Thursday, April 3, 2008

Foreign Nationals: (Mortgage Financing)

Financing for: Tourists, Visitors, Residents of other Countries, No U.S address, No job in U.S.

Documents Required

- Valid (unexpired) Forgein Passport

- I-94 (Required only when the Forgein National is in the U.S. at time of application or closing) - - International Credit Report

Income and Asset Documentation Requirements

- Proof of Income - Tax returns, paystubs, etc.

- Stated Income available
- Verification of Deposit
-----Down payment and closing costs must be verified in U.S. institution
-----Reserves can be verified in foreign institution with 6 months hostory
-----Statement accounts required

Reserves

- 6 months of mortgage payment for loans <$650k
- 12 Months of mortgage payments for loans >$650k

Mortgage Loan Programs

- 30 Years Fixed

- 3/1, 5/1, 7/1, 10/1 ARM
- 25% - 35% down payment required

Note: Information above is a general overview for foreigners seeking to obtain financing for purchase. Requirements for financing can vary from bank to bank depending on individual buyer qualifications.

Still have questions?

If you still have questions about the process of application please contact us and we will refer you to a recommended mortgage lender of your choice.

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