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Important information if you are a Foreign National Buying in the US

Qualifying a foreign national buyer for a home purchase in the USA 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

Required Documentation

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.

  1. 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

  2. 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

  3. 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.

  4. All foreign national buyers must open a bank account in the united States
    • US personal bank account for non residents
    • US Foreign Corporate accounts

  5. 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.

    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.
    Click here to download a Social Secutrity Number Application (SS)

    Tax Identification Number
    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.
    Click here to download an Individual Tax Identification Number Application (ITIN)

    Employer Identification Number
    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.
    Click here to download an Employer Tax Identification Number Application (EIN)

    ITIN Guidance for Foreign Property Buyers/Sellers

  6. If you need more information just call us:

    Analou Manent
    Real Estate Agent in Miami - Sunny International Realty


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Analou Manent - Realtor
Sunny International Realty - 17000 Collins Avenue Suite 256 - Sunny Isles, FL 33160 - Ph: 305-948-3062

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