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The United States does not place any restrictions on non-US citizens buying and owning real estate in the United States even if you never visited the United States. You won't need a green card to buy a house in the USA, but you will need an Individual Taxpayer Identification Number (ITIN). Depending on your nationality, you may also need a valid foreign passport, visa and two or more current photo identifications, such as a driver's license.According to VISIT-USA Act, foreign nationals can buy property in USA worth of minimum Half a Million Dollar ($500,000) and get 3 years visa to stay in the United States. This visa does not provide work permit and one must stay in this residence at least for six months (not necessarily consecutive) in a year.Congress created the EB-5 Immigrant Investor Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under this program, a foreigner who invests $500,000 — and in some instances, $1 million — in a project that will create at least 10 jobs can apply for a green card. It generally takes from 22 to 26 months to obtain legal residency through the program.In addition, there are E-2 Treaty Investors, which allows an individual to enter and work inside of the USA based on an investment he or she will be controlling, while inside the United States. This visa must generally be renewed every two years, but there is no limit to how many times one can renew. The investment must be "substantial." Investor visas are available only to Treaty Countries.Here is some important information you might need to know before you proceed forward.Get an ITIN:To obtain an ITIN, you must complete IRS Form W-7, IRS Application for Individual Taxpayer Identification Number. The Form W-7 requires documentation substantiating foreign/alien status and true identity for each individual. You may either mail the documentation, along with the Form W-7, to the address shown in the Form W-7 Instructions, present it at IRS walk-in offices, or process your application through an Acceptance Agent authorized by the IRS.Type of Property You Can Buy:You can buy single-family homes, condominiums, duplexes, triplexes, quadraplexes and townhomes. But you can not buy housing cooperatives or co-ops, because in order to buy a co-op you must have income inside the USA and a lot of co-ops generally prohibit foreign ownership.Financing:It is possible to obtain financing for a purchase by a foreign buyer, however, foreigners are more likely to pay higher interest rates. Most qualified Foreign Buyers can obtain financing for properties with a 30% down payment ( 40% for Miami). You will need to have $100,000 on deposit with the bank and if you withdraw money and your deposit goes below this threshold, your interest rate will increase. And the loan limit for foreign buyers are within $3,000,000. You are welcome to make an all-cash purchase, but U.S. law mandates that cash transactions over $10,000 be reported to the federal government.Closing:If you want to attend your real estate closing you are more than welcome, but it is not necessary for you to be in the US. Rather, you can provide your representative with “Power of Attorney” and the representative will have the right to close the deal on behalf of you. This is quite common and convenient for the buyer who does not want to come back to the US for the closing.Taxes:A foreigner does not need to pay a specific tax due to their residence status. The US government requires that the Foreign National “elect” to pay US income taxes on any net income (rental revenues less expenses) derived from rental property. If this election is not made in a timely fashion (e.g., US income tax returns not filed), a tax of 30% of the gross rental income will be assessed. Under this scenario, the investor would not be able to deduct any expenses such as depreciation, interest, property taxes, common charges, etc. Even if the Foreign Investor is incurring tax losses in the beginning years of their investment, and, therefore, doesn’t owe any taxes to the government, they still must file their tax returns in a timely manner in order to make the election.Foreign buyers who finance their purchases with a 40% to 50% down payment are usually able to avoid paying income taxes on any rental income derived from the property for the first 10 to 15 years. This results from the types of expenses the U.S. government allows taxpayers to deduct from their income when filing income taxes. Things like mortgage interest, common charges, property taxes, and depreciation are included in these calculations, often leading to “negative income” calculations, meaning no taxes will need to be paid.A foreign person needs to pay gains tax and FIRTPA withholding tax. Federal Gains tax is currently 15% of the net capital gain. Net capital gain is the amount of the gain on the property with the original purchase price, closing costs, and capital improvements (renovations), subtracted out.Homeowners in the U.S. are subject to property taxes regardless of their nationality. Property taxes vary from state to state, and even within states, from 2.076% in Bergen