Can a Non-Resident Alien Buy a Home in LA
Can an non-resident alien buy a home in Los Angeles? The answer is yes. Definitely, yes. If you are somebody who is dreaming of owning a property in Los Angeles then today is the day to stop dreaming and to actually start owning your own home in the fun, upbeat and laid back communities of Los Angeles.
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If you are a foreigner out to invest in real estate property in the United States, now is definitely a good time to go bargain hunting. The downtrend the United States real estate market has caused home prices to drop nearly 30% between June 2007 and June 2008. The real estate market has been opening up to a lot of investors with minimal requirements, in order to get bad loans and foreclosures off their back. This could go on for some time until the economy fully recovers.
Real estate purchases in the United States are more popular now especially among the European market. It is estimated that at least 20% of foreigners purchasing homes in the US come from Europe and the United Kingdom. The downtrend in the economy and the diminishing value of the dollar is deinitely working towards their advantage.
The slump in the real estate market has likewise with an even greater number of homes up for sale. As a matter of fact you have so many homes in so many locations that you can choose from. The chances of you actually being able to buy the home you really want and need is huge.
Non-resident aliens purchasing homes in LA should first get sound real property advice from legitimate and licensed real estate agents. That way you are properly oriented on property tax and laws, ownership requirements as well as mortgage and financing details should you find it necessary to avail of such.
If you are buying the porperty with hard cash then you are likely to encounter less probems. Foreigners or non-resident aliens interested in purchasing homes, condominius or town houses in LA should prepare to be able to put in a 30% to 50% down payment on the property. Interest rates on the financing of course will vary depending on how much initial downpayment you have made. A substantial amount of collateral of proof of your capaility to pay your loans and mortgages may be required as well in order for non-resident aliens and foreign nationals to avail of mortgages and loans.
Likewise, be aware that foreigners are subject to the same federal ans state property taxes as with any other homeowner in the United States.
It is important to know however, that property ownership totally has nothing to do with gaining permanent residency status, aquiring a green card or with a bid to become a citizen of the United States. Owning a property in LA or in any US state for that matter is an entirely different process from what the US immigration requires.
Best of luck in finding your dream home in LA!
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