Foreign National Loan in Florida
Foreign National Loan Mortgage For Non-US Citizens
You Do Not Have To Be A Citizen To Get A US Mortgage
In the United States there are two types of non-citizen home buyer. These two groups are residents who want a primary residence or are non-residents who want a vacation property here. Buyers may choose to finance their properties with a foreign national mortgage loan. NSH Mortgage recognizes that offering Real Estate financing, such as a Foreign National Loan is an intricate part of providing a comprehensive product line.
Permanent Resident Immigrant
Both permanent and non-permanent resident immigrant can obtain mortgages in America, pretty much like everyone else. They can even get FHA and home loans with as little as three percent down. Although the documentation requirements depend on the borrower’s status. If you are a permanent resident immigrant, you will need your green card and your social security number. Your mortgage application process will be very similar to that of US citizens.
Non-Permanent Resident Immigrant
If you are a non-permanent resident immigrant, and you do not have a green card, but you do have a social security number. You can still finance a home if you provide a work permit (Employment Authorization Document) or special employer sponsored visa. Lenders must verify that you will be able to live and work in the country for at least three years. If your permit is going to expire within a year, your lender must evaluate your likelihood of remaining in the country and decide accordingly.
FHA Mortgages For Non-resident Immigrant
The ongoing employment; residency requirement is easier to satisfy with a FHA mortgage. Guidelines state that if you had your visa or work permit renewed at least once, lenders can safely assume that your employment and residency will continue. If you have never renewed your visa or permit before, though, your lender will probably investigate further. We may check with US Citizenship and Immigration Services to verify and get more information about your status, or contact your employer.
Non-Resident, Non-Citizens Have Options
Non-Citizens that are here seeking refugee or were granted asylum can automatically work here. And they can also obtain financing like any other lawful resident. But they must present proof that they are either a refugee or an asylum seekers to be eligible for financing. Non-U.S. citizens without lawful residency in the U.S. are not eligible for FHA home loans.
Foreign National Loans For Non-Residents
It is harder for borrowers outside the US to finance second homes here. However, private lenders do offer these mortgages to foreigners. They are riskier for lenders, so they carry higher interest rates. Borrowers also have to make much larger down payments up to 30 to 50 percent. That gives lenders a cushion if foreign borrowers default on their loans.
NSH Mortgage recognizes that offering Real Estate financing, such as a Foreign Nation Loan, is an intricate part of providing a comprehensive product line.
Our experienced underwriting and production teams will assist you with these complex transactions, on a loan by loan basis, through the process of acquiring the appropriate documentation.
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- The borrower will not need to have a Social Security number, Green Card or Visa.
- No FICO score is required. We will accept foreign credit reports to demonstrate credit worthiness or satisfactory alternate credit, from country of origin.
- Credit reports to demonstrate credit worthiness or satisfactory alternate credit, from country of origin.
- Investment properties on a case by case basis.
- Interest only is available.
- Income documentation is required.
- We require season assets in a known verifiable institution
- If the documentation is in a foreign language, it needs to be translated by a certified translator.
- You will need to provide us with a valid passport and a second form of ID.
- If the borrower has a Green Card or Visa: 70% LTV to $1 million.
- Loan amounts up to $5,000,000. We will consider loan amounts over $5,000,000 on a case by case basis.