County, New Jersey to 0.251% in Hawaii County, Hawaii.Foreign persons are also subject to Federal estate tax on property owned in the U.S. when they die. Currently the estate tax rate can be as high as 35%. U.S. citizens are given an individual exemption from the tax up to 5 million dollars. Married couples are currently exempt up to 10 million dollars. However, non U.S. citizens are not granted the exemption, unless a treaty exists with their country. See the discussion on treaties below. As a result, property valued above $60,000 is subject to estate tax. Discussed below are suggestions of vehicles that can be created to avoid Federal Estate tax including an irrevocable trust and a foreign holding company.This is easily avoided if the Foreign Buyer does some upfront planning. The planning involves setting up a Limited Liability Corporation (LLC) and a Foreign Corporation. The LLC would own the property, the Foreign Corporation would own the LLC, and the buyer would hold shares of stock in the Foreign Corporation. Under this scenario, since the property is “owned” by the Foreign Corporation, the US government would receive nothing upon the death of the Foreign Buyer. This is a great tax savings for Foreign Buyers and is not very expensive to implement. This structure also allows for the easy transfer of the property from one party to another by the selling of shares of the corporation rather than the sale of the property, which might trigger a taxable event. It is advisable for any owner of investment real estate (foreign or US) to create at least an LLC to hold the property, since using this structure limits the owner’s liability to the value of the LLC, which would strategically own only that particular property and, therefore, the owner’s liability would be limited to the net value of the property. Taking this one step further, using a Foreign Corporation to own the LLC would provide protection to the Foreign Buyer against the estate tax.Buying in the name of an Individual vs in the name of an LLC:If a foreign person wishes to purchase the property individually, they can create an irrevocable trust to hold the property. An irrevocable trust will avoid estate tax when the foreign person dies. In addition, a trust can provide similar privacy protections to a corporation.As noted above, owning a property through an LLC or US corporation can provide liability protection and additional privacy to the foreign buyer.Currently, long term capital gains tax rates are 15% for individuals and there is no capital gains treatment for C corporations. Federal corporate tax rates can be as high as 35%. What this means for the foreign buyer is a tax savings on the capital gains on the sale of the property if it is held individually as opposed to a standard corporation. However, these taxes can be avoided, and the foreign person can obtain the Federal capital gains tax rate of 15%, by creating an LLC. LLC’s allow individuals to be taxed at their own individual tax rate, instead of being subject to the high corporate tax rates of 35%. As a result, there is not a significant advantage in tax treatment to a foreign buyer if they own a property individually.While there is not a significant difference in tax treatment between owning the property individually or through an LLC, there is a difference in liability protection. Owning a property individually can subject the foreign buyer to lawsuits in the U.S., whereas, an LLC can protect the foreign buyer’s assets outside those owned by the LLC from liability.Disclaimer:I am not an attorney or a real estate expert. My answer is solely based on information available on public websites. The Answer is not intended to provide legal advice.

Welcome to the United States of America! Here are a few things that you will find useful or interesting to know when visiting our country.MeasurementOutside of industry, the metric system is not used. We measure distances in miles, feet, yards, and inches. A mile is about 1.6 km; a yard is a little less than a meter; there are three feet in a yard, and an inch is about 2.5 cm. (Well, 2.54 cm, by definition.) We measure volume in gallons, quarts, and cups (and pints and tablespoons and teaspoons and.... the list goes on). Fuel is sold by the gallon. A quart is slightly smaller than a liter; there are four quarts in a gallon. Temperature is measured in Fahrenheit.For the rest of this answer, I will use metric terms since that will be most meaningful for the international audience.Size and Public TransportationThe United States is incredibly, unbelievably large. Not as large as Russia, but still large. Large enough that travel at times becomes difficult.To drive from New York City to Los Angeles (for our major cities, we do not reference the state they are in because everyone here knows what state they are in), expect to travel approx. 