House of Representatives bill H.R. 5072, known as the FHA Reform Act of 2010, has passed the House and been referred to the Senate. As now written, it will require that non-permanent resident aliens have both a Social Security number and be authorized to work in the U.S. to qualify for an FHA loan. It is expected to pass later this year.
What does this mean if you are a foreign home buyer? It means the time is now to take advantage of low rates and great buys before it becomes more difficult for you to buy real estate in the United States.
For every foreigner looking to buy a home, the home-buying process is essentially the same as it is for American citizens: You find a home, make an offer accompanied by a deposit, obtain a mortgage, pay for inspections and appraisals, and—when all contingencies have ...
