America is the dream place for everyone. People from many places want to live here. They stay in America for much reason. To permanent in here they need to a specific home. But government of America makes some rules for the foreigners to buy home. Buyer must understand the rule before buying homes.
The government of America doesn’t allow the foreigners to buy coops. It is prohibited for the outside of America. If corporation recommends for the co-ops then only a foreigner can but the co-ops which must be 4000 miles from the city.
Generally foreigners are restricted to buy condos, and townhouse.USA government is very careful so that no foreigner can buy home in that portion.
But it the great things for the foreigner that, government loosened up the restriction of loan. As a result they can lean from the bank to buy home.
But in this case bank has some rules. These are HSBC rules
*They offer 30-15 year’s mortgage.
*Down the payment at 30%
*Reserving 12 months
*Providing $3,000,000 loan
Before taking the loan one must understand clearly terms and condition of banks .because there are some tinny rules also.
When the owner shift from one place to another then he must close the transaction of the bank and his home will be rent others. The power of attorney will be transferred by the bank.
Foreigner in America must pay more tax rather in the original people of America, the people who live in cities they must pay extra 20% $ for living than the citizen of America. So it is very important when a buyer buy home in cities or other place must be discussed with his consultant about the taxes.
Foreigner also should pay tax in net income of US. And that will be nearly 30%
the foreigner who buy home from bank at 40-50% down loan they need not to pay extra taxes. The taxes will be must given to the at least 10 to 15 year. When a foreign buyer dies then the government becomes the owner of that house and sells it to the rather customer. If they find no customer then the government pays the taxes and this taxes rate is 46%.
In USA there are many real estate companies now days. They have enough homes to give to the foreigners. If any foreigners who want to buy a house must contact with a consulting firm or the real estate company for getting good quality home.
But in that case he must pay some commission to the firm or agency.
So it is good for a foreigner to buy home after discussed with experienced person.