Foreign National Lending for True Foreign Nationals,
International Borrowers, Green Card and Visa Holders
Take advantage of historically low interest rates, favorable rates of exchange, and an affordable, vibrant real estate market.
Mortgage financing has been affected by tighter underwriting, less liquidity, and reduced access to credit. However, we recall few times when low interest rates and affordable home prices could be found at the same time in the housing and finance cycle, providing obvious benefits to buyers.
A True Foreign National is a legal resident of another country, who lives, works, and usually earns the majority of income in his or her country of origin. For legal, and primary tax purposes, he or she is a citizen of a foreign nation. The foreign national usually buys a second home to live in while in the U.S. on short visits. business trips, or vacation.
The foreign national buys a home, condo, or co-op as a secondary residence, vacation or holiday home. The foreign national may buy a home for a child who is attending college in the U.S. Also included are the purchases of investment properties (this financing is harder to obtain, currently), and commercial properties such as apartment and office buildings.
Mortgages are generally available at 45% to 70% LTV, depending on geographic location and type of property. 90% financing is available for True Foreign Nationals if the seller will take back a note and mortgage, although this financing package is uncommon.
Green card holders may qualify for the same mortgage programs as U.S. domestic borrowers including FHA at 96.5% LTV and USDA financing at 100%,http://www.FHAUSDA.com
Certain visa holders may be eligible for similar programs such as FHA. They are eligible for 80% to 95% LTV financing. http://www.VisaMortgages.com
True Foreign National Mortgage options include:
- Fixed rate mortgages, variables, interest only loans, and repayment mortgages
- No Doc and stated income mortgages
- Mortgages with no prepayment penalties or no early redemption penalties.
- Assets pledged in lieu of down payment, maybe similar to 100% financing
- 90% CLTV Financing if the seller will hold a second mortgage, admittedly uncommon in today's market as many sellers don't have sufficient equity
www.ForeignNational.com and www.ForeignNationalMortgages.com are committed to securing financing for anyone who meets program guidelines and wants to buy property in the U.S. Despite stricter underwriting guidelines and the "credit crunch", we welcome foreign nationals and foreign investment to the U.S.
We believe that excess real estate inventory in certain areas and zip codes, Florida, for instance, can be assumed by interested and qualified foreign buyers. Most foreign nationals have a real and powerful contribution to make. They enjoy sunshine (or conversely winter skiing), theme parks, and vacations as much as any red-blooded American.
We think that that a strong global economy with free and balanced markets has helped us. We also think that you should consider giving back when you benefit from foreign investment and business across borders (as we have and perhaps more than the average mortgage company or bank). With every loan closed as a result of website inquiries, we will make a $50 contribution to budding entrepreneurs and business people in developing countries. These individuals; rice farmers in Southeast Asia, fishermen and fisherwomen in Africa, widows in Nigeria, have a vision, a business and require working capital. The concept has been facilitated by the Nobel Peace Prize winning organization, www.Kiva.org. As we understand that charity also begins at home, we will make a matching $50 contribution to Habitat for Humanity in the U.S. or the American Red Cross.
