Since our client had business monthly in Boston, buying a home there seemed to make sense rather than staying in a hotel.
With only 20% down, no W2 income, and self-employed tax returns, we were able to get the loan closed in 30 days.
| Nationality | Property Value | Loan Amount | LTV | Rate |
| U.S. Citizen | $887,000 | $709,600 | 80% | 2.75% |
| Term | State | Property Type | Purpose | Loan Type |
| 30 year fixed | Boston, Massachusetts | Apartment | Purchase | Residential |
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:
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:
Here are the requirements for our foreign national loan program:
For more information please visit us online or email us at [email protected].
The client had come to us from an online search and told us that he spent 4 months working with traditional commercial lenders with the hopes of obtaining financing for their retail purchase.
Unfortunately, the lender always came back requesting more information, most of which our client did not have, due to not being a U.S. Entity or beneficial owners who are not U.S. Citizens.
We have worked closely with our lending partners over the past 5 years to create financial solutions to accommodate international investors and can structure and underwrite the loan with the information available.
We were able to secure a non-recourse 5-year commercial real estate loan for the purchase of the property with 60% leverage. (Also see Can a Canadian Buy a House in the USA?)
| Nationality | Property Value | Loan Amount | LTV | Rate |
| Canadian | $4,100,000 | $2,460,000 | 60% | 4.99% |
| Term | State | Property Type | Purpose | Loan Type |
| 5 year fixed loan / 25 year amortization | San Jose, California | Retail | Purchase | Commercial |
Are you a U.S. Expat living abroad, filing U.S. income tax, but earning income from your overseas assignment? If you answered YES, we created a U.S. Home Loan Mortgage program specifically for you! America Mortgages PrimeSelect allows you to use two years of your U.S. tax returns, along with your monthly foreign income, to qualify just as you would if you were back home in the U.S.
The credit crunch, which was primarily caused by the U.S. banks’ cavalier attitude to mortgages and other loans, has paid for the previous days of easy credit. It is now much more challenging to obtain a mortgage from a U.S. lending institution. For example, guidelines introduced in January 2013 encouraged lenders to demand full documentation from potential borrowers and to be more precise about the consequences of low early repayment rates.
As an expat, you will find getting a mortgage even more difficult. Many lenders will not even consider lending to foreign income earned, so you would need to be persistent and shop around. Note that, as in many cases, mortgage programs may vary from state to state. With America Mortgages PrimeSelect, you are now able to purchase U.S. Real Estate as an investment, second home, or if your intention is moving back to the United States, owner-occupied at prime rates, terms, and programs.
You will need to prove that you have sufficient employment and enough funds to repay the loan. Bear in mind that the more cash you have readily available to pay for a deposit, the broader choice of mortgage you will have. America Mortgages PrimeSelect will allow up to 90% financing for a second home purchase.
America Mortgages PrimeSelect mortgages are ‘fully documented,’ meaning you will need to prove your income by supplying two years of U.S. tax returns. In addition to this, you will also need to show your last two months’ bank statements to show you have money sufficient to cover both down payment and closing costs. We will also require one month of pay statements in the country you are working in. If these accounts, pay, and banking is in a language other than English, it will require a professional translation.
Here are the requirements:
Most lenders will want your debt-to-income ratio to be no more than 35%. America Mortgages PrimeSelect will allow up to a 45% ratio. This is somewhat aggressive but often needed due to the fluctuation of the U.S. dollar to other currencies. LTV (Loan to Value)
Unlike many programs that restrict LTV for U.S. Expat foreign earned income, America Mortgages PrimeSelect Loan-to-value ratios are generally around 80-90%. The maximum full term is 30 years, regardless of age.
A wide range of mortgage products is available for U.S. expats looking to purchase or refinance U.S. Real Estate. Mortgages can be variable or fixed-rate, with flexibility over the fixed-rate term. In addition to the standard principle and interest U.S. mortgage loans, there are also interest-only mortgages, allowing for more cash-flow. As most of these loans do not have pre-payment penalties, you can pay towards the principal at will.
Do you have the income but doesn’t show on your U.S. tax returns? No problem either, America Mortgages StatedSelect allows you to only state your income. We will not request or require proof of income, including tax returns or monthly pay statements. LTV and rates vary for these programs, but qualifying can be extremely simple.
One of our associates or partners will be happy to answer any questions you may have regarding America Mortgages’ various loan programs.
Please send us a message at [email protected].
Your down payment is the first payment you make on your mortgage loan. For example, if your house is worth $150,000, the lender requires you to pay a portion of that price upfront, called the down payment. Typically, it could be anything between 20% to 50% of the asset’s price. So, at 20%, you have to pay $30,000 in advance to obtain the loan. Most financial institutions make it obligatory for the borrowers to pay the down payment.
You can pay the down payment from your personal savings or other legal sources. This payment for a home purchase is possibly the biggest single cash expenditure in most people’s lives.
To obtain competitive mortgage rates, you’ll need to pay at least 20% to 25% of your home’s purchase price in a down payment. Some financial institutions require the borrowers to pay a mandatory minimum deposit in addition to the down payment.
Mortgages are price-sensitive, so one with a lower down payment has higher risk factors, which will warrant a higher interest rate. Plus, a low down payment can cause you to pay for private mortgage insurance. So, to get the best option at a reasonable interest rate, be prepared to pay out of your pocket in advance.
To get an overseas loan from America Mortgages as a Foreign National, you will be required to pay only 25% in down payment. U.S. Expats get an unbelievably lower rate, which can be as little as 10% in down payment.
