Foreign National Mortgage Lenders
Foreign National Mortgage Lenders
Foreign National Immigrants living in or visiting the United States may still have the ability to get a mortgage regardless as to whether they are US citizens. Foreign National mortgage lenders are providing mortgage programs for non-residents in all 50 states provided you can meet their guidelines.
What is a Foreign National Mortgage?
A Foreign National Mortgage is mortgage to a non-resident of the United States who is looking to buy real estate which is typically a second home. There are a limited number of foreign national mortgage lenders who provide mortgages due to the risk involved with lending to someone who is not a resident of the United States
Residency Status Differences for a Mortgage
A foreign national is someone who lives outside of the United States but wants to secure a mortgage for a home within the United States. No green card, social security card or work visa is required. They will not qualify for any of the government programs and only niche foreign national mortgage lenders can provide loans for foreign nationals.
Permanent Resident Aliens
Permanent resident aliens can find a mortgage just like US citizens. They can even qualify for government programs such as FHA and USDA loans. In addition to meeting the qualifications for those traditional mortgage programs, you will also need a green card and a social security number.
Non-Permanent Resident Aliens
Non-permanent resident aliens can also find financing. They do not need a green card but must have a social security number. You also must produce a work permit or work visa. You must verify that you will be able to work in the United States for at least another three years based upon the status of your permit and/or work visa.
Foreign National Mortgage Guidelines an Requirements
These are typical guidelines for most foreign national mortgage lenders. The guidelines change often and so do the requirements. After reading the page, complete our foreign national mortgage lender contact form and we will connect you with the right lender for your needs.
- Employment Requirement – Lenders will require that you provide 2 years proof of income. Since you are not a US Citizen and do not have tax returns, the foreign national mortgage lender will most likely ask you to provide this proof based upon what is available in your native country. This will be a very important piece of documentation that you will need to provide.
- Down Payment Requirement – The down payment requirement will vary based upon the lender and also your financial situation as well as your ability to provide documentation. The down payment requirement will range anywhere from 10% all the way down to 35%. You may need to transfer the down payment funds to a US based bank at least 30 days before closing.
- Asset Requirements – In addition to the down payment, the lenders will ask you to verify all of your assets. This includes all bank statements, brokerage accounts and other real estate just to name a few.
- Income Requirement – Foreign national mortgage lenders will ask you to document your income for the past two years. Since these are niche lenders, your debt to income requirement will be more lenient.
- Credit Requirement – Determining your credit worthiness is difficult for foreign national mortgage lenders. The three traditional credit agencies most likely do not have any reporting for you since you do not have a social security number. They will need to look at any type of credit reporting which may exist in your home country, plus any other credit accounts that you may have open.
Tips on Qualifying for a Foreign National Mortgage
Lenders are taking a significant risk providing a mortgage to an individual who is not living in the United States. To offset that risk, a good tip would be to provide as much documentation as you can. Put down as much as you can on your purchase. Show plenty of assets and income. Make sure that you do not have any negative credit situations which would make lenders nervous. Doing all of this will provide you with the best chance possible to get your foreign national mortgage.
United States Foreign National Mortgage Lenders
Here is a list of our 2019 top foreign national mortgage lenders. These are just a few with some key points about each. The best thing you can do is allow us to connect you with the one that fits you best by completing our foreign national mortgage inquiry form.
Meanwhile, here are just a few of the foreign national lenders and a few highlights for each:
Axos Bank – They accept foreign credit reports
- No SS# or Visa needed
- Up to 65% Loan to value for a second home
- Interest only mortgage is available
- Seasoned assets required
Angel Oak Mortgage – Angel Oak specializes in niche mortgage programs. They have a lower maximum loan amount for foreign nationals so this may not be the option for you if you are buying an expensive home.
- Loan amounts up to $750k
- High DTI requirements
- All types of properties including investment
- 12 months cash reserves required
- Fixed or adjustable rates
- Seller concession also allowed up to 2%
Compass Bank – They provide funding to foreign nationals for single family properties which also include condos.
- Fixed and adjustable rates
- Loans up to $2 million
- Maximum loan to value ratio of 80%
- Cash out refinances available
Northstar Home Funding – Northstar specializes in many niche mortgage programs including foreign national. They do not require that you move your funds to the US prior to closing which is a plus. The one negative is they require you obtain a SS# or ITIN prior to closing.
- Super jumbo available up to $5 million
- All property types including condos are allowed
- Investment properties allowed
- LTV requirement up to 80%
- 12 months reserves required
- Maximum DTI is 43%
Quontic Bank – This lender has a much smaller area in which they will provide funding. It seems to be limited to NYC and Miami. They also require that you maintain 6 months of PITI (Mortgage payments) reserves in a Quontic Bank checking account.
- NYC and Miami area only
- Can be self employed for at least two years
- 12 months of PITI required after closing
Community Mortgage Group – A small lender servicing Washington DC and Maryland
- Maximum loan amount of $750k
- Offers both fixed and adjustable rates
- Maximum DTI of 50%
- Up to 75 LTV
- Seller concessions up to 6% with a max LTV of 65%
ACC Mortgage – Licensed in a handful of states and specializing in helping with foreign national mortgages in the Washintgon DC area.
- Purchases or refinances of primary, second home or investment properties
- Self employed borrowers can qualify using bank statements
- Must have down payment funds seasoned in the United States for a minimum of 30 days
- Up to 75% LTV
Foreign National Mortgage Frequently Asked Questions
What is the foreign national residency requirement?
Most foreign national mortgage lenders do not require that you live in the United States. The purpose of this mortgage is for non residents to be able to buy real estate in the United States.
Can I get an FHA loan as a Foreign National?
None of the government or traditional Fannie Mae or Freddie Mac loans are available to foreign nationals. The only exception is permanent resident aliens can get an FHA loan, however then that really does not classify them as a foreign national and additional residency documentation would be required.
Can a Foreign National get a Bank Statement loan?
The standard bank statement loans are not available to foreign nationals. However, there may be versions of the foreign national mortgage program that may allow you to qualify using bank statements instead of other forms of income documentation.
What are the credit score requirements for a foreign national mortgage?
Foreign nationals will not qualify using a US based credit report or credit scoring since it most likely has not been established. Foreign national mortgage lenders will accept foreign credit agency reporting or other non traditional credit verification. You will need to provide some kind of credit history to show the lenders that you have the ability to repay your debts.
Is a Foreign National Mortgage Better than an ITIN Loan?
It is actually easier to get a mortgage with an ITIN number than it is as a foreign national without one. ITIN loans will often have a lower down payment requirement and the interest rates may be a little better. There are also more ITIN lenders doing business in more states than with Foreign National loans.
We can help you to find a Foreign National mortgage in the United States. Most of our lenders will provide funding in New York, New Jersey, Connecticut, Washington DC, Maryland, Philadelphia, Miami Florida, California, Chicago and Texas. However, we can help you in all 50 states.