Can a Dubai Resident Buy a Home in the USA? By Luis Pezzini At Isnare.com Ezine Articles

Whether in California, Texas or Florida, the much needed boost in the real estate market may very well come from foreigners ready and equipped to buy homes and property lined up for foreclosures. Federal property laws vary from state to state, but most do allow foreigners or non-resident US aliens to purchase real estate property in the United States.

The European market as well as residents from the United Kingdom are popular targets of real estate agents. Other foreign nationals including thoes from the Middle East like Dubai, Kuwait and UAE are also popular buyers of US homes.

Dubai and other Middle East nationals and residents who have gone vacationing in the United States will most likely find the US real estate market a very lucrative investment.

For the businessminded and for the wise investor, the right time to make a real estate purhase is when there is a huge supply in the market. The economic slump that the real estate market has found itself in has led to a huge supply of homes at values that are as low as it was three to five years ago. This is most especially true in Califonia, Florida, Nevada and Texas.

There are several foreclosed homes in the market as well as several homeowners who are finding it difficult to keep up with payments. Lately, many homeowners would like to let go of mortgages and loans and are opting to shortsell at bargain prices. Chances are, motivated buyers, especially foreign nationals, would be getting a good bargain for their dream homes.

DataQuick Information Systems in the Unnited States revealed that in the second quarter of 2008 or from April to June of the current year, over 118,020 default notices have been sent out . This is a substantial 125% increase compared to the same period of last year. Moreover, this is the highest numebr of default notices issued since 1992.

Because of the economic situation, banks and lenders have become more open and lenient in giving out loans to non-US residents and foreign nationals. Foreign nationals can aquire loans in the same way that an American investor can get a hard money loan without showing much credit information. All that is necessary is to show substantial collateral and interest.

Foreign nationals looking to invest in the United States real estate market do not need any green card, good credit standing, credit card records or even a visa. In most states, foreign nationals, icluding those from the Middle East or Dubai need only to put forward a least 35% of the home purchase price as a down payment. However, if investors put in as much as 50% of the purchase price as down payment, a much lower interest rate and flexible payment schemes will be offered.

For foreign nationals who would like to invest in the United States real estate market, indeed the possibilities are endless and the opportunities, very much enticing. Whether you live in Europe, the United Kingdom, the Middle East, Dubai or Asia, go right ahead and consult with a licensed real estate agent now and open the door to a real estate investment of your dreams that you will not regret.

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