WOW!!! Foreign National program – 4 VEGAS INVESTORS !!!
I have both niche product normal bank loans (institution lenders, lower rate, but more documentation requirement. 7% rate. 30 yr or 15 yr fixed rate).
or hard money (from private fund, high rate, low document requirement, 12% and up rate, 6 month to 5 yr balloon ).
following is the detail info for institution lending.
Foreign National program –
Borrower cannot be a US citizen, have dual citizenship with the US or US Green Card. See the bottom of the attached matrix for FN specific info and the full program guidelines are available on the broker portal at www.gonewpenn.com , important links, UW guidelines, portfolio.
As a quick overview please note the following:
1. Currently for Owner occupied and 2nd Home only-borrower cannot own other properties in the US.
2. 65% LTV for Purchase, 55% LTV for Rate and Term… currently we also allow a 55% LTV delayed financing option within 60 days of an all cash purchase, max ratios 35/45.
3. $650,000 max loan size, $100,000 min loan size
4. Foreign Nationals from all countries (including China) except those on US Treasury Sanction List- http://www.treasury.gov/
5. 24 months reserves required, 12 months of it must be held in a US bank, all assets seasoned min. 90 days at originating financial institution, may be domestic or foreign. All FN loans must establish an ACH debit for mortgage pmts. from the reserve account in the US.
These are full Doc loans, Income documentation may vary based upon each scenario.
In addition to the international credit report required (see attachment above):
Foreign National program –
Borrower cannot be a US citizen, have dual citizenship with the US or US Green Card. See the bottom of the attached matrix for FN specific info and the full program guidelines are available on the broker portal at www.gonewpenn.com , important links, UW guidelines, portfolio.
As a quick overview please note the following:
1. Currently for Owner occupied and 2nd Home only-borrower cannot own other properties in the US.
2. 65% LTV for Purchase, 55% LTV for Rate and Term… currently we also allow a 55% LTV delayed financing option within 60 days of an all cash purchase, max ratios 35/45.
3. $650,000 max loan size, $100,000 min loan size
4. Foreign Nationals from all countries (including China) except those on US Treasury Sanction List- http://www.treasury.gov/
5. 24 months reserves required, 12 months of it must be held in a US bank, all assets seasoned min. 90 days at originating financial institution, may be domestic or foreign. All FN loans must establish an ACH debit for mortgage pmts. from the reserve account in the US.
These are full Doc loans, Income documentation may vary based upon each scenario.
FN borrower must have a valid passport AND a valid VISA. An example of Acceptable visas include but are not limited to E-1, H-1B, H-2B, H-3, L-1, G-series and O-
All Foreign documents must be translated in English by CPA or certified translator and payroll/income documents and assets also show US dollars conversion.
Foreign National Income/Salaried Employed
a. Letter from employer stating current monthly salary, YTD earnings and 2
months valid pay stubs required wherever possible. Paystubs may be
waived where the borrowers employer does not provide them and verification
of employment can be obtained through other means.
b. Letter from employer must be on company letterhead, include address and
company web address.
c. Verify employer using LexisNexis, D&B International Business
Search, Google, or other mean of verification.
d. If the borrower is employed within the U.S., evidence of the borrower’s
employment along with pay stubs is required.
In addition to the international credit report required (see attachment above):
•
| A domestic tri-merge credit report is required on all Foreign National loans. If the borrower does not have a Social Security Number, the report should be generated with their Tax Identification Number. In the absence of both a Social Security Number and a Tax Identification Number, the report should be generated with the borrower’s name, birth date and 9s entered in lieu of the Social Security Number. In the event the borrower has a US credit file and the report generates a credit score, a minimum 680 score is required. |