4500 km in 40+ hours of driving (not counting stops for sleeping, refueling, eating, and other necessary activities). Or you can get a plane ticket and fly there in about 5 or 6 hours.Speaking of flying, unless you are traveling between major airline hubs, expect to have one or two layovers as you transfer flights. Direct city-to-city air service is limited.Public transportation is only convenient within major cities. Between cities, public transportation is limited and may not be available. Small towns may have no public transportation options at all. Along the Pacific and Atlantic coasts there are rail lines with regular service between major cities. Amtrak provides cross-continental service. In some areas, Greyhound provides bus service. Other options that may be available for intracity transport include Uber, Lyft, and taxi services.This lack of public transportation is largely due to the vast amount of rural space between cities. It is not cost-effective to support a transportation infrastructure in areas that are not densely populated.If you have a driver’s license, issued by any country, you are welcome to rent a car and drive it yourself. The rental car will almost certainly have an automatic transmission. You may be able to rent a sports-model car with a manual transmission, but it will be at additional cost. If you have the means, you could even have your car shipped over here for the duration of your trip, but you will not be able to sell or register it in the United States unless it has been modified to meet our safety and emissions standards.RecreationBecause of its size, the United States has an incredible variety of scenery. Some regions have a greater variety than others. In the coastal Pacific Northwest where I live (Oregon, Washington, and northern California), it's possible to live in a major city and within two hours driving distance, visit an ocean beach, go alpine skiing, explore a desert, a rain forest, kayak among pristine islands, or hike world-class trails.In other regions, you can drive most of the day without a significant change of scenery, but there still may be unadvertised local recreational opportunities. The Midwest may not offer beaches or mountains, but there are many lakes, forests, and other wild areas that are open for exploration. If you are wanting to get outside, ask around.Speaking of hiking, you will be limited to hiking established public trails. Unlike some countries, you generally cannot enter private property without permission from the landowner. Americans are very protective of their private property. This partly stems from the Independence movement, and partly from fear of legal tort, whereby an injured party can sue the landowner for damages, even if the injury is the fault of the injured party. Many private landowners will gladly allow you to cross their property if you ask first; but if you fail to ask, you may be asked (or forced) to leave.CarsMost Americans -- and all Americans in rural areas -- have cars. This is partly because the public transportation infrastructure is so limited. Americans also have a love of driving and the feeling of independence it provides. Even if public transportation was widely available and convenient, most Americans would still rather drive themselves because owning a private car grants you the independence to go wherever, whenever you want. Most states tax only the purchase of a vehicle, and that tax is usually less than 10% of the sales price. (Some states, including Oregon, charge absolutely NO taxes on the purchase of a car.) License registration costs are usually relatively low, but vary by state. Fuel taxes are low compared to many other nations, and also vary by state and locality. The base price of fuel -- not including taxes -- is also relatively low.Americans love road trips; on holiday and summer weekends, expect national parks and other public attractions to be very crowded with very full parking lots. If you are fortunate to stay with American friends when you visit the United States, they will LOVE to have you ride around in their personal car while they show you the sights. Despite the impression that discussions of politics and religion may give, Americans are proud of their country and love to show it off.Rental cars are available in a variety of sizes and styles. Most cars -- whether rental or privately owned -- have automatic transmissions. Most Americans are now incapable of driving a car with a manual transmission. In fact, when you come to the United States, you may not even be able to rent a car with a manual transmission.Drivers in America generally abide by traffic laws and are respectful of other drivers. However, many drivers go up to 5 or 10 mph (8–16 km/h) over the posted speed limit on rural highways. Speed isn't strictly enforced in many areas, but some areas it is. If you're not the fastest car on the road you probably won't be pulled over. :-)Most states require seat belt usage. Many states allow an officer to stop you if you or your passengers are not wearing seat belts.Most road signs are text, though the number of iconic road signs are increasing. Our standard road signs are completely different from those used in Europe or many other countries. Being able to read and understand English is important if you will be driving.CuisineMany Americans enjoy a luxury they fail to recognize we even have: an incredible selection of food. Think of anything you might want to eat: within a