Foreign National Mortgage Purchase Program
Thursday, October 2, 2014 -
Article by:
Richard Woodward - Service First Mortgage -
Foreign National Mortgage
This program is designed for true foreign nationals, or persons of other counties, who would like to purchase a second home or investment property in the United States. A case-by-case approval process applies to each loan, and Interlinc Mortgage must have a comfort level with the country of origin's banking system for asset verification and with the borrower's income documentation.
Pre-Approval is highly recommended prior to executing a purchase contract.
- TIN or SS# is mandatory before funding
- Visa or Passport allowing entry into the US is required for each borrower
- Second Home & Non-Owner occupancy available. Second home must be in a vacation or resort area
- Second Home: rate adjustment applies
- Investment Property
- 50% Down Payment Required
Basic Guidelines
- Debt to income ratio cannot exceed 40%, including PITI on foreign REO and foreign installment and revolving accounts showing on bank statement payment history
- If borrower is married, add her/him to loan application if full value of joint asset accounts is needed to qualify. Otherwise, only 50% of the asset balances can be used for joint accounts
- Three year residence and job history is required on the application.
Credit Reporto US credit report is required if borrower already has a TIN or SS# - no credit score is acceptable
Assets
- Most recent 2-months personal bank statements, with all pages included (no screen shots allowed). Foreign asset accounts must be approved by Underwriting for down payment and reserves.
- Convert all foreign assets to US Dollars on the application. Interlinc Mortgage uses assets as a key qualifier - the more provided the better.
- Not allowed: Deposits that cannot be properly sourced.
- Foreign Real Estate Owned: 12 months PITI in reserves is required for each property owned
Income: As described below, with 40% DTI max:
- Wage Earner: Most recent year's W-2 equivalent, and pay stub dated within the last 30 days showing YTD income
- Self-Employed: Prior two years personal and business tax returns, plus a current YTD Profit & Loss statement. CPA summary translation to English and US Dollar equivalents are required.
- Written Verification of Employment: must be translated to English
- Foreign REO rental income may be considered on an exception basis with 6 months cancelled checks and a current lease agreement (must be translated to English and Dollars). Use 75% of rental income received as gross rental income on 1003.
Call Me Today to start your home buying process. Visit our website for more information and other programs http://www.interlincmortgage.com/
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