foreign national loans

FOREIGN NATIONAL LOAN PROGRAM

THE FOREIGN NATIONAL Loan PROGRAM BY CambridgeHomeLoan.com IS TAILORED TO THE UNIQUE CHALLENGES FOREIGN NATIONALS HAVE in FUNDING LOANS. CambridgeHomeLoan’s TEAM OF HIGHLY EXPERIENCED PROFESSIONALS ARE EXPERTS IN NAVIGATING FOREIGN NATIONAL CREDIT AND ASSET VERIFICATION ISSUES, SO their LOANS FUND ON TIME every time AND WITH A MINIMUM OF HASSLE.

  • Up to 75% LTV
  • No US credit required
  • Fewer country restrictions
  • Investment properties
  • SFRs, townhomes, condos, 2-4 units
  • No SSN or ITIN required
  • 12 months reserves required
  • Non-warrantable condos considered
  • 5/1 ARM or 30-year fixed
  • Various Visa Types Accepted

Foreign National Loan Application Consult

Permanent resident aliens

Both permanent and non-permanent resident aliens can obtain mortgages in America, pretty much like everyone else. They can even get FHA, Fannie Mae and Freddie Mac home loans with as little as three percent down.

The documentation requirements depend on the borrower’s status.

If you’re a permanent resident alien, you’ll need your green card and your social security number. Your mortgage application process will be very similar to that of US citizens.

Non-permanent resident aliens

If you’re a non-permanent resident alien, you don’t have a green card, but you have a social security number.  You can finance a home if you produce a work permit (Employment Authorization Document) or special employer-sponsored visa.

Lenders must verify that you’ll be able to live and work in the country for at least three years. If your permit is going to expire within a year, your lender must evaluate your likelihood of remaining in the country and decide accordingly.

FHA mortgages for non-resident aliens

The ongoing employment / residency requirement is easier to satisfy with an FHA mortgage.  Guidelines state that if you’ve had your visa or work permit renewed at least once, lenders can safely assume that your employment and residency will continue.

If you’ve never renewed your visa or permit before, though, your lender will probably investigate further. It may check with US Citizenship and Immigration Services to get more information about your status, or contact your employer.

Non-resident, non-citizens have Options

Immigrants who are not citizens or residents, but who are refugees or were granted asylum can automatically work here and can obtain financing like a lawful resident alien. They must prove that they are refugees or asylees to be and are eligible for financing

Non-U.S. citizens without lawful residency in the U.S. are not eligible for Fannie Mae, Freddie Mac or FHA home loans.

Verify your new rate (Nov 2nd, 2019)

Foreign national loans for non-residents

It’s harder for borrowers outside the US to finance second homes here. However, private lenders do offer these mortgages to foreigners. They are riskier for lenders, so they carry higher interest rates. Borrowers also have to make much larger down payments — 30 to 50 percent.

That gives lenders a cushion if foreign borrowers default on their loans.

Foreign National Loan Requirements (Call now 800-826-5077)

Borrower Type

A non-US citizen authorized to be in the US on a temporary basis. Visas: B-1,B-2, F-1 (subject to senior mgmt approval) H-2, H-3, I, J-1, J-2, O-2, P1, P2. Visa must not be expired.

Income Documentation

Verification of earnings for the past 2 years

US Credit

Minimum FICO: 620 Mortgage DQ History: 0x30x24 Credit Event Seasoning: Bankruptcy, Foreclosure, Short Sale, Loan Modification: 36 months. Credit History: 3 active tradelines, 2 year history

Occupancy

Second or Non-Owner Occupied. Certification of intent not to occupy is required.

Foreign Credit

Mortgage DQ History: 0x30x24, unless ≤ 50% LTV Credit History: 3 open tradelines. 2 year history no lates Max LTV: 70%

Maximum Cash Out

75% LTV up to $5,000,000

Reserve Requirements

6 months PITI. Foreign assets can be used with 60 day seasoning.

Asset Verification

Sourced and Seasoned 60 days in financial institution

Prepay Penalty (Investor only)

24 months Prepay

Loan Terms

30-Year Amortized & Term – 5/1 or 7/1 Hybrid ARM or 30-Yr Fixed All Loans require impounding for Taxes & Insurance

Index & Adjustment Caps

Margin: 6.95% Index: 1-Year LIBOR Floor: Start Rate 3.0% Initial Change Cap / 2.0% Annual Cap / 6.0% Life Cap

Qualifying Rate

Higher of Note Rate or Fully Indexed Rate

Secondary Financing

Not Allowed

Property Types

SFR / Condos / PUD / Townhome / 2-4 Unit. No Texas properties > 10 acres.

Deviations

Case by case basis

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