Foreign National Loan
FOREIGN NATIONAL LOAN ALTERNATIVE DOCUMENTATION
These types of non-conforming loans are available for borrowers that are not U.S. citizens or Permanent Resident Aliens and wish to purchase property in the United States. Since most foreign buyers do not have established credit in the U.S. and are unable to provide tax returns, credit reports or traditional documentation, a
provides for alternative documentation.Similar to Bank Portfolio loans, these mortgages are typically held by a lender in their portfolio and represent greater risk than the typical non-conforming loan. As a result, they may require higher down payments and carry higher interest rates than other loan products. A Foreign National loan is usually only available as an Adjustable Rate Mortgage products, i.e. 3/1 or 5/1 ARM.
These non-conforming loans allow for alternative documentation that can be analyzed to qualify a Foreign National loan applicant. The typical documents that will need to be provided include:
Foreign National Loan Borrower Identification:
- Foreign National not living or working in U.S. – Valid visa & passport
- Foreign National living and working in U.S. - Valid work visa & drivers license
Foreign National Loan Home residence documentation:
Documents that enable lender to confirm borrowers’ home address:
- Utility bill
- Property Tax bill
- Credit card statement
- Motor vehicle registration
- Drivers license
- Foreign Nationals from U.K., Ireland or Canada require an International credit report.
- Foreign Nationals from all other countries require 3 original credit reference letters from banking institutions or creditors on letterhead, dated and signed by authorized representative.
Asset Verification:Bank statements or letter of verification from financial institution on letterhead, signed & dated for past 3 months. Letters of verification must include how account is titled, the account number, when the account was established and the current balances. Most lenders will require up to 24 months payment reserves (PITI).
Foreign National Loan Income Verification:
- Self-Employed – Original Accountant letter
- Salaried Employee – Letter from employer stating current monthly salary including a valid pay stub.
Foreign National Loan Maximum Loan-to-Value Guidelines:
Single Family Purchase LTV
(Primary, Second Home or Investment)
| $100,000 - $149,999 | 50% |
| $150,000 - $199,999 | 65% |
| $200,000 - $1,000,000 | 70% |
| Over $1,000,000 | 50% |
Condominium LTV
| $100,000 - $149,999 | 50% |
| $150,000 - $199,999 | 65% |
| $200,000 - $1,000,000 | 65% |
| Over $1,000,000 | 50% |
Email: HarveyCollier@MortgagePro-Florida.com
Phone Direct: (954) 629-6151
Quick Quote
Real Estate Marketplace
Copyright © Guaranteed Rate
Company NMLS ID #2611
Personal NMLS ID #279770
4400 N. Federal Hwy.
Suite 150 Boca Raton, FL. 33431
- Contact
- Privacy Policy
- Guaranteed Rate Licensing
- Guaranteed Rate Disclaimer
- Terms of Use
- Partner Links
- Sitemap
