Foreign National Loan
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What Is a Foreign National Loan?
A Foreign National mortgage loan, also known as a foreign national loan or non-permanent resident alien loan helps non-residents of the United States purchase real estate here in the United States. The foreign national program includes primary residences and/or vacation properties available to those who classify as resident aliens, achieve temporary status or permanent status, and typically have different requirements and interest rates than a standard Fannie Mae or FHA loan.
Benefits of Foreign National Loan
Loan Requirements & Process
A foreign national must live and work outside the U.S. and cannot reside in the U.S. A few additional requirements for the foreign national mortgage loan is that the maximum LTV IS 70%, 12 months reserves are required, 30-year fixed mortgage only, loan amounts up to $1,500,000 with a minimum of $75,000 offered and seller concessions are up to 3% only. ACH is required from a FDIC Bank for a monthly mortgage payment.
a letter from an Accountant/Auditing firm (not connected with borrower or borrower’s business), verifying income figures for the last two years and providing a year to date income figure. It helps if the business has a website. If not, please provide printed business materials or brochures.
a letter from the employer stating their current monthly salary or a valid pay stub.
Borrower must set up an Auto Payment Debit Account with a US banking institution, which will allow the bank to withdraw monthly mortgage payments automatically.
showing at least 24 months history and relationship status. Borrower must have enough money to maintain payments in U.S. and lifestyle in the home country. The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level. Gift funds are not acceptable.
Two Utility bills or any document from a home country, which contains borrower’s name and address (to prove residency in the country he/she lives).
Copy of borrower’s passport and visa (when applicable).
