Foreign National Loans
A Foreign National mortgage loan is a loan done for a borrower that has one of the following visas: B-1, B-2,H-2,H-3, I, J-1, J-2, O-2, P-1, P-2 or resides in a Visa waiver country. The borrower must live and work in a foreign country. This loan is for a non-U.S. resident who wishes to own or refinance property in the United States
How Do Foreign National Loans Work I Who Do They Benefit
A Foreign National loan is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit is required to qualify. This type of loan benefits Foreign Nationals who are interested in owning property in the U.S.
· Assets sourced and seasoned for 60 days- must be in a U.S. FDIC-insured bank for a minimum of 30 days.
· 12 months reserves are required and must be in a U.S. bank
· ACH auto- payment is required
· The borrower cannot reside in the United States
· Up to 80% CLTV
· No income, job, or credit required
· No Foreign or U.S. credit needed
· Maximum LTV of 70%
· Maximum LTV of 65% for cash out
· Minimum loan amount of $75,000
· Maximum loan amount of $3 million
Copy of passport, valid Visa, and I-94 required. Foreign Nationals allowed to legally travel to and from the United States without Visa are eligible. (e.g. Countries participating in the Visa Wavier Program, Canadian citizens)Foreign Assets (down payment, closing costs, reserves, gift funds) must be transferred to and accepted by US institutional account prior to ordering loan docs Products Highlights Income: Follow the same guidelines as U.S. Citizen (All documents must be translated.)2nd Home/Investment Transactions Flexible Alt Doc Options Available Cash-out proceeds can be used for reserves fixed and ARM’s available No international Credit required salaried and Self-employed Borrowers Requiring Alt Doc Options for AAAShorter Waiting Periods on Negative Credit Events Sources of large deposits not required No 4506-C Or Tax Returns For AAA/AIA/AIPAIA And AIP Allows YSP To Broker As Well As Origination Close Loans In Other Amwest Licensed States On AIA And AIP (Ask Your AE For Details)Interest Only Options Now Available Gift Funds Allowed