few hours, you will be able to either prepare that food or find a restaurant that serves that food. (Except for horse, dog, and cat, the meat of which is illegal to sell in the United States because people are offended at the thought of eating pets.) Fresh strawberries in February? Yup. There are no "in season" items, though some items may be available in a frozen or preserved, rather than fresh, form.Ethnic fare is readily available. East Asian restaurants are common and popular.Our markets are huge and have a mind-boggling selection. For example, it is not enough to just have rolled oats, there will be large display of rolled oats in several different brands, numerous package sizes, and even different flavors. It is almost unheard of for a market to not have a product in stock.(I can think of no truly or uniquely American delicacies. There are some regional foods. It is my observation that a delicacy is something your ancestors ate because they were starving. The history of white settlement in North America does not include widespread or long-lasting famine, so there has never been a necessity of finding non-traditional food sources. Those delicacies enjoyed by some Americans are traditions borrowed from the home countries of their ancestors. In fact, most recipes are derived from traditional recipes from other countries.If there is any food at all that is very American, it is the hamburger, a ground beef patty between 0.5 and 1 kg before cooking, topped with fresh lettuce and tomatoes; pickles; ketchup, mustard, mayonnaise, or other sauce; and sandwiched in a soft bun made of white wheat flour. Optionally, it is topped with either cheddar or American cheese, and then is called a cheeseburger. Other toppings may be used, but those are the most common. The hamburger or cheeseburger is by far the most popular single culinary item among Americans.)LanguageA note about language: Americans use the term vacation to refer to a pleasure trip away from home. A vacation can also be time spent away from work, usually more than one day. Taking a single day off of work is simply referred to a taking the day off or a long weekend. The term holiday refers to a day of religious significance (such as Christmas, December 25) or a nationally-recognized day when businesses or government offices are closed (such as Independence Day, July 4). So while in some countries, you may go on holiday when you skip work for a trip to the beach, in America you go on vacation.Americans are fairly tolerant of people speaking broken English or with a strong accent. However, few Americans are multilingual. Spanish is the second-most common language spoken in the United States.Personal IdentificationOnce you enter the country and have been processed by Immigration and Customs Enforcement (popularly called just Customs), there will be no requirement to register your location or surrender your passport. You will be expected to not overstay your visa, but that is on the honor system. You will need government-issued photo identification containing your photo, your legal name, and your date of birth to purchase alcoholic beverages and tobacco products as a verification of age. You must be 21 years of age or older to purchase alcohol; 18 years or older to purchase tobacco. (In the states where it has been decriminalized, you will need ID to purchase marijuana, too.) This ID could be your driver's license, your passport, or other government-issued ID containing that information. The information on your ID will not be recorded for these purchases. (Exception: cold remedies containing Pseudoephedrine will require recording of your identification. This is because, by law, the amount you may purchase in a particular time frame is limited, to combat methamphetamine manufacture.)Keep your identification in your possession at all times. If you hand it to someone, don't let it out of your sight. Identity theft is a huge problem in the United States, and the information on your ID could allow someone to commit fraud in your name. (Exception: when stopped by a police officer, they will request your driver's license. They will take it to their patrol vehicle for processing, and return it to you.)PoliceDon't EVER try to bribe the police. The police in the United States are well compensated, and don't feel the need to supplement their incomes with bribes. In fact, if you do try to bribe a police officer, you WILL be arrested. If you are issued a citation, it will generally give you two options: pay a fine to the court of jurisdiction, or appear in court on a specified date to contest the citation. Do not pay the fine to the officer; pay the fine to the court, which can be done via postal mail.If you are driving and stopped by a police officer, be respectful and cooperative. If driving at night, turn on your vehicle's interior lights before the officer reaches the vehicle. Keep your hands in sight at all times, make no sudden movements, and explain your actions. ("The registration is in the glove box.") Officers are naturally on edge when approaching a vehicle, because they don't know when an encounter will turn violent. The more you can do to put