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Foreign nationals 'face no restrictions when buying US property'

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People in the UK who are keen to relocate overseas should find buying a property in the US relatively painless.

According to mortgage specialist Conti, it is quite simple for a person from outside the US to obtain a home loan.

"When it comes to mortgage availability, there are - in theory - no restrictions to foreign nationals owning property in the US," said Clare Nessling, director of the group.

"Mortgages are available for purchases up to 65 per cent or 70 per cent of the property's value, depending on the state in which the property is located."

Since the US also offers no language barrier for people from the UK, aspiring expats could therefore find the process of arranging a cheap currency transfer to purchase a residence fairly straightforward.

Ms Nessling noted that property buyers can find a variety of mortgage deals available in the country, although factors such as the location and type of house can affect what loan terms and interest rates will be on offer.

"The maximum term of any mortgage is 30 years, the minimum loan amount is $100,000 [£63,300], and total mortgage payments and other financial commitments must not exceed 38 per cent of the buyer's gross monthly income," she commented.

Ms Nessling encouraged people who are looking to transfer money to the US in order to buy a home to consult with specialist overseas mortgage brokers.

This, she said, would ensure they get good advice on issues such as lending rates so they can get a deal with the best possible terms.

Conti recently advised prospective expats that the US mortgage market has undergone significant changes in the last few years.

Ms Nessling noted that buying a property is far more affordable than it has been in the recent past, making it one of the best buyers' markets around.

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