General Questions
​
Can foreigners apply for a home or business loan in the USA?
If you are a permanent resident (green cardholder) or have a valid work visa, you are considered as a legal resident for loan purpose. It is easy for these foreigners to qualify for a home / business loan in the USA.The terms of the loan are the same as those offered to US citizens
​
What are the different kinds of loans?
Loan can be offered Unsecured (without any security to lender – generally a smaller amount, short term and with high interest) or a secured loan (Lender will require some collateral, generally larger amount, short – long term and cheaper interest). Loan can be a fixed interest rate or variable interest rate – interest rate fluctuates generally every quarter.
Each has its pros and cons and one must check them well before applying for any of these loans.
​
Can I get a loan with a bad credit score?
This depends on the kind of loan that you are applying for. People with less than a 580-credit score will find it difficult to borrow money. However, some companies and banks might give people money who have even less than 580 credit score.
​
​
Business Loan​
​
How to get a business loan for a Start-up Company?
First review the start-up costs. This will help you to understand the reason for which you need the loan. Then assemble the documents and the registrations. Check your qualifications and then select the right loan for your start-up company
​
How difficult is it to get a business loan?
If you have a credit score of less than 700, you will not be able to get a business loan. You should have a good personal credit score and debts must be cleared before you apply for any kind of business loan
Can start-ups get business loans?
Yes, banks give business loans to start-ups provided they show the capability to repay the loans. This also means that the borrowers have to put up an important asset for getting the loan from the bank.
​
What credit score is needed to apply for a small business loan?
600 are the credit score that one needs to maintain to apply for small business loans. However, having an even better credit score will only help you to apply for a large loan amount with banks or money lenders.
Home Loan
​
What is the credit score required to get a home loan?
A credit score of 700 to 800 is considered to be good for getting a home loan. If an individual has an even higher credit score, the chances of that person’s getting a home loan increases even more.
​
Can I buy a house if I am not a US citizen?
Yes, a foreign national can purchase a house in the US. However, the individual must have a work visa or a green card, or some other relevant document to prove that he is residing or working in the US.
​
What are the documents needed for home loans?
Payment stubs from the last month, bank account information, W2 or I-9 forms for the last two years, and real estate property information are needed to be submitted by an individual to qualify for a home loan.
How to check the home loan rate?
You can check the home loan rate by comparing the interest rates of two money lending companies. In this way, you will know whether you will be paying more or fewer interest rates for the same amount. You will also be aware of the existing market rates.