a condo mortgage. Sponsor sales of co-op and condo units are made under an offering plan reviewed by the Attorney General's Real Estate Finance Bureau, while resales by individual owners are not regulated by the Attorney General. Source: New York State Office of the Attorney General, Real Estate Finance Bureau.
Where the numbers point in New York
Counties with the most residents born outside the U.S.:
| County | Residents born outside the U.S. |
|---|---|
| Queens County | 47.6% |
| Kings County | 35.3% |
| Bronx County | 34.6% |
| New York County | 28.2% |
| Westchester County | 26.1% |
| Richmond County | 25.8% |
| Nassau County | 23.3% |
| Rockland County | 22.1% |
| Suffolk County | 16.8% |
| Putnam County | 13.9% |
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Common questions
Can a non-resident get a mortgage in the United States?
You may qualify through a foreign national mortgage program. These are non-QM loans designed for buyers who live abroad and want a U.S. second home or investment property. Instead of a U.S. credit score and pay stubs, lenders review your passport, foreign income records, bank statements and credit references. Programs vary by borrower, property and investor, and every loan is subject to credit approval.
Do I need a Social Security number or an ITIN?
Many foreign national programs do not require either one. They verify identity with a passport and, if applicable, a visa. Some programs may ask for an ITIN in certain situations, and you may need one for U.S. tax filings tied to the property. For questions about obtaining an ITIN or about your tax obligations, talk to a tax professional.
How do lenders check credit without a U.S. credit report?
Lenders commonly accept international credit references instead. That can mean a letter from your bank describing your relationship and account history, a credit report from your home country where one exists, or reference letters from creditors you pay. Some programs also review any U.S. credit you already have. Ask each lender which forms it accepts and whether letters must be translated.
Other non-QM options in New York
Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansNon-warrantable condoBank statement HELOCInterest-only
Related guides
- Foreign National Mortgages: Guidelines, Documents and Property Use
- What Is a Non-Warrantable Condo, and How Can You Find Out Before You Offer?
- How to Compare Non-QM Loan Offers: Loan Estimates, Features and Fit
Foreign National Mortgages overview · New York non-QM overview
- Census ACS 2020-2024, table B05002