A Guest Post From The Florida Upfront Mortgage Broker
With all the negative hoopla about the real estate industry lately, a segment that is still very active is the Foreign National portion. A Foreign National is someone who is not a U.S. Citizen and does not have a “Green” card. Currently, Foreign Nationals are enjoying a fantastic buying opportunity. By coupling a weak dollar (as compared to most currencies), a large glut of homes to choose from, and easy loan qualifying standards, a “perfect storm” has been created.
Here are the current qualifications:
- Stated Income, No Income Verification
- Sufficient Assets to close must be listed on application (down-payment + closing costs + 3 months PITI seasoned 30 days in a U.S. Bank Account).
- No credit report, not even an international credit report
- Loan to Value is from 50% to 65%
- The home MUST be a strong marketable property!
- No International references needed
- Valid Passport
- U.S. Bank Account
- Monthly mortgage payments must be auto-drafted
- Second Homes Only, No Investment Properties allowed
- Power of Attorney is not allowed, all buyers must be at closing
As you can see, this is a relatively easy loan to obtain. The largest factor in obtaining a mortgage for a Foreign National is the property. The property is where the lender will put the most weight, this is the single biggest qualification since everything else isn’t verified.
Single family homes and condos are the best types of properties to be financed. Properties such as condotels (condos that are allowed to be rented for days/weeks) are not allowed nor are multi-family properties (duplexes, tri’s, and quads). As far as mortgage programs for Foreign National loans, both ARM’s and fixed rate mortgages are available. Fixed rates are available with rates currently in the 6’s.
Mortgage guidelines can change from one day to the next, please contact me for the most up to date guidelines. Feel free to visit The Upfront Mortgage Broker for other helpful mortgage advice and guidance.
The Florida Upfront Mortgage Broker
Residential, Commercial & Reverse Mortgages
Joe (at) the upfront mortgage broker (dot) com