Excellent Tips for Buying Your First Home in the USA
There is nothing that says you are indeed an American like owning a home. Besides, what evidence will you stick up while saying you stay in America? Well, we are not saying that those without homes are not Americans. However, over half of all foreign-born households living in the US own their own home. Owning a home is a massive milestone to everyone, especially those that have growing children.
While moving to the USA, it may not be certain that you will be successful in purchasing a home or not. Nevertheless, it becomes easy as times passes. You can obtain a mortgage loan or buy a home with hard-earned savings. There are so many things that one should consider before buying the first home in the USA. Of course, the process in the USA may be entirely different from what you are accustomed to at your country of origin. Below are some tips to help you sail through the whole process without fail.
Know the basic requirements
You do not necessarily need to get citizenship, a green card, or any particular type of visa before buying a home in the USA. However, you may require the following:
An Individual Taxpayer Identification Number – this is the number assigned by the Internal Revenue Service (IRA) to foreign nationals to file income tax returns.
A valid foreign passport or a driver’s license to show your identity
Even though property ownership in the USA is not dependent on immigration or visa status, there are rules dictating how long you can stay in the country. It is wise to check out U.S visa requirements before you purchase if you are not a citizen.
Plan to Get a Mortgage
With a mortgage loan, one does not have to save money for years to become a homeowner and start building equity. Remarkably, the U.S. home loan market offers many safe and affordable mortgages. The market also allows Muslims to buy a home without having to violate Islamic laws against paying interest.
Before going for a US mortgage, it is vital to establish creditworthiness and earn a good credit score. To do this, you can:
Open and operate U.S. bank and credit card accounts
Give an actual record of all your income while filing tax returns. Typically, lenders use tax returns to verify your income and decide how much you can afford to borrow in your efforts to buy a home.
When it is time to apply for a mortgage, find major banks with global operations. Such banks have experience working with foreign buyers and have an exceptional process for verifying credit established in other countries.
Do not Be Shocked by Casual Attitudes
In the process of buying your new home, you may notice that Americans’ have casual attitudes toward buying or selling real estate. Primarily, this is because of the relaxed US business culture. The process leading up to the sales contract signing may be more informal and casual than it may be in your home country. Take it easy and fit in the situation without viewing it as an illegal dealing.
Find Someone Who Can Translate
Getting a translator will prove helpful if you are not fluent in English or prefer speaking in your native language. You may choose inspectors, mortgage bankers, and Realtors fluent in your language to act as a translator throughout the whole process. It is apparent that you will be dealing with English Speaking sellers. Moreover, you will likely have to sign the English versions of standard real estate documents during your home purchase.
Consult a Certified International Property Specialist
In your efforts to obtain your first home in the USA, engage a Realtor who is a Certified International Property Specialist (CIPS). Besides, research to establish that the property specialist has several years of experience in helping home buyers. Engaging an experienced real estate or title attorney can also assist in protecting your interests.
Perhaps, you could start by telling the real estate agent how the home buying process works in your native country. In turn, ask him or her to explain US home-buying customs to identify any differences. Understanding how homes are sold in the US and what to expect in the negotiation process should be a major concern. It reduces stress and helps a buyer get a good deal on your first home.
Create a Financial Plan for Your Home
Before buying a home, it is wise to consider all the real-estate related expenses you will have as a homeowner. These include expenses such as property taxes, homeowners insurance, and maintenance costs. Therefore, set up a financial plan for your home to help you set aside money for ongoing expenses.
Feel free to contact us for help with buying a new home in the USA. We have experts in Real Estate, the Legal aspect of buying property and financial advisors who can help you in the whole process.