them at ease, the better your chances of simply receiving a warning. When your car is stopped by the police, the officer will request your driver's license, vehicle registration, and proof of liability insurance. You must provide this information.You have two important rights when in contact with police: the right to refuse a search of your car or personal property (such as a backpack) without a warrant, and the right to refuse to answer questions without legal counsel present. However, if you exercise these rights, expect to be detained (while a warrant is obtained) or arrested and your vehicle impounded. (Exception: your personal property may be searched when entering certain public and private facilities such as courthouses and sports stadiums. You may refuse this search, but you will be denied entrance without submitting to the search.)Most police officers are honest and respectful. You may have seen videos of abusive officers; these are the exception.WeaponsMost firearms are completely legal to own and carry in the United States. In public places, you may not conceal the firearm unless you have a concealed carry permit (also called a concealed weapons permit, a concealed handgun permit, or a concealed pistol license, or some other similar term determined by state law) that is valid for the state you happen to be in. In your car, you must bear a CCP to have a firearm concealed in the passenger compartment. If you see someone walking around carrying a weapon, that is perfectly legal. It is not legal for them to brandish it in a threatening manner; simply possessing it is not considered threatening.Private property owners may ban firearms on their premises, and enforcement is at their discretion. Depending on the state, public facilities may or may not be able to ban firearms. In some states, public schools might post "Gun Free Zone" signs, but that ban might not be enforceable, depending on legal exceptions. As a foreigner, you probably won't want to test this rule. Federal facilities (offices of the United States Government, including Post Offices) generally ban weapons; being federal facilities, state laws guaranteeing weapons carry do not apply.Postal ServiceThe United States Postal Service is quite likely the most reliable and speedy government or pseud0-government agency for letter and parcel delivery in the world. (Private delivery services may be more reliable and speedy.) To deliver a personal letter (using what we call "First Class") from anywhere in the United States to anywhere else in the United States typically takes no more than three days. The amount of postal mail that is lost or delayed is a miniscule fraction of the total volume of mail delivered. Mail is delivered directly to almost every home or business six days per week (Sundays excluded). There is no cost to receive mail, though you may rent a post office mailbox if you wish to have more secure mail delivery. Delivery costs are borne by the sender. A first-class letter weighing one ounce (28 g) or less currently costs $0.49 (49 cents) to deliver anywhere in the United States.(Personal anecdote: when I send postal mail to my friends in Canada, the letter will enter the Canadian postal system within three days. However, my friends might receive the letters up to three weeks after I send it.)Currency & BankingBefore you travel to the United States, if you wish to carry currency, exchange it at your own bank in your home country. Currency exchange in the United States is nearly impossible.To avoid carrying large amounts of cash, carry a credit or debit card with the Visa or Mastercard logo. These are accepted as payment almost everywhere. (The merchant may need to process your debit card as though it were a credit card. I don't know how debit cards are handled internationally.) Your own bank will handle the exchange and probably give favorable rates. Most credit cards will be processed using the magnetic stripe; there is a transition plan to replace mag-stripe cards with EMV (chip-embedded) cards.ATMs are widely available, but you will be charged a transaction fee of between $1.00 and $5.00. (There are ways to avoid these fees, but an explanation is unlikely to be a benefit for a foreign visitor.)Traveler's checks (cheques/bank drafts) are generally not accepted. Personal checks drawn on a foreign bank will be refused; personal checks drawn on a bank in the United States may or may not be refused. Many merchants refuse all personal checks.

