What is a foreign national?
Foreign nationals are not United States citizens, they will not qualify for Fannie, Freddie, and FHA mortgages, so lenders that offer them mortgages typically either keep them in the portfolio or sell them into the secondary market.
What are some types of foreign national?
- $100,000 to $750,000 loan amounts with limited documentation
- Up to 70% LTV, no prepayment penalty, five-year fixed rate, interest-only payments
- Documentation: valid passport, letter from financial institution and verification of domicile in the U.S.
- Owner-occupied, vacation homes and non owner-occupied homes, condos and townhomes
- Private money financing of non owner-occupied 1-4 units, multifamily, land and for construction.
- 60 days’ sourcing and seasoning of assets
- Income verification letter from employer or CPA accepted
- No ratio foreign national loans. No U.S. credit nor U.S. visa required.
- Portfolio loans for foreign borrowers, no credit score required, maximum 50% LTV
- Foreign investor and foreign-owned U.S. businesses eligible for fix and flip, buy and hold and refinance