How to Refinance an Investment Property as a Non-US Resident
A resident alien is a green card holder. A nonresident alien is a visa holder, here on work or education visa permits. It is more challenging for a nonresident alien to obtain or refinance a home loan compared with a resident alien. Like citizens, noncitizens must meet requirements to qualify for a loan. Eligible resident and nonresident aliens can refinance with conventional lenders or through federal mortgage programs.
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Instructions
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Have a valid work visa. Student visas are not eligible.
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Verify two years of work history and confirm assets from banks and brokerage firms.
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Allow credit history verification. The initial loan terms will be part of that history along with any credit card, cell phone and auto payment history.
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Talk to a lender about your options. You may have been given subprime rates in the initial loan because of indefinite visa duration terms or lack of positive credit history. Now that you have been established with positive mortgage payments and perhaps renewed your visa, lenders may be able to offer a more favorable interest rate.
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Complete the refinance paperwork and follow the direction of your lender for any subsequent documentation required.
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References
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