Wow. A lot. But let's make it simple:The best entity for a mortgage is a Mortgage Broker. This person:• Is known through advertising and client referrals;• Works for an independent brokerage and works to the benefit of the Buyer only;• Has access to a very large number of Mortgage products and is the “go between” between the Borrower and all the Lenders;• Has numerous options if a Mortgage application is Denied - if this occurs the Mortgage Broker can move the loan to multiple sources until the loan is approved;• Does both Conventional and Government loans as well as specialty Mortgage loans, like loans for people Self-Employed for only a short time or people who need Jumbo loans;• Brokers loans to a large number of lending sources.The other entity involved in Purchasing a home is the Real Estate Agent. If a Real Estate Agent is used (which is not required in any state), that Buyer’s Agent will work for the Buyer and will help him/her find a home to purchase.The Buyer’s Agent should be just that - the Agent for the Buyer. Avoid DualAgency, which is a Real Estate Agent acting as an Intermediary, representing both the Buyer and the Seller. Nice in theory but totally unrealistic and unethical in practice.The Buyer’s Agent should do the following for the Buyer:• Visit with the Buyer to understand the Buyer’s needs and preferences in a new home;• Search through databases (like MLS), newspapers and websites for properties the Buyer may like;• Preview properties to make certain that they meet the Buyer’s needs and preferences;• Accompany the Buyer to view numerous properties until the Buyer finds one that interests them;• Provide school district, neighborhood and other information about the house that interests the Buyer;• Assist the Buyer in preparing an Offer;• Work with the mortgage broker on the financial items contained in the Offer (don't use the Real Estate Agent's pet mortgage broker - instead use a company like The Mortgage Professor or HomeStart Landing Page to find a good mortgage broker);• Present the Offer and the Prequalification letter to the Seller or Seller’s Agent;• Assist in negotiations to move the Offer to an executed Contract;• In states that use Surveys, obtain the Seller’s existing Survey for the loan originator;• Meet the Home Inspector at the property;• Advise the Buyer of contractual dates (like the end of the Inspection period) throughout the Purchase process;• Meet the Appraiser at the property;• Review the Survey (if applicable) to make sure there are no boundary, Building Line, Setback, Easement, Ingress or Egress issues;• Review the Title Commitment for any Mortgage Lien, Tax Lien, Mechanics Lien or other Title issues;• Keep in contact with the mortgage broker to be aware of when a Closing is likely;• Do a final Walk Through with the Buyer;• Attend the Closing;• Secure the property keys for the Buyer; and• Provide referrals to a locksmith, handymen, etc.There is no requirement in any state for a Buyer to use a Real Estate Agent. If the Buyer wishes to do the agent's work, anyone can assist you in the negotiation of a contract for a house you found yourself, as long as they don't receive compensation for doing so;Now that you know who the players are, it’s important that you understand:• What a Mortgage is;• A few basic Mortgage terms;• What all the costs are;• What kind of funds can be used in the Purchase;• What is involved in the Purchase process;• What is involved in the Mortgage process; and• How to prepare in order to obtain a Mortgage loan.A Mortgage is a Lien that encumbers the property. A Mortgage Lien is like an IOU, attached to the Title of the property making the property the Collateral for the amount of the loan that was extended to the Buyer.Title basically proves who owns the property, shows the current Liens against the property, declares any oddities about the property to which the Title Insurance Company may take exception and sometimes shows a record of all the transactions that have taken place against the property.There are both First Mortgages and Second Mortgages. These different Mortgages are attached to the Title of a property in an order; the First Mortgage being the most superior and subordinate Mortgagesbeing inferior. The vast majority of Mortgages are First Mortgages, however, it can sometimes be advantageous for a Buyer to do a Combo Loan that gives him/her a First Mortgage followed by a Second Mortgage in the same transaction.Mortgages are either Amortized or not. Amortized loans are fixed Rate Mortgages, Adjustable Rate Mortgages and Balloons. Non-Amortized loans are Interest-Only loans where the payments do not pay the loan off, but only the Interest that accrues monthly.Fixed Rate Mortgages are generally used when Interest Rates are low. Adjustable Rate Mortgages are generally used when Interest Rates are high or when the Buyer does not expect to keep the property for very long. Balloons are also used when Interest Rates are high or when the Buyer does not expect to keep the property for very long. Interest-Only loans are used when the Buyer demonstrates a need to keep the payments as low as possible.When a Buyer Purchases a home, the Mortgage Lender will loan a percentage of the Purchase Price.This loan percentage can be as high as 97% of the Purchase Price. Any left over percentage is the Down Payment. The Buyer will pay the following items to Purchase a home:• The Earnest Money/Deposit on the Real Estate Contract;• The Option Fee (or Inspection period fee) on the Real Estate Contract (in states that use Option Fees);• The Inspection fee(s) of the actual Home Inspection at the time the Inspection is done;• The Termite examination and any appropriate treatment;• The Down Payment on the property;• The Closing Costs on the loan; and• The Prepaids on the loan.There are a large number of people or entities involved in