Foreign National Loans
How Foreigners Can Qualify for a Mortgage Loan
A great mortgage program to assist those who want to buy a primary, second home,or investment property in the U.S., Whether it is to visit the country on business or vacation.
Available in: California, Colorado, Florida and Texas.
Who is eligible? Borrowers with a valid foreign passport.
- Property Usage:Primary Residence, Second Home, or Rental Property
- Available on: Purchase, Refinance, Refinance with cash back at lower loan to value
- 75% financing up to $750,0001
- 65% financing up to $2,000,0002
- Loan amounts as much as $3,000,000 with 50% down (at lower LTV)
- Up to 80% financing to $1.5 million for Work VISA & U.S. Expatriates working abroad
- Minimum Loan Amount: $150,000
- Credit Scores Required:
-Not applicable unless you are a permanent resident with U.S. credit
- Fixed-Rate or ARMs: 5 year Fixed ARMs and 30 Year Fixed
- Maximum Debt to Income Ratio: 43% (up to 50 allowed with a VISA)
- Reserves: 6-9 months; If loan amount is over $1 million, then 12 months
- What is required? Copies of last 6 months bank statements. (Needs to be translated to English language and displayed in US currency). 2 bank reference letters written in English
- Verification of income and employment
- Self Employed:
• A letter (on company letterhead) from a professional based in the borrower's country of residence such as an Accountant/CPA/Financial Institution Officer / Licensed Financial Advisor verifying (i) the type of the business (ii) income for the last 2 years and (iii) a year-to-date income
- Wage Earners: • A letter (on company letterhead) from an authorized representative of the employer stating (i) employment history (position/title, time on job),(ii) current monthly salary and year-to-date earnings.
• A valid pay-stub / pay ledger or financial institution deposit / transaction record that supports the employment
- What is the ADVANTAGE?
- Able to participate in purchasing real estate in the U.S., including a 2-unit home in designated vacation areas.
1. 25% down payment equals higher rate and 12 months PITI reserves required.
2. 35% down payment & valid VISA typically brings has better rates