Banking and Assets

• 1). Make or maintain a cash deposit at a financial institution for 35 to 40 percent of the value of the property you plan to acquire. It can be a foreign bank, but it must be a major one with accounts that a mortgage lender can easily verify.
  
  
• 2). If your available cash is less than 35 to 40 percent, identify other assets, such as securities and life insurance policies that you can pledge as collateral for a loan.
  
  
• 3). Obtain two banking relationship reference letters.
  
  

Income and Credit

• 1). Request a letter from your employer or outside accountant, if self employed, stating your position, dates of employment, and income for the last two years.
  
  
• 2). Obtain a credit report from your home country, if there is a reporting system.
  
  
• 3). Request three reference letters from creditors, including one related to housing.
  
  

Taxes and Visas

• 1). Make copies of your last two annual tax returns, if your country required them.
  
  
• 2). File Form W-7 to apply with the Internal Revenue Service, or IRS, for an Individual Tax Identification Number (see Resources).
  
  
• 3). If you plan to spend more time than just vacations in the U.S., apply with the U.S. Department of State for an employment visa. While some visa types depend on finding a job, other types allow self-employment (e.g., E-2 or L-1 Visa).
  
  

Loan Application Process

• 1). Contact a number of different lenders, including multinational banks and specialty mortgage bankers and brokers.
  
  
• 2). Obtain a prequalification letter from the lender that comes closest to meeting your needs.
  
  
• 3). Execute a purchase agreement with a seller of real estate.
  
  
• 4). Present the purchase agreement to your lender and complete the loan application process with the documentation you collected in the preceding steps.