Qualifying
a foreign
national buyer
for a home
purchase in
Florida is
VERY easy.
The
average down
payment is
20%
and there
has to be
money
left over
to cover closing
costs and
6 months of
the mortgage
payment.
You should
consider having
between 25
to 30% of
the purchase
price in a
US
Bank account
that you will
use for the
purchase your
new home.
You won't
use all the
money at first,
but the bank
(lender) will
need to verify
about that
much to cover
the 20% down
payment, closing
costs and
the 6 months
of reserved
mortgage payments.
Very
LITTLE
documentation
is required
Here is a list of what the majority
of foreign national buyers will need
to purchase a property in the United
States. Everyone is a little different,
so some transactions may require slightly
different information.
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An
employment letter from your CPA
or current employer
(on their letter head) stating
your current year to date income
and your income for the 2 previous
years in US dollars.
:: Click
here for a sample employment
letter
:: Click
here for a sample SELF-employment
letter |
|
A Bank/Credit reference letter
referencing the account you
wish to use for the transaction.
The letter should indicate the
balance and that the account
has been in good standing for
at least 1 year.
:: Click
here for a sample Bank/Credit
reference letter
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3 Credit reference letters
stating: type of account, monthly
payment, remaining term and balance
due. Only reference accounts that
have been opened for at least
12 months.
:: Click
here for a sample Bank/Credit
reference letter |
|
A
copy of your current Visa/Master/Discover/Amex
Card statement. |
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All foreign national buyers
are required to apply for a Social
security number or Tax ID number
in order to purchase a property
in the United States.
:: Click
here 
to download a Social Secutrity
Number Application (SS)
:: Click
here
to download an Individual
Tax Identification Number Application
(ITIN)
:: Click
here
to download an Employer
Tax Identification Number Application
(EIN)
ITIN Guidance for Foreign Property
Buyers/Sellers
Social Security Number |
|
:: Complete
the SS-5 using the
instructions on page
1 of the form. See
pages 2 and 3 of the
form for the evidence
that you will need
to submit with your
application.
Where To Send The
Form Finally, take
or mail the SS-5 to
the nearest Social
Security office. Be
sure to take or mail
the originals or certified
copies of your supporting
documents along with
the form. They will
return your original
documents right away.
Once they have
everything they need,
they will send your
Social Security Card
in about two weeks.
SSA
forms must be printed
on 8 1/2" x
11" white paper.
You must print the
form with blue or
black ink to be
acceptable to SSA.
Download>> |
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Taxpayer Identification
Number |
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:: Individual
Taxpayer Identification
Numbers (ITIN) are
assigned by the
Internal Revenue
Service (IRS), not
the Social Security
Administration.
They are assigned
to certain nonresident
and resident aliens,
their spouses, and
dependents. The
ITIN is only available
to individuals who
cannot get a Social
Security Number
(SSN). It is a 9-digit
number, beginning
with the number
"9", formatted
like an SSN (NNN-NN-NNNN).
It may be used for
tax purposes only.
It cannot be used
to work.
You
will need to file
form W-7 with the
IRS to obtain an
ITIN.Download>>
ITIN
W-7 forms must be
printed on 8 1/2"
x 11" white
paper. You must
print the form with
black ink to be
acceptable to IRS.
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Employer Identification
Number |
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::
An Employer Identification
Number (EIN) is
also known as a
federal tax identification
number, and is used
to identify a business
entity.
Use
Form SS-4 (Fill-in
PDF) to apply for
an EIN either by
mail or by telephone.
You can get an EIN
within minutes by
calling the Tele-TIN
phone number for
your state, or you
can send the completed
Form SS-4 to your
local IRS service
center to get your
EIN by mail. You
need a completed
Form SS-4 to apply
for an EIN by either
method. For a list
of Tele-Tin phone
numbers, refer to
Where
to Apply For An
EIN. For assistance
completing Form
SS-4, see How to
Complete Form SS-4,
fillable application
for EIN and Publication
1635, Understanding
Your EIN.
You
will need to file
form SS-4 with the
IRS to obtain an
EIN.Download>>
EIN forms must be
printed on 8 1/2"
x 11" white
paper. You must
print the form with
blue or black ink
to be acceptable
to IRS.
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All
foreign national buyers
must
open a bank account in the united
States
US personal bank account for non
residents
US Foreign Corporate accounts
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