If you have any further questions or if you would like a loan, feel free to contact me through the information on my profile page!
Hope this helps and good luck!
Sr. Mortgage Banker
NMLS # 659743
Best of luck on your first home purchase.
Obtaining a loan for a Foreign National or a Non-Permanent Resident Alien (NPRA) is not much different than doing a loan for a US Citizen or for a Permanent Resident. We require credible documentation for 2 yrs. + year-to-date Income, credit report or alternative credit to demonstrate â€˜Aâ€™ quality credit worthiness, and seasoned funds in a known financial institution (does not have to be seasoned in a US bank account). Translation of documents may be necessary if the originals are not in English.
You have no Green Card and no VISA.
No Credit requiredâ€¦but four credit references required â€“ alternate credit from country of origin is okayâ€¦international credit reports are also acceptable. (We usually Google your Country of Origin to determine if they have credit reports & tax filing).
Max 50% Loan-to-value.
Minimum loan amount of $300,000.
We require 2-years income verification history but it is not necessary to have U.S. tax returnsâ€¦Tax documents from country of origin are okay. If your country of origin does not require to file the equivalent of tax returns, then we need an employment letter on your company's letter head explaining compensation. If the employment letter is in a language other than English we need to get a statement from a tax preparer or equivalent that can provide evidence of your credentials by translating the documentsâ€¦it must be on letterhead so that we can verify the company through 3rd party sources.
We must be able to source seasoned assets in a known verifiable worldwide financial institution (i.e., Credit Suisse, HSBC, UBS, Bank of Tokyo)â€¦the funds may not be in an Institution which cannot be verified. The main reason for sourcing the income and assets is for OFAC (Office of Foreign Assets Control) which monitors foreign countries, regimes, known terrorists, etc.
Tax Preparer or Equivalent â€“ Financial Analysis:
If the income and asset documentation is in a foreign language, we might have to hire an Accountant/CPA (tax preparer or equivalent) to analyze, interpret, convert and present the information in such a way so our Underwriter can easily understand. That is, have a comprehensive summary and accounting of thyour financial position. (Tip: All U.S. Embassies provide translation services).
You must have a Social Security Number or Tax Identification Number (TIN) which can be easily acquired through an Accountant/CPA or visit the IRS website that explains what and how to get a TIN. As long as you have applied for the TIN, we can proceedâ€¦.
Passport and second form of ID required.
Power of Attorney (POA) is not allowed. You, if not present in the US, will have to go to an American Consulate to sign and have loan documents notarized.
Verification of existing Mortgage/Rent is required for previous 12 months.
Reserves of 12-months full debt service required (including all payments, cars, etc.).
Feel free to contact me
The best advice any Realtor can give to you would to go and see a credible mortgage lender. They are the ones that are going to be able to help you get qualified. There are so many different options and programs available that the lender would need to go over with you to find the right program to get you a loan. From there a good Realtor can find the perfect house. It really takes a team of people, and while many of us realtors know a thing or two financing it's really not our specialty so we need to leave that part of it up to the loan guys. If you like I could refer you to a great lender here in the Bakersfield area and when your ready I just happen to know of a really great agent ;-)
My number is 661-703-6386 if you have any questions or want that contact info for the lender.