Obtaining mortgage in USA as an expat?

We just got back from the States this morning, and while we were there, my dad had an interesting idea for us.

He owns several rental properties in the Asheville, NC area. The owner of the house next door to one of his properties has just moved into a retirement home, and her children are keen to sell it. My father has a very good relationship with this family, and approached them about the prospect of purchasing it directly from them off the market for its appraised value.

He asked us if we would be interested in purchasing this house as a long term investment, and he would act as landlord for us (and he is the best landlord ever!). I have a reasonable sum of money in savings in the States for a down payment, and rent would give us a small income over the mortgage payments. Asheville is where we would move to if for whatever reason we decide to move back to the States in the future, and I could definitely see us living in this house if that were to happen.  Also, the rental market in Asheville is very strong, so all signs point to this being a good idea.

My question: does anyone know how easy it is to obtain a mortgage in the States as an expat, especially in this time of uncertainty in the housing market? I left the States with a very good credit history, and would have a very reasonable down payment, especially if we supplement my US savings with some of our UK savings.

Most of the services I see online seem to be for foreigners wanting to obtain mortgages for US holiday homes, and we don't fall into this category.

thanks!

Could he buy it and let it out and then if you return to the US you buy it off him? 

Then you wouldn't be an expat anymore and you wouldn't have to deal with the tax ramifications of letting or the mortgage issues that come with that rather than its being your principal domicile.

I've only ever owned in the US in a principal domicile setting, so don't really know how it works.  My dad has bought several properties at auction, but only to flip them and then resell them or hang onto them in slow times and then sell them, so I'm not sure how it works letting them.

It might be best to speak to a real estate lawyer in North Carolina to get the answers you need. I hope it works out because it sounds like a brilliant idea.

http://real-estate-law.freeadvice.com/real-estate-law/

expat, yes, this was one option we talked about. And I can see the benefit of doing it this way, as it would avoid the tax issue.

jtorres, that's a good idea, and my dad is going to look into it himself on his end locally. I was just hoping I'd find someone here who's been in a similar situation.

thanks guys

expat, yes, this was one option we talked about. And I can see the benefit of doing it this way, as it would avoid the tax issue.

there's also the mortgage issue, since it's not your principal domicile, especially as a US first-time buyer.

it would be wise if on his end he could maybe chase up some more info about this.

good luck!

it'd be a good time to buy.  my dad and my mom's sister just bought a couple of houses at auction, but that was cash purchase and they plan to flip them when the market improves.