Foreign National Mortgages or Loans
For individuals from other countries residing in the United States, the prospect of purchasing real estate may appear daunting. Nevertheless, foreign national mortgages provide a viable solution, making it more manageable for non-citizens to obtain a mortgage and acquire a property. With these specialized mortgages, you can pursue the American dream, regardless of your citizenship status.
At our company, we offer competitive interest rates on foreign national mortgages. Our team of skilled mortgage specialists will guide you through various loan programs tailored specifically for international individuals, ensuring you secure the necessary financing. Continue reading to delve into the diverse range of foreign national mortgage options and the prerequisites for obtaining one.
What Exactly Is a Foreign National Loan Program?
A foreign national loan program refers to a specific category of non-qualified mortgages intended for non-residents seeking to purchase a home within the United States. Whether the property serves as an investment or a home base during their visits, this program is specially designed to assist foreign nationals facing the distinctive challenges involved in the homebuying process in the U.S.
Typically, foreign national mortgage programs eliminate the requirement for non-residents to possess a Social Security number, green card, or visa in order to secure a mortgage. Moreover, applicants are not obligated to possess a FICO score or provide traditional proof of credit. Instead, creditworthiness can be demonstrated through alternative methods or by submitting a credit report from their home country.
Foreign national loans and ITIN loans are most frequently utilized when an individual borrower fails to meet the criteria for permanent resident alien or non-permanent resident alien status. These programs enable non-citizens in the U.S. to purchase property, even in the absence of the customary documentation required to obtain a home loan.
Foreign National Mortgages: Property Types that Qualify
Lenders have different criteria for the types of properties eligible for foreign national mortgages. Nevertheless, these loans cater to non-citizens who wish to purchase residential properties for temporary stays, vacation purposes, or as investment properties.
For permanent resident aliens (green card holders) living in the U.S., there are loans available for buying primary residences, second homes, and investment properties. Temporary residents in the U.S. can also qualify for mortgages through non-permanent resident alien or ITIN loan programs. In fact, borrowers have the flexibility to choose from various residential property types, such as single-family homes, condos, townhouses, and multi-unit properties, as long as they meet the lender's requirements.
- Certain documentation is not required.
- Financing is available for second homes and investment properties.
- Loans can be secured for up to $5 million.
- Even non-warrantable condos are eligible for financing.
- Debt service coverage ratio loans are available for investment properties.
- There are no limitations on cash-out amounts.
- A U.S. FICO score is not necessary, but borrowers must provide evidence of three active and open trade-lines with a two-year history.
- A down payment of as little as 20% is required.
Requirements for Foreign National Loans
Foreign national loans come with several unique benefits that facilitate funding for non-citizens aiming to purchase a home. While borrowers may not need a Social Security number, a green card, or a FICO score to obtain a loan, specific requirements must be met.
For instance, borrowers typically need to provide the following documentation:
- Proof of income
- Valid visa or visa waiver - Permitted visa types: B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P-1, P-2, TN NAFTA, Laser Visa
- Proof of creditworthiness
Borrowers without qualifying credit or lacking a Social Security number or Individual Tax Identification Number (ITIN) generally need to demonstrate three active and open trade-lines with at least two years of history.
It's important to note that a loan cannot be obtained if derogatory marks exist on your credit record and if you do not currently have a FICO score.