Loans for Foreign Nationals
A Foreign National Loan Program is a special type of loan that helps noncitizens buy investment property in the United States.
If you are a citizen from another nation, you can still have the opportunity to get a mortgage loan to buy a property in the United States. A mortgage loan to a non-resident person in the U.S.A. is called a Foreign National Mortgage loan. A foreign national who is not a resident of the United States will in many cases seek to own real estate. Financing real estate is generally done by US mortgage companies and banks to United States citizens. The property can become a second or vacation home while staying in America. It could also be an investment property.
Binford Mortgage welcomes the opportunity to provide mortgage services to Foreign Nationals who want to purchase or refinance a home in the United States. Binford Mortgage offers loans to non US citizens that may be resident aliens, temporary residents or other classifications of either temporary or permanent status.
Down payment requirements are usually higher for foreign national borrowers. The minimum down payment is usually 25% of the total purchase price of the property. This is also referred to as an 75% Loan to Value "LTV" loan.
Required Documents For Foreign National Mortgage Loans
1. Self-employed Foreign National borrowers require a letter from an Accountant/Auditing firm (not connected with borrower or borrower’s business), verifying income figures for the last two years and providing a year to date income figure, It helps if the business has a website. If not, please provide printed business materials or brochures. In some we may request additional reference letters from companies which the borrower have worked with in the past.
2. Salaried employees must provide a letter from the employer stating their current monthly salary or a valid pay stub.
3. One letter of reference from a banking or financial institution, showing at least 24 months history and relationship status. Borrowers must have enough money to maintain payments in U.S. and lifestyle in the home country. The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level. Gift funds are not acceptable.
4. Two Utility bills or any document from a home country, which contains borrower's name and address (to prove residency in the country he/she lives).
5. Copy of borrower’s passport and visa (when applicable).
6. Borrowers must set up an Auto Payment Debit Account with a US banking institution, which will allow the bank to withdraw monthly mortgage payments automatically.