Foreign National Mortgages
75% LTV: New Program for Single Family Homes, Low Rates
70% LTV Max Condos
Foreign Nationals are citizens of a foreign country who live, work and earn income overseas. They can buy U.S. vacation homes, short-term rentals, investment and rental property for income, for family vacations, or both. Some come to the U.S. business, educational, or employment opportunities.
- 75%-70% LTV is standard for purchase of single-family homes, townhomes, and villas.
- 75%-70% LTV is standard purchase 2-4 multi-family rental units: duplexes, triplexes, 4-plexes.
- 70%-65% LTV is standard for purchase of condos, including non-warrantable condos.
- 70% LTV max Commercial Real Estate & Florida apartment buildings: 5 units-50 units, or more.
- 90% CLTV: homes, condos, condo-tels. Minimum loan $500,000/Market value $850,000. Buyer to pledge liquid assets (cash-equivalents, commonly traded stocks). Gifted assets considered.
New Program: Low Rates, Max 75% LTV, single family homes. Variable rates start high 3%-mid 4%.
- Available all Florida; minimum loan $175,000 for homes, condos, townhomes, 2-4 units, villas. (South Florida $200,000 minimum loan: homes, townhomes, 2-4 units, villas; $175,000 condos).
- Homes at 75% LTV, if minimum sales price and appraised value is $233,500, or more.
- Condos at 65% LTV, if minimum sales price and appraised value is $270,000, or more.
- Condos at 70% LTV, if contract sales price is at least $500,000, supported by appraisal.
- Jumbo Foreign National Loans 75% LTV to $1.5MM. New: Max financing 70% to $3 Million.
- No foreign tax returns, 1 bank reference or credit report, and most recent US bank statement showing entire down payment and closing costs on deposit. Reserves may be held overseas.
- Non-warrantable condos, with investor concentrations above 50%, are usually acceptable.
- Close in individual name, or close in corporate entities such as LLCs, LPs, or Trusts.
- Close with foreign notary or foreign attorney, no U.S. embassy appointments are required.
- South Florida: $200,000 minimum loan amount: homes, townhomes, 2-4 units.
- South Florida: $175,000 minimum loan amount: condos.
- There are additional guidelines in Central Florida, with max 60% LTV.
No Trips to the U.S. Embassy, No Embassy or Consulate Appointments Required
- Max 75% LTV, Low Rates Program: Can sign with a foreign attorney or foreign notary overseas.
- 70% LTV, No Income Program: Allows online notarization in the comfort and safety of home or office overseas. Requires a complete video/audio recording of the signing and the closing.
No U.S. Bank Account, No Business or No Tourist Visa (B-1 or B-2)
There are options for opening a U.S. bank account if a buyer cannot travel to the U.S. due to time limitations, or Covid-19 restrictions. An attorney or CPA may assist in LLC formation and/or establishment of a U.S. bank account. Attorneys and accountants have contacts with local and national banks; they can successfully open a U.S. LLC bank account for foreign nationals.
No visa: If a buyer cannot get a tourist/business visa, we offer a program that only requires a foreign passport. Property must be a rental unit with max 70% LTV.
Foreign Nationals: $100,000 minimum loan with Full Income Documentation
Max 70%-50% LTV: Homes, Townhomes, Condos, Non-Warrantable Condos, Condo-tels, Coops
- $100,000 minimum loan amount, good rates!! Purchase prices $200,000 and under are ok.
- Max 70% for Canadian buyers.
- Max 60% LTV for borrowers who can get international credit reports including buyers from the UK, Western Europe, Australia, New Zealand.
- Max 50% LTV: all other buyers.
- Both 2nd homes and rental properties are eligible.
- Condo-hotels and co-op financing for foreign nationals.
- Condo-tels and co-op financing also available to US citizens, certain work visa and green card holders. Maximum 75% LTV for condo-hotels, 80% LTV for co-ops.
