Not a U.S. Citizen? Not a Problem.

In recent years, cash has dominated U.S. real estate purchases by foreign nationals. According to NAR’s 2013 Profile of International Home Buying Activity, agents reported that 63 percent of their international transactions were conducted without financing.

Is that because foreign buyers prefer a cash purchase, or do they feel locked out of the U.S. mortgage market? If the latter, agents may be able to help more global buyers reach the closing table by identifying lenders ready and willing to meet their buyers’ needs.

This issue of Global Perspectives looks at the foreign national mortgage market for U.S. properties from an agent’s point of view. It turns out there are lenders and products that meet many different needs, and more are on the way. They are not, however, always easy to find.

Credit history has been a big hurdle for foreign nationals who want to finance a U.S. home but do not have a borrowing record in the states. Depending on the buyer’s situation and resources, this is less of a problem today than in the past. Lenders are now able to work around the absence of a credit history and scores.

Read on to learn more about lending programs for overseas buyers and ways to find the right mortgage for your foreign clients.