Foreign National Loan

What Is A Foreign National Loan?

If you are a citizen from another nation, you can still have the opportunity to get a mortgage loan to buy a property in the United States. A mortgage loan to a non-resident person in the U.S.A. is called a Foreign National Mortgage loan. A foreign national who is not a resident of the United States will, in many cases, seek to own real estate. 

Real estate financing is generally done by US mortgage companies and banks only for United States citizens. The property can become a second or vacation home while staying in America. It could also be an investment property.

Coldesina Capital welcomes the opportunity to provide mortgage services to Foreign Nationals who want to purchase or refinance a home in the United States. We also offer loans to non-U.S.A. citizens that may be resident aliens, temporary residents, or other classifications of either temporary or permanent status.

Down payment requirements are usually higher for foreign national borrowers. The minimum down payment is usually 30% of the total purchase price of the property. This is also referred to as a 70% Loan to Value "LTV" loan.

What are some types of foreign national and ITIN mortgages?

  • $100,000 to $750,000 loan amounts with limited documentation

  • 90% LTV for purchase of owner-occupied and investment property

  • No credit score required, loans to $3,000,000 with maximum cash-out of $1,500,000

  • Up to 70% LTV, no prepayment penalty, $500,000 to $20,000,000 loan amounts with five-year fixed-rate, interest-only payments

  • Documentation: valid passport, international credit report or letter from a financial institution, and verification of domicile in the U.S.

  • Fixed-rate loans up to 80% LTV on owner-occupied, vacation homes and nonowner-occupied homes, condos, and townhomes

  • Private money financing of nonowner-occupied 1-4 units, multifamily, land, and construction. Up to 70% purchase LTV and 65% LTV for refinance

  • 30 days’ sourcing and seasoning of assets for LTV up to 50%

  • No tax returns required, income verification letter from employer or CPA accepted

  • No ratio foreign national loans. No U.S. credit nor U.S. visa is required.

  • Portfolio loans for foreign borrowers, no credit score required, maximum 50% LTV, amounts from $300,000 to $10,000,000

  • Foreign investor and foreign-owned U.S. businesses eligible for fix and flip, buy and hold and refinance

 

Required Documents for Foreign National Mortgage Loans

If you are a foreign national seeking a mortgage loan, you need the following documents. 

1. Self-employed Foreign National borrowers require 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 your business has a website. If not, please provide printed business materials or brochures. In some, we may request additional reference letters from companies with which borrowers have worked in the past.

2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.

3. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status. The 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.

4. Two Utility bills or any document from a home country, which contains the borrower's name and address (to prove residency in the country they live).

5. Copy of borrower’s passport and visa (when applicable).

6. Borrower must set up an Auto Payment Debit Account with a US banking institution, allowing the bank to withdraw monthly mortgage payments automatically.