Foreign National Loans
We make financing a property for a Borrower in easy. If you are not a U.S. citizen clients who would like to purchase a second home or business-purpose property? Our Foreign National loan may be your ticket. This loan is designed for financing second homes, vacation homes and investment properties for foreign borrowers who do not have U.S. Citizenship.
- Max Loan Amount $3 million
- Credit Score Not Required
- Non warrant-able condos allowed
- Cash Out/Rate & Term
- Cash in hand Unlimited
- First Time Home Buyer OK – No Restriction
- Up to 4 Units
- No minimum trade-line required
- Max 6 loans or $5M – which ever comes first
- Investor – Full Doc or DSCR
- Up to 75% LTV
- Gift Funds Allowed
- Interest-Only Options Available
Overview:
A foreign national loan is for a borrower that is not a US citizen. They can be here on a work, visa student visa, etc. however, a visa is not needed. The only required documentation for identification is a valid foreign passport. Being that they are a citizen of another country and primarily reside there they can only take out investment or second home mortgage.
A second home differs from an investment property in that there is no prepayment penalty. However, the program qualifications and documentation required is also different.
For a second Home, the documentation type is considered “full dock“ this would require the borrower to get a statement of income from their country of origin, which is completed by the equivalent of a CPA. If they are a wage earner, they could provide W-2s and pay stubs from their country of origin to support income. Whether they get a statement of income or have W-2s, both would need to be translated to English and dollars. A translation service is not required as the lender does accept Google translate.
For an investment property, the loan type is DSCR therefore no income documentation is required The qualification is simply that the market rents per the 1007 cover the monthly PITIA obligation.
For credit qualification the borrower can have a FICO score however often times they do not have established credit in the US. This program has a no FICO option and no credit reference letters are required.
Funds for down payment and closing costs can come from their country of origin and do not need to be seasoned in the US for any length of time. Down payment and closing cost can also be gifted, however the reserve requirement must be met with the borrowers own funds, and the funds must be in a US domicile account.