a Mortgage loan. Closing Costs are the charges and fees associated with these parties. Closing Costs include Origination charges, Lender charges, the Appraisal fee, the Credit Report fee, Title/Escrow Company fees, etc. Closing Costs areitemized on a Good Faith Estimate and a Fee Worksheet provided by the loan originator and then again, at Closing (on a HUD-1 Settlement Statement), by the Title/Escrow Company or Closing Attorney who is Closing the loan. Sometimes, the Buyer’s Agent and the loan originator will secure money from the Seller to pay some or all of the Closing Costs for the Buyer. These monies are called Seller Concessions or Contributions. Prepaid Items (Prepaids) are not Closing Costs. Prepaids are loan Interest, the Homeowner’s Insurance first year premium and Escrow Reserves.Not all funds may be used for the Down Payment, Closing Costs and Prepaids. Funds paying for these items must be Seasoned (in the Buyer’s account) for at least 60 days, must be Sourced (from anacceptable source like a paycheck or a tax refund) or must be a Gift (donated funds from an approved source) on a loan that allows Gifts.The Purchasing process is as follows:• Gather your financial documents to prepare for your Mortgage financing;• Choose a Mortgage Broker;• Obtain a Prequalification letter;• Get started on the Mortgage loan. Arranging the Mortgage financing before you look for property may seem;backward, but it allows the prospective Buyer to know how much he/she can qualify for, and whether or not he/she is comfortable with the payments, etc. before looking for a property;• Find a Buyer’s Agent and an attorney (if an attorney is required in your state). Keep in mind that there is no requirement to have a Buyer’s Agent;• Enter into a Contract including delivering the Earnest Money/Deposit check and Option Fee check (if applicable) to the appropriate party or parties (Real Estate Agency, Title/Escrow Company or Closing Attorney’s law firm);• Perform Home Inspection, including Termite (if desired, required on an FHA loan);• Perform other Inspections (Septic or Well, if applicable, or Foundation if Home Inspector has concerns);• Order or obtain Survey from Seller (in states that use Surveys);• Perform Appraisal;• Arrange Homeowner’s Insurance coverage for the home;• Complete Mortgage financing, including deciding if using a Power Of Attorney;• Obtain Closing check. This check must be a cashier’s check so that the funds are immediately negotiable (can be immediately cashed); however, a wire from the Borrower’s bank account to the Title/Escrow Company’s bank account (or Closing Attorney’s trust account) will also work. If a Borrower is wiring funds to the Title/Escrow Company, the Borrower first needs to obtain the Title/Escrow Company’s wiring instructions so that the funds are applied to the Borrower’s transaction. The same is true for wiring funds to a Closing Attorney’s law firm;• Attend Closing. Usually the only items the Buyer should bring to Closing are a photo identification, the Closing check and a checkbook (if the Closing check was not for the exact amount due); however, the Mortgage Lendermay ask the Buyer to bring originals of Letters of Explanation or other items to Closing.The Mortgage process is as follows:• Mortgage Interview;• Loan Application;• Financial document gathering and delivery;• Processing;• Property Appraisal;• Underwriting;• Conditional Approval;• Gathering Conditions;• Document Preparation; and• Closing.It is always best if the Buyer prepares for obtaining a Purchase Mortgage loan. Preparation for obtaining a Purchase Mortgage includes:• Finding Income Tax Return copies for last two years;• Finding W2 forms for last three calendar years;• Finding business (C-Corporations, S-Corporations, Limited Liability Companies, Partnerships) Income Tax copies (if Self-Employed) for last two years;• Finding K-1 forms for last three calendar years (if Self-Employed);• Gathering pay documents (one month’s worth of paycheck stubs, a Social Security, Pension, Annuity Award Letters, adoption stipend stubs and/or county printout of child support payments received);• Gathering asset documents (two months most current bank statements for all checking, savings, and money market accounts, last two statements received for all IRAs, 401Ks, Stock accounts, and Annuities, Settlement Statements from recent property sales) Note that state, county and federal retirement accounts for current employees do not count as assets;• Gathering situational documents (Divorce Decree, Bankruptcy discharge letter and list of creditors, leases for Rental Properties, Tax Appraisal notices for Rental Properties, Homeowner’s Insurance Declarations Pages forRental Properties, proof of payment for Judgments, Tax Liens or collections);• Obtaining a statement of Whole Life Cash Value (if applicable);• Finding the Survey (if Refinancing and in a state that uses surveys);• Finding the Homeowner’s Insurance Declarations Page;• Writing down the names, addresses and telephone numbers of all landlords for the past two years; and• Writing down the name, address and telephone number of all Human Resources departments for all jobs.