An up and coming fashion designer with dual Brazilian and U.S. passports wanted to buy a home in Miami, where she grew up. She is self-employed and therefore it doesn’t show on her U.S. tax returns her true ability to service the loan.
For self-employed clients, showing the ability to repay the debt can be challenging. Although the tax returns may not reflect her ability to repay the loan, her cash-flow is significant. We were able to find her a loan that did not require any tax returns and went strictly off the cash-flow (rental amount) from the property.
| Nationality | Property Value | Loan Amount | LTV | Rate |
| U.S. Citizen | $1,725,000 | $1,380,000 | 80% | 4.50% interest-only payments |
| Term | State | Property Type | Purpose | Loan Type |
| 5/1 ARM | Miami, Florida | Single-Family Residence (SFR) | Purchase | Residential |
A real estate investor from Hong Kong purchased a retail complex with a credit anchor tenant.
As a Foreign Entity, the borrower has traditionally purchased their U.S. real estate in cash due to the struggles of obtaining financing with no U.S. credit or tax returns. This is a typical client scenario for America Mortgages and with lenders that will focus on the cash flowing real estate, the borrower was able to keep a large position of their cash and utilize a commercial loan.
We were able to secure a non-recourse 7-year commercial real estate loan for the purchase of the property with 65% leverage.
| Nationality | Property Value | Loan Amount | LTV | Rate |
| Hong Kong Investment Company | $4,200,000 | $2,730,000 | 65% | 4.875% |
| Term | State | Property Type | Purpose | Loan Type |
| 7 year fixed loan / 20 year amortization | Boston, Massachusetts | Retail | Purchase | Commercial |
A mortgage term indicates the total duration of a mortgage. You will pay the lender monthly installments during this period and finally own the home after clearing off the last installment. The term of a mortgage starts from drawing the funds from the lender institution and ends on the expiry date when you need to repay the lender.
America Mortgages offer loan terms as long as 30 years (for fixed-rate mortgages) and as short as 5 years (for adjustable-rate mortgages). There are even shorter terms available, known as Bridge loans. These special loans can be as short as six months to up to one year and are excellent for procuring immediate cash-flow.
Most financial institutions offer these loans to commercial bodies like investors and constructors, but America Mortgages serves individual clients and the guarantee of some form of collateral.
If you can afford the higher monthly installments, a short-term mortgage saves plenty of money down the road. The explanation is quite simple: the longer the mortgage term, the more is the sum of the payable interest. As the interest rate is primarily front-loaded, the interest amount of a 30-year mortgage would be higher than that of a 10-year loan during the early years.
Similarly, ARM is more financially beneficial than fixed-rate loans if you can pay off the loan during the first interest cap. However, fixed-rate loans are better for people with a limited income. So, you should choose a mortgage term carefully, considering your future plans and current income sources.
A bridge loan is short-term financing used to facilitate the financing of a property for a short period. It is used to either acquire, maintain or improve a property with quick access to funds while more permanent financing is being arranged.
America Mortgages Bridge is a unique arrangement with various funds globally that gives America Mortgages the ability to source immediate asset-based capital in most countries worldwide. America Mortgages has funds and lending partners specializing in U.S.A., SE Asia, Central Asia, Europe, Central America, and the Caribbean. These unique relationships and volume give America Mortgages a lot of negotiating power on behalf of the client.
“Regardless if you’re in the U.S., Singapore, Hong Kong, HCMC, or Phnom Penh, America Mortgages Bridge is a viable short-term financing option to assets you may own globally and wish to keep but have a short term liquidity issue. In many cases, these events are unforeseen and can be resolved in a few months to a year. We understand the situation and the implications and, in most cases, take a loan from application to funding in a matter of 10 days. In most cases, we don’t like to exceed 55%LTV (loan-to-value); however, in some cases, we have been able to secure as high as 70% LTV. Anyone that knows bridge financing – that is extremely aggressive.”Robert Chadwick | America Mortgages
REASONS COMPANIES OR INDIVIDUALS APPLY FOR BRIDGE FINANCING:
“When America Mortgages issues a bridge loan, a viable exit strategy is in place before the loan ever funds. Normally America Mortgages Bridge loans, regardless if they are in Vietnam, Cambodia, Hong Kong, or the U.S., the terms are relatively the same. 12-36 months interest-only payments with rates ranging from 9%-15% depending on the location, the rule of law, and the collateral. More often than not, with the proper time frame, we can refinance these assets into long-term financing through America Mortgages’ commercial or residential mortgage programs.”Robert Chadwick | America Mortgages
Often America Mortgages Bridge financing is a cheaper alternative to the standard hard money or private lending options, while just as flexible underwriting and fast with the turn around to fund. Both are non-standard loans acquired due to short-term or uncommon situations. A bridge loan term may be closed, only available for a pre-determined time, or open with no fixed payoff date. There may be a required payoff after a specific date. America Mortgages Bridge has normal terms of 12-36 months with interest-only payments.
America Mortgages provide bridge loan financing for companies, developers, and individuals on a global scale. These interim financing services have been designed to assist real estate investors with financial solutions that offer quick relief in challenging times when liquidity or cash-flow is an issue.
As one of the leading International property bridging finance companies in the market, we pride ourselves on creating long-term client-lender relationships.
Get in touch with us today to learn more about the structures and options of short-term bridge financing solutions [email protected].
America Mortgages Inc. is a mortgage broker focusing only on U.S. Expats and Foreign Nationals living overseas. We offer over 150 U.S. bank and lender programs direct to our international clients. America Mortgages is wholly-owned by Global Mortgage Group Pte. Ltd. an international mortgage specialist based in Singapore.