Question 1

Can I buy in Gilroy without living in the US?

Accepted Answer

Yes. Foreign national loans are designed for non-residents. You don't need to live here or have a US address.

Question 2

Do I need a US Social Security number?

Accepted Answer

No SSN required. Lenders use your passport and foreign financial documents to verify identity and creditworthiness.

Question 3

How much do I need for a down payment?

Accepted Answer

Plan for 25-30% down. Some lenders go higher depending on your home country and documentation type.

Question 4

Can I rent out the Gilroy property I buy?

Accepted Answer

Yes. Many foreign national buyers purchase as rentals. A DSCR loan may actually be a better fit in that case.

Question 5

How long does a foreign national loan take to close?

Accepted Answer

Expect 30-45 days if your documents are ready. Document delays are the most common reason closings take longer.

Question 6

Are foreign national loan rates higher than conventional rates?

Accepted Answer

Yes, typically. The added lender risk means higher rates. Rates vary by borrower profile and market conditions.

Foreign National Loans in Gilroy, CA