FOREIGN NATIONAL
Individuals who live and work in the United States that want to purchase but may not have proper documentation
YES, to Foreigners with Visas
Overview:
- No Score or FICO 620+
- Up to 70% CLTV
- Loan Amounts up to $2 Million
- Cash-Out Allowed
- DSCR as low as 0
- CPA Letter for Last 2-Years & Year-to-Date (YTD)
- One Bank Reference Letter
- Overseas Assets Allowed as Reserves
- Gift Funds Allowed
- Specialize in Mortgages for People who Reside Abroad
- Process is much more Flexible and Forgiving than other Lenders
Frequently Asked Questions (FAQ)
Can a Foreign National purchase property in the US?
Yes. Foreign National loans allow this if borrowers meet the requirements to qualify and can document that they do.
Do applicants need a credit record in the US?
No, borrowers do not need to have a US credit record to qualify for a Foreign National loan.
What documents does a Foreign National borrower need to have ready?
Borrowers should get the following documents ready before they apply for a Foreign National loan in the US:
A copy of their passport
A copy of their unexpired Visa
A current credit report
Proof of income for the prior 2 years and the current year
If self-employed, an accountant’s income letter for the prior 2 years and the current year
A copy of their purchase contract
These documents should be translated into English by a certified translator. Having all these documents gathered before your clients fill out their applications can save you a great deal of time and hassle.
Are there restrictions on who cannot apply for a Foreign National loan?
Yes. The following borrowers are not eligible:
Borrowers with diplomatic immunity or otherwise excluded from U.S. jurisdiction.
Residents of any country not permitted to transact business with US companies are ineligible (as determined by any U.S. government authority).
Irrevocable Trusts or Land Trusts.
Borrowers less than 18 years old
Can clients close quickly on the property they want?
Yes, as an experienced lender accustomed to working with Foreign National borrowers we should be able to close this loan as quickly as a Conventional mortgage. And, because some of the income and credit qualifications are comparatively easier, it might happen even faster.
How high will their interest rate be?
Interest rates are dependent on a variety of factors, but borrowers can expect to have an interest rate that is competitive with those offered to US citizens.