Does mortgage financing exist for foreign buyers?
Yes — it's known as a 'foreign national loan' and is offered by banks and lenders specialized in this type of borrower (not all banks do; many large mass-market consumer banks don't lend to non-resident foreigners). It's a different product from a conventional mortgage for citizens/residents.
You don't need an SSN (Social Security Number) or US credit history to qualify — the lender evaluates your profile differently: repayment capacity, liquid assets, and sometimes your credit history in your home country.
What to expect: down payment, rate, and term
The typical down payment for a foreign national loan is usually between 25% and 40% of the property value — notably higher than the minimum for a local buyer with conventional credit (which can be 3-20%).
The interest rate tends to be somewhat higher than a conventional loan for residents, reflecting the higher risk perceived by the lender. The typical term remains 30 years, same as a conventional loan.
What documents the lender asks for
Generally: a valid passport, bank reference letters from your home country (confirming the relationship and good standing of your accounts), the last 2-3 months of bank statements showing the source of funds, and sometimes a letter from your employer or accountant if you're self-employed.
Source of funds is something lenders review carefully due to anti-money-laundering regulations — have all documentation of where your down payment money comes from ready from the start, don't leave it for the end of the process.