Process of buying a house in New Jersey as a non-resident, explained

So, you’re looking to buy a house in the New Jersey area, but you’re a foreigner? Is that even possible? Don’t worry, that’s not such a big deal. Even without US citizenship, it’s possible to buy a home in this fantastic US state, or anywhere else in the country. Buying a house in the USA doesn’t require you have US citizenship. Things won’t be so easy as if you were a US resident, but it’s pretty doable. Anyway, don’t worry. In the article below, we’ll show you how it can be done and what is to be done to obtain the right to buy a house as a non-resident. Stay tuned for some tips on buying a house in New Jersey as a non-resident.

The “easiest” way available

This probably goes without saying, but the easiest way you can obtain a property as a non-US citizen is to pay the full price in cash. There’s nothing stopping you from doing that. Well, other than the money. Anyway, for most people, paying the full price in cash is pretty undoable. Not so easy, right? Most folks consider other alternatives. Getting a mortgage plan will require you to meet certain necessities. Let’s see which ones.

A pile of dollar bills. If you're buying a house in New Jersey as a non-resident, the easiest way you can do it is to pay the full price in cash.
The “easiest option” when buying a house in New Jersey as a non-resident is to pay the full price in cash. It’s pretty undoable for most folks.

Obtaining a mortgage

Now, here’s the tricky part. Obtaining a mortgage as a non-US resident is not so easy. Here’s the thing. Most banks will ask you to meet these requirements:

  • You’ll need a credit score of 720 or above. Ideally, it would have to be a 780+.
  • You’ll need to be able to give a 20% downpayment.
  • Bank will require you to provide them with a valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number).
  • You’ll need to have at least two years of experience working in the US
  • You’ll need to have an existing source of income, and expect that income in the next 3 years

By meeting these requirements, you’ll be eligible to get a loan in most banks around USA to buy your New Jersey dream house.

FHA loan

Having a Green Card or a Work Visa is a major benefit, and it gives you a great advantage. Green Card holders are basically in the same league for mortgages as the regular US citizens. Non-residents may even qualify for a government-back loan. This type of mortgage is subsidized by the US government, and the most popular one is called Federal Housing Administration (FHA) loan. The FHA loan requires a lower credit score than most mortgage plans, and also a small downpayment.

Scramble letters forming HOUSING LOAN. If you're buying a house in New Jersey as a non-resident you may qualify for a government-subsidized loan.
The FHA is the most popular government-subsidized loan. It requires a lower credit score than most mortgage plans and also a smaller downpayment.

Buying a house as a refugee or asylum-seeker

If you’re a refugee or an asylum-seeker you have the same right as the US residents to get a mortgage. You’ll need to show a valid Form I-94, Arrival-Departure Record. Also, you’ll need an “Employment authorized” stamp on it. You’ll have to renew that one every 90 days. This program is pretty helpful to people fleeing their countries for a more peaceful and prosperous life. There’s isn’t a place in the US that fits this ideal depiction of life more than New Jersey. It’s no wonder it’s home to various immigrant communities. The state has always been proud of its multiethnicity.

Hiring the right kind of help

Let’s say you’ve rented an apartment in Jersey are for quite some time now. Jersey’s pretty nice and you can see it as being your new home. A little time goes by and – BAM! You’ve decided to buy yourself a home somewhere nearby, but you still don’t have citizenship. Since you’re reading this, these modest predictions might be true. Anyway, once you go through this stressful process you’ll probably need help moving in. That shouldn’t worry you too much. New Jersey’s got awesome residential moving crews. They’re probably the best on the East Coast. Contact experienced movers and settle into your new home hassle-free. You’ll be amazed at how easy it can be done.

Finding the right place

Since getting a loan as a non-resident might turn out to be pretty stressful, you’re going to need some peace and quiet to find the right house or an apartment. It may take you some time before you find the place of your dreams. Maybe you already have an eye on some property? Anyway, don’t make bad decisions under pressure. You’re buying your first US home, and you don’t need to rush things. Whenever you’re ready, feel free to contact Gibraltar Van Lines, movers that will arrange the rest of your adaptation to the new surroundings. You’ll feel like an average US citizen in no time. New Jersey has a wide offer of beautiful homes. You won’t have a hard time picking out the perfect one for yourself.

A house by the lake. Buying a house in New Jersey as a non-resident can be tough, because too many of them look fantastic.
You won’t have a hard time finding the perfect house for yourself. The problem is – there’s too many beautiful homes in Jersey.

A quick summary

So, these were some basic facts you should consider when buying a house in New Jersey as a non-resident. Let’s do a quick walkthrough. First thing first, nothing’s stopping you from buying a house in New Jersey, even if you don’t have US citizenship. That goes for all of the states in the US. Also, you can pay the full price in cash. That being undoable by many, you’ll need to know a thing or two about getting a mortgage plan as a non-citizen. There are some requirements you’ll have to meet if you want a loan. Also, you can try to get a government-subsidized loan. If you have a Green Card or Work Visa – you’re in the same league as the US citizens while trying to get a loan. The same goes for refugees or asylum-seekers. Once you’ve bought your first US home, hire quality Jersey movers to help you get settled the best way imaginable.