Borrowing against US property
without a US credit file
The lenders who do this are a small group, their terms differ widely, and the difference between the best and worst quote on the same file is measured in points.
Before you read on
- Rates and terms move. Treat every figure here as an order of magnitude, not a quote.
- Reinvent NY works in New York real estate and is not a lender or a mortgage broker.
Point 1Three routes, three different tests
Built for a borrower with no Social Security number and no US credit history. The lender underwrites the passport, a reference letter from your bank at home, and statements showing the funds. Expect 30–40% down and a rate above the market for a domestic borrower.
Underwrites the property rather than the person. The test is debt service coverage: the rent divided by the mortgage payment, taxes and insurance. Above roughly 1.20 and personal income is largely beside the point. Investment property only — it cannot be used for a home you occupy.
For a borrower who has an Individual Taxpayer Identification Number and a record of living or renting in the US. Terms sit between the two above, and lenders will want to see US tax filings.
Point 2What it costs against a domestic loan
| US borrower | Foreign National | DSCR | |
|---|---|---|---|
| Deposit | 5–20% | 30–40% | 20–30% |
| Rate against a conforming loan | — | +1.5 to 3 points | +1 to 2.5 points |
| Proof of income | Tax returns, payslips | Bank reference, statements | Not tested |
| Property may be occupied by you | Yes | Yes | No |
| Reserves after closing | 2–6 months | 6–12 months | 6–12 months |
| Typical time to close | 30–45 days | 45–75 days | 30–60 days |
| Sold on to Fannie or Freddie | Yes | No — held or privately securitised | No |
None of these loans are bought by the government-sponsored enterprises, which is the whole reason the pricing sits where it does. Each lender keeps the loan or places it privately, so each sets its own terms. Two lenders looking at the same file routinely come back more than a point apart. Get at least three quotes.
Point 3Have these ready before you apply
| Document | Why the lender wants it |
|---|---|
| Passport and visa pages | Identity, and how long you may remain |
| Bank reference letter | Stands in for the credit file — length of relationship and standing |
| 12–24 months of bank statements | Traces the deposit to a lawful source |
| Proof of the source of funds | Required under anti-money-laundering rules, and slow to produce late |
| Two years of tax returns from home | Read even where income is not formally tested |
| Credit report from your own country | Some lenders accept it in place of a US file |
| Lease or rent roll, for a DSCR loan | The income the loan is underwritten against |
| US entity documents, if buying through an LLC | Operating agreement and EIN |
The step that delays closings is the source of funds. A wire arriving from an account the lender has not already seen documented will stop the file, and unwinding that takes weeks. Show the money where it sits, and how it got there, at application.
Point 4Two costs that surprise buyers
New York charges a tax on recording the mortgage itself — around 1.8% of the loan below $500,000 and 1.925% at or above it, on residential property in the city, less a 0.25% share the lender pays. It applies to condominiums and houses. It does not apply to co-ops, because no mortgage is recorded.
Roughly 0.45% of the price, paid once at closing. A lender will require its own policy; an owner's policy is optional but is what protects you rather than the bank.
Let’s talk first
Tell us the price band, the deposit available and whether you will live in the property, and we will tell you which route is realistic.
RELATED GUIDES
Recent transactions
A sample of the sales, purchases and rentals we acted on in 2025 and 2026.
Real estate brokerage services are provided through R New York.
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.