Expat mortgages are exactly what they sound like—programs allowing non-US citizens to obtain home purchase loans. Ordinarily, there are several barriers that would make the traditional mortgage process difficult.
Think of a mortgage as a gamble, for the lender. They are taking a chance on a borrower by providing a large sum of cash to be used for the purchase of real estate.
Given the nature of the lending relationship and just how large the sum of funds may be, they must do their due diligence to ensure you are likely to pay the mortgage back. In turn, they will hold enough capital to then loan out a mortgage to the next borrower.
But without being a US citizen, the waters become significantly murkier. You are much more likely to default on your loan and find a quick escape back to your home country where the lender has little recourse to recoup the funds.
Of course, this does not mean that every foreign borrower will fail to repay their mortgage. It just illustrates the significant risk facing these borrowers, and why they must structure their lending practices accordingly.
But with the help of an expert mortgage broker for international applicants, there are various options available. Again, exact programs and eligibility will vary based on location and citizenship status. Click here what is an expat mortgage
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