Home Buying in 89113>Question Details

Shawn, Home Buyer in Canada, KY

Foreign National Mortgage

Asked by Shawn, Canada, KY Fri Jun 13, 2008

Does anybody have a good source to obtain a F/M. I can put down 200-250k on a 600K property. I am buying in Las Vegas. Most referrals turn into 40% down and a poor rate. I am looking for someone with current experience and knowledge of the recent programs available. I know the market has changed and many programs are not available.
Thanks!

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We understand that with the dollar on the decline, historically low interest rates, and incredibly low property values, now is the ideal time to invest in the US real estate market. As of June of 2009, the Canadian dollar was 91 cents to our dollar. Remember just one year ago the Canadian dollar rose to over $1.05, which was the highest since 1976. Fannie Mae (FNMA) recently announced a variance to their guidelines that will allow Canadian Foreign Nationals to be eligible for a US Mortgage.

Here is an outline of some of the new guidelines.

1. Eligible Properties/Purpose
1. Each Mortgage must be purchase money transaction
2. Borrower may not own more than one property
3. The mortgage must be secure by a one-unit residence located in an area where second homes are common and customary.
2. Credit and Eligibility Requirements
1. Minimum Fico score of 700 required from one major credit company in Canada
2. Credit must reflect 24 month history and a minimum of 4 trade lines, or three trade lines plus a written verification of mortgage reflecting a good payment history
3. The borrower must have a minimum of six months reserves deposited in a U.S. depository institution, which reserves must be the borrower’s own funds
3. Documentation (Full Documentation)
1. Lender must verify 2 years work history in the same line of work
2. The Borrowers assets must be verified and all figures must be converted to U.S. dollar amounts

The down payment requirement will be 30%. This is great news considering the only currently available in the US is private or hard money, which has extremely high rates and fees. For more information about properties in the US or foreign national mortgages, please give us a call. http://www.GlobalOneInvestor.com
1 vote Thank Flag Link Thu Jun 11, 2009
Hi Shawn,
There is a global bank that can lend to foreign nationals. I have helped foreign nationals with this bank here in CA. They require borrower to open a checking ac with $100k deposit. The down payment required is in the 30% range. Alternatively, you can go with BBVA Compass, as eluded by another person below. Please visit http://www.BuyHomeinUS.com for more info for foreigners buying homes in USA.
Web Reference: http://www.BuyHomeInUS.com
0 votes Thank Flag Link Thu Oct 27, 2011
Shawn,

In the past I have used David Hager with BBVA Compass Bank to assist my Foreign National Clients. He has been very helpful and knows his program. My understanding is that BBVA Compass Bank is one of the leaders in the Foreign National lending. Some of the guidelines of the program are as follows:

* 25% down up to $1 million
* 15,20,25 & 30 Fixed Rate Mortgage and the 5/1 year arm
* Minimum Loan Amount $50,000
* Debt to income ratio not to exceed 38%
* Items needed to be Pre Approved
Personal Balance Sheet & Income Statement
Job Verification
30 day bank statements
Payment History-The applicant must have a minimum past or existing loans/lines

Give David a call or email, 904-564-8657, david.hager@bbvacompass.com
0 votes Thank Flag Link Fri Aug 12, 2011
I suggest giving Patrick Moore with Prime Lending a call or email. I know he has extensive experience with foreign national loans. I spoke with him about a week ago about doing a foreign national loan for a client from Malaysia and he said to expect 30-40% down and 7-7.5% interest rate.

Here is his contact info:

Patrick Moore
Senior Mortgage Banker
PrimeLending
Direct Line: (702) 285-7774 Office: (702) 869-8790
Toll Free: (888) 216-0903
Fax: (866) 908-5379
Email: patrickm@primelending.com
0 votes Thank Flag Link Fri Jun 13, 2008
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