Foreign Mortgage Loan Program

foreign home loan products

 

A Foreign National is someone who visits the United States for short periods of time but actually lives in another country. We have several options for foreign national buyers. 

Foreign Mortgage Loan Product Details

  • Fixed Loan Terms: 10, 15, 20, 30 year Fixed with P&I (principle & Interest payments), or 30 year Fixed with interest only payments
  • Adjustable Loan Terms: 5/1, 7/1, 10/1 ARM with P&I (principle & Interest payments), or 10/1 ARM with interest only payments
  • Property types: SFH, Town Homes, Villas, and Condos. In additional we will entertain Condotels on a case-by-case basis
  • Occupancy:  Primary, Second, or Investment
  • Purchase, Refinance, and Cash Out transactions allowed
  • Max LTV is 70% on all property types except Condo Units (Condo Units have a max of 65% LTV)
  • Max 50% LTV on cash out transactions (all property types)
  • Minimum loan amount is 200,000 (loan amounts from 100,000 – 199,999 are allowed but require a 35% down payment)
  • Max loan amount is 1,000,000 (loan amounts over 1 million will be considered on a case-by-case basis)
  • Escrows are required
  • Mortgage payments must be set up on auto pay (ACH) from a US Bank
  • Up to 6% seller concessions 

Foreign Documents & Information Required:

Income –

  • Self-Employed – Letter from Accountant (CPA)
    • The letter must be on the CPA’s letterhead or on a blank (non-letterhead) paper accompanied by a copy of the CPA’s business license. Letter must include: Borrower’s name and position, Business’s name, date business was established, type of business, current YTD income, and past two years’ of income.
  • Employed – Letter from Employer.
    • The letter must be on the Employer’s letterhead and must include: Borrower’s name and position, your start date with the company, current YTD income, and past two years’ of income.

Assets –

  • If Funds are in a US Bank
    • Bank Statement
    • NO seasoning or sourcing of funds
  • If Funds are outside the US
    • Bank Statement
    • Any large deposits will need to be sourced. Explanation letters and copies of cancelled checks for any monies deposited other than from your employer may be required.

Reserves –

  • 24 months PITI plus HOA is required on all loans above 65% LTV.
  • 12 months PITI plus HOA is required on all loans at or below 65% LTV

Credit –

  • One letter of reference from a Banking or Financial Institution, showing at lease 24 months history and relationship.
  • International Credit Report (ICR) will be required only if you are from one the following countries Canada, Ireland, and the United Kingdom
  • US credit report will be requested on all loans using either a Tax ID or Social Security number (if applicable). If you do not have a Tax ID or Social Security number, no worries. Neither of these are required.
  • Mortgage History Verification (if applicable)

ID Required –

  • Legible copy of your Passport and VISA

Other Documents and Information

  • Mortgage Application
  • Copy of the Sales Contract and all addendum’s
  • Copy of a Canceled Check from which the auto pay (ACH) will be set up from (US Bank)

Condo Buildings – (all condo buildings require building approval)

  • Condo Questionnaire to be completed by Association or Management Company. Borrower’s are responsible for any cost related to completing the questionnaire (usually around $200). These fees will be paid directly to the Association or Management Company.

Pre-Payment Penalties (if applicable) – Not all loans require a penalty

  • (3/2/1) – 3% the first year; 2% the second year and 1% the third year (of the loan amount). A principal reduction of 20% per annum is allowable with no penalty.

All Documents –

  • All letters, documents, and bank statements must be translated into English if necessary. Translator’s must sign and include their contact info on each translated document.

Be Smart … Ask Questions … Get Answers!

For more information, call (954) 599-3432 or “Click Here” to send me a message by e-mail

“Click Here” Get Started with your Loan Request

 

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