I’m a foreign buyer looking to purchase in New York City. What do I need to know?
You might be a really good candidate to work with a local New York real estate agent — first, because you’ll need extra help proving your financials and getting through a co-op board, and second, because some people argue that
foreigners tend to get rooked.
Besides getting you a good price, an agent should be able to get you in touch with a mortgage lender who can help you with your special financial needs.
One possibility will be a loan from a bank in your home country.
Another is what’s known as an “ITIN loan” (these are used by illegals, so I don’t know if you feel like that’s a stigma.)
Basically an ITIN is an Individual Taxpayer Identification Number — issued by the IRS to foreigners so that it can collect taxes. (You can find out more about them here.)
And some banks will lend off an ITIN instead of a Social Security Number.