U.S. Mortgages for the Global Borrower
The following information is provided courtesy of our partners at Guaranteed Rate Affinity.
Providing mortgage assistance to employees moving within the U.S. has long been an important element of our domestic relocation support. But, given that a large percentage of Cartus’ business is global, we are often asked how we can support an international assignee who is moving into the U.S. and looking to buy a home with financing.
The great news is that we can provide financing for these customers. However, the process can be more time consuming and challenging. We will work with the borrower to collect credit sources and history from the employee’s departure country, and one of these sources needs to be a housing reference (mortgage or rent). Following are a few more tips for international assignees.
Tips for International Assignees Seeking a Mortgage in the U.S.
- Timing is everything: if your assignee does not purchase immediately, they will likely have to wait until their U.S. credit is established. Their credit from the departure/home country will become stale within a month or two.
- Social Security number is needed: The assignee will need to have their Social Security number before closing on their mortgage. Make sure that the assignee applies for a social security number as soon as they are able to minimize any potential delays.
- Funds for closing must be in a U.S. Bank account.
- A minimum of three trade lines is needed to build a credit profile, and one of them must be a housing reference.
- The process does take a bit longer. We counsel international borrowers to allow for a 60-day closing.
- All documents must be translated into English. This could add to a borrower's closing costs.
- Twenty percent down is the preferred down payment. Mortgage insurance would be placed on a loan with less than 20 percent down, which can be costly.
We are happy to work with your global customers to see if they can obtain mortgage financing without U.S. domestic credit scores.
Contact your Cartus representative for more information.
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