Marcus Edwar…, Home Buyer in Orlando, FL

can I a foreign national get a loan from and american bank and if so which should I choose?

Asked by Marcus Edwards, Orlando, FL Wed Apr 28, 2010

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Alan Martin’s answer
Denise Hostetler
Home Mortgage Consultant
Renovation Specialist
NMLSR ID #459758
Wells Fargo Home Mortgage
2400 Maitland Center Parkway, Suite 117
Maitland, FL 32751
Orlando: 407-803-2272
Leesburg: 352-702-0209
Fax: 866-599-5980

or RBC if you have RBC account ?
0 votes Thank Flag Link Mon Aug 8, 2011
Hi Marcus,

Foreign National Loan programs are still available. In addition to being a Realtor, I am