- Need 2 years tax returns, 3 months bank statements, 12 months mortgage reserves, credit references or credit report, ITIN or Social Security Number.
No Income Foreign Investors
No Income Foreign Nationals-Rental Properties Only
- No Income: No Foreign Tax Returns, No Accountant or Employer Letter, No Income Docs.
- Rental properties only: Borrower qualifies on monthly rents and cash-flow of the property.
- Includes purchase, simple refinance for lower rates, cash-out refinances, and Interest Only.
WORK VISA HOLDERS: Foreign Nationals to U.S. Residents, on a Temporary Basis
Foreign Nationals are citizens of and passport holders from another county. On a temporary basis, some come to the U.S. for employment, business, and educational purposes. Some will work for an American company; others will start businesses that employ American workers.
Who are WORK VISA HOLDERS?
Foreign Nationals who legally come to work and live in the U.S. are classed as Work Visa Holders. They live, work, and pay taxes in the U.S. for a specific but limited time period. They can rent homes. They can buy property, including primary residences and rental units, while employed or self-employed.
Visa Holders may get the same rates and terms as U.S. citizens, if……
- Meet the requirements and follow the 2-2-2 rule for the same low rates as US citizens.
- For starters, lenders and banks require 20%-30% down, to get the same rates as U.S. citizens.
- When qualifying visa holders for a mortgage, most banks use the 2-2-2 rule.
- The 2-2-2 rule requires 2 years U.S. residency and 2 years housing payments (such as rent).
- The 2-2-2 rule requires 2 years established U.S. credit history with credit scores over 620.
- 2-2-2 rules require 24 months satisfactory U.S. based income and U.S. employment.
- We have gotten and can get loan approval with smaller down payments such as 3%-5% down.
- We have gotten and can get loan approval with shorter residency time periods, shorter employment time periods, and a shorter, newer U.S. credit history.
Visa Classes: Salaried Borrowers Eligible for 80%-97% LTV Financing,
May qualify for 100% LTV, if 1st time home buyer with 620 minimum credit score
- L-1 Visas-Transferred by international businesses to establish or to continue an already existing U.S. based operation. L-1s are usually salaried and may be tasked to create new U.S. jobs.
- E-3 Visa Holders-Australians in non-immigrant specialty occupations with a bachelor’s degree: such as medical professions, IT, business and finance, teaching, the sciences, researchers, marine and maritime industries, etc.
- E-1s and E-2s: Includes self-employed buyers, and certain salaried buyers.
- TN NAFTA: Canada, Mexico: eligible for 80%-97%-100% fixed-rate financing, if salaried.
- H-1B Visas: salaried positions for temporary workers in STEM, computer and financial fields
- R-1 Visas: Clergy, Ministers, Pastors, Priests, and Religious Workers eligible for max financing.
Just off the Plane Mortgages
When a visa holder comes to work and disembarks from the plane, are they going to rent? Or will they buy, and move into a new home?
Just off the plane mortgages are intended for recent entrants who want to buy straight away rather than rent. These new visa holders DO NOT need to satisfy the 2-2-2 rule.
Recent entrants can buy in their first days or first weeks, rather than waiting years. When they return to their home country, they can sell or rent their U.S. property. With proper estate planning, they can leave homes to their children or heirs, in wills or trusts. Estate taxes may be reduced.
Just off the Plane Program #1
- Fixed Rates.
- May be eligible for max 80%-97% LTV.
- If LTV is greater than 80% LTV, monthly mortgage insurance is required.
- Condos are harder to finance.
- Only certain work visas are acceptable.
- Borrowers must be salaried, paid in U.S. dollars, must have received their first paycheck.
- U.S. credit history is not required.
Just off the Plane Program #2
- Variable rates.
- Max LTV is 80% LTV.
- No Monthly Mortgage Insurance.
- Homes, townhomes, condos, non-warrantable condos, co-ops, and condo-tels can be financed.
- Borrowers must be salaried.
- May not require receipt of first U.S. paycheck.
- U.S. credit history is not required.