Qualifying as a non-citizen has never been easier.
Before you read about our 75% LTV loan program, we would like to note a few differences between U.S., Asia, and European mortgages. In the U.S., mortgages work differently than the mortgages in most of the other countries:
- There are NO age restrictions
- The buyer can be 85 + years old and eligible for 30 years mortgage term
- For our 75% LTV loans, the asset is the determining factor, and not the borrower’s income
- Life insurance is not required
- NO pre-payment or redemption penalty
- No tax returns or liquid reserves are required
- In many cases, the seller is allowed to pay up to 3% of the purchase price for buyers closing cost
Our minimum 30% down payment foreign national mortgage program enables foreign nationals, non-U.S. residents, or employment transferees to place a minimum 30% down payment and finance up to 75% of the property value. Most of the lenders still require a 50% down payment to obtain a foreign national mortgage loan, but we can arrange financing with as little as 30% down.
Seller or developer can give the buyer up to 3% of the purchase price concession towards the closing cost and or prepays. If that is the case, most of your closing costs would be covered, and you’ll be able to invest less money upfront. The borrower must have verifiable funds for the down payment, closing cost in a verified financial institution in or outside the U.S. Any foreign language accounts would need to be translated and certified by a translation company.
Our 75% LTV mortgage for foreigners does not require Private Mortgage Insurance (PMI), so there is no extra cost. We also offer rate and term foreign national mortgage refinancing with often unlimited cash-out option (restricted by loan limits).
This foreign national refinance mortgage is available as a fixed and or adjustable-rate mortgage. Adjustable rates are 5/1, 7/1 term for 15 or 30 years fully amortized loan. In some cases, interest-only is also available.
Here are some of the loan program features:
- Minimum 30% down Payment
- 5.75% Interest rate (right now. Does not include APR)
- The term: 30 years, 20, and 15 years fixed
- Loan amounts up to $5M
- No pre-payment penalty
- Up to 3% seller contribution towards buyers closing allowed
- 1- 4 unit single-family residential property eligible
- Condos eligible
- 72 hours for underwriting
- Closing on average 45 days
Here are the requirements for our foreign national loan program:
- Copy of executed purchase agreement
- Copy of passport
- 2 personal Credit References (Credit card, Mortgage, Car lease, Landlord Letter, Utility bill) OR International credit report
- Last 2 months bank statements showing enough
- U.S. mortgage application
For more information please visit us online or email us at [email protected].
