A foreign national mortgage is a type of loan that is designed to help individuals from other countries purchase property in the United States. A foreign national is a citizen of another country who is living for the short term in the United States.
Foreign National Program may provide the right loan solution for borrowers who visit the United States frequently but do not have U.S. citizenship. Foreign National expands borrowers’ purchasing options, including up to $2M in funding.
Option 1 – Alternative Documentation
FICO not required, 620 if available
Credit reference letter in lieu of credit report
Purchase/Rate and Term Loan amounts from $100K up to $2.5M
Cash out up to $2.0M
LTV / CLTV to 60%
15 and 30 Year Fixed, 5/1, 7/1, 10/1 ARMs
DTI up to 50%
Conforming, high balance and jumbo loans for borrowers who own multiple financed properties
Standard Fannie Mae full income and asset documentation required
Condominiums allowed – FNMA eligible
Interest Only available on ARM Loans*
No payment shock requirement
Accept Visa Waiver Program where applicable
*All states (including DC) are eligible except OH.
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)
By audra|2020-12-08T19:15:40+00:00July 1st, 2019|Other|