What Is Needed For Foreign National Loans?

America Mortgages has several Foreign National, Non-U.S. Citizen mortgage programs to obtain U.S. Real Estate for both purchase or refinance regardless if they have U.S. credit (FICO), residency, or proof of Income.

Purchase or Refinance

America Mortgages has several Foreign National, Non-U.S. Citizen mortgage programs to obtain U.S. Real Estate for both purchase or refinance regardless if they have U.S. credit (FICO), residency, or proof of Income.

Loan to Value (LTV)

Maximum Loan to Value for a non-U.S. citizen mortgage is typically capped at 70% LTV (30 down payment) on a purchase and 65%LTV on a refinance.

Most programs allow up to USD$2,000,000 maximum cash out for a refinance or remortgage.

Income Qualification

America Mortgages has two U.S. mortgage loan programs for non-U.S. citizens; Stated Income – does not require income verification or tax returns. Perfect for non-U.S. citizen mortgage borrowers that are either self-employed or have numerous write-offs on foreign tax returns. Full Income – requires the following;

  • – Two (2) years of foreign tax returns
  • – Two (2) months bank statements (foreign account okay)
  • – One (1) month pay statements

Visa & Valid Passport

Foreign National mortgage borrowers must have a valid copy of their passport. U.S. Visa is not required normally. You should also check that your country is not listed in OFAC – Office of Foreign Assets Control – Sanctions Programs and Information.

Down Payment

The down payment can range from 30% to 50%, depending on the property type, interest rate, and documents that you can provide. America Mortgages has mortgage programs for non-income and income verification.

Interest Rate

U.S. Mortgage Interest Rates for Foreign National borrower vary from the mid 5’s to the low 7’s and are subject to change every day. America Mortgages compensation is not based on the rate, and borrowers will receive the best options available at the time of application.

Bank Statements

The Foreign National or Non-U.S. Citizen mortgage borrowers need to show two months (60 days) of bank statements and show that funds are “seasoned.” Seasoned funds mean that funds have been in an account, U.S. or Foreign, for a minimum of 6o days for AML purposes. U.S. anti-money laundering laws require this.

If the borrower has money in cash, he/she will need to deposit that cash in their bank and let it season two full months.

America Mortgages has loan programs that allow for 100% gift funds for Non-U.S. citizen borrowers looking to purchase U.S. Real Estate. Gift funds are money given to you by a family member or friend without expectation of repayment. This money will also require AML seasoning requirements.

Money Reserves

For most programs, reserves are NOT required.

Foreign Credit Report or Bank Reference Letter

For most programs, a foreign credit report or bank reference letter will be required.

Funds in a U.S. bank

The funds for the down payment and closing costs must be in a banking institution for 60 days (seasoned). These funds can be in a U.S. account or non-U.S. account. Any bank statements require professional translation.

Minimum Loan Amount $100,000

Unlike regular loans, Foreign National loans do have a minimum loan amount requirement. Remember that it is the loan amount, not the sales price.

If you have a specific scenario and property that you would like us to price it and give you the client’s requirements, please feel free to email hello@americamortgages.com.