Home Buying in Atlanta>Question Details

Merveille, Home Buyer in Atlanta, GA

Foreign national mortgage

Asked by Merveille, Atlanta, GA Mon Jun 11, 2012

Hi My husband and I are French Citizens and are interested in buying a property in Atlanta, Georgia. I am Pharmacist and my husband is a Medical Doctor and we own our house in Strasbourg, France. The property we are interested in costs $70,000 . We are prepared to put a deposit of 30% and are looking to finance the remaining 70%. We will be arriving in the US in a few days on a Tourist visa but would like to do in advance what is needed here in France prior to departure. What are our chances of getting a mortgage as foreign nationals? In the present circumstances, what steps do we have to take and which documents are needed? Thank you in advance for your assistance

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Answers

5
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
thegocp@gmail.com
0 votes Thank Flag Link Mon Oct 14, 2013
Hi

That's funny I keep answering people for this my friend did a loan for me http://www.eastcoastinvestmentsco.com he did it in Florida but I know the also do foreign loans in new York and Atlanta his name is Jay.
0 votes Thank Flag Link Sat Jul 27, 2013
Aside from all the information that Fred just gave you, he left out hard money lending. There is a Foreign National loan that requires 30% down. The minimum loan amount is $50k, so you will either need to offer $72,000 and have them pay $2000 in closing costs, or I'll request an exception. The loan that Isabel speaks of requires that you buy a house with an LLC, Trust or corporation. There is no income or credit requirement. There is no pre-payment penalty. The loan is amortized for up to 20 years and balloons in 5 years. Rates are single digit, interest only. The bank may require a small deposit into their bank to establish a relationship with them.
Isabel understands these type loans, so if you need help finding other properties, look her up. One other thing, please stay out of zip codes: 30310, 30311, 30314 and 30315. We will not lend there.
0 votes Thank Flag Link Mon Jun 11, 2012
Thanks a million Bill. The property is in zip code 30328. I would like to hear more about these options , we are ready to proceed right away... can i send you a mail or call
Flag Mon Jun 11, 2012
I know a lender who may be able to help you.

Give me a call and I will connect you.

Thanks!

Isabel Elsesser, Realtor
770-307-8751
http://www.isabelsnewhome.com
First United Realty
0 votes Thank Flag Link Mon Jun 11, 2012
thanks a lot for your reply Isabel... Your phone number is well noted
Flag Mon Jun 11, 2012
MORTGAGE LOANS FOR NON-US CITIZENS

We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.

We will try to describe these options from least difficult to most difficult.

PERMANENT RESIDENT ALIENS

These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the ?green card? issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.

H1B VISA HOLDERS

H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.



WORK PERMIT

Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.

FOREIGN NATIONALS

It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.



ITIN MORTGAGES

For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.


Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Mon Jun 11, 2012
Number well noted, thanks!
Flag Mon Jun 11, 2012
Merveille - I certainly can assist you. Give me a call anytime. (678) 799-4663
Flag Mon Jun 11, 2012
Thanks a million Fred, do you work with a lender who can assist us?
Flag Mon Jun 11, 2012
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