Are Years of Tax Returns Needed to Purchase a Home in the U.S?
By Milo • 9/28/2021
Many see the path to home ownership riddled with obstacles. Foreign Nationals, especially, often find hurdles when working through the loan process with a traditional bank. Milo was created to help make home loans for foreigners in the U.S. easy to understand and receive by removing many paperwork requirements.
Traditional banks require years of tax returns as income validation, as well as a U.S. credit score and additional documents that can take years of employment in America to achieve. But Milo is a direct lender with a laser focus on home loan programs for non-U.S. citizens. Our years of experience, and personal dedication to the foreign national market, allow us to serve potential homeowners that can close in weeks through a fully online process.
What Documentation is Needed for a Home Loan with Milo?
Milo streamlines home loans for foreigners in the U.S. by requiring just three types of documentation: a passport, verifiable income, a home appraisal
This simple approach is backed by robust technology that allows the process, even full closing, to be completely remote and online. Milo isn’t a hard money lender with extreme interest rates to make up for a riskier investment. Instead, our team holds a deep knowledge for the needs of Foreign Nationals, allowing for lending at interest rates that are competitive with a bank, but do not require high volumes of documentation.
Obtaining a Passport
Passports are issued by countries of origin and are seen as the gold standard for proof of individual identity. Since different countries have different costs and rules associated with granting passports, it is best to research your country of origin to ensure you have all the documentation needed.
Verifiable income can come by way of pay stubs or personal and business bank statements. Traditional bank loans require income to be shown on past tax returns, which can even be difficult for American citizens who find themselves in alternative situations. Milo’s personal service allows for margin, and interactions that give voice to unique circumstances. Our team has a specific background in home loan programs for Foreign Nationals. It is a market that has been misunderstood for years, but Milo provides an easy, quick, and transparent solution.
A home appraisal is an independent assessment of the worth of the home you are purchasing. Factors such as condition and size of the home are taken into account and home prices in the market in which you are purchasing. When you take out a mortgage on a home, you agree to pay back the home loan, plus interest, over the course of a set amount of years. This places your home as the collateral on the loan, meaning it is the investment that will be sold if, for some reason, the loan is not paid back in full or on time.
A home appraisal proves the worth of the home to the lender, ensuring that it is a sound investment. As a buyer, you will also likely have a home inspection, which is a very detailed list of potential issues that the home may have and can work as a negotiation point between you and the seller. These are two different assessments performed by two different licensed individuals.
Milo’s easy, online process extends to a variety of home loan programs for foreign nationals. This includes new purchase, refinance, and cash-out loan options that allow buyers to close quickly, with the peace of mind that comes from working with a company that was created to fit your specific needs.
Are you ready to own a piece of the American dream? Contact the Milo team to learn more and get the mortgage process started!