For borrowers who don't have a VISA, Social Security number or a Green Card, "Foreign National" loans are the perfect program. Some of most popular areas where foreigners buy real estate is in New York, California, Texas, and Florida. Make your inquiry here if you are an overseas buyer looking for a purchase loan or refinancing to pull cash out or lower your payment.
Who is considered a Foreign National?
A Foreign National is defined as a non-US Citizen who holds a valid passport and/or a valid visa. This includes permanent resident (has a green card), a non-permanent resident: (can live and possibly work in the U.S., a non-resident ( has a valid passport).
Who is Eligible?
- Foreign citizens
- NOT required to have a Green Card, SSN or VISA.
- Minimum loan amount: $300,000. Maxmimum: $5,000,000
- A foreign buyer can purchase investment property to rent out or lease.
- Available on single family residences, townhomes, and condos
- Second Home or Vacation home is OK.
- Asset Depletion may be used to provide added income
What documentation is required?
- - Two or more credit references needed
- - International credit reports are also acceptable from country of origin. No FICO credit score necessary
- - 2 years income verification along with current years income. Tax reports from country of origin is sufficient. U.S. tax returns not required. Alternative documentation is permitted if the foreign country does not request tax returns from its citizens.
- - 2 month bank statements to document the liquid assets. Assets are not required to be in the United States although they need to be deposited in a recognized worldwide financial institution such as BNP Paribas, Deutsche Bank, Credit Suisse, HSBC, Bank of Tokyo, UBS, ANZ, Merrill Lynch, etc,. Reserves range from 9-12-months depending on the program.
- - Passport and second form of ID is necessary
- Additional Requirements, if applicable:
- - If the borrower's income, credit and asset records is in a foreign language, it must be translated by a certified approved translator. Almost every U.S. Embassy around the world offers translation services. An Individual Tax Identification Number (ITIN) is required but this can easily be obtained through an Accountant/CPA or visit the IRS website that explains how to get a TIN. The ITIN does not need to be assigned before applying. The lending process can begin once the foreign person has applied for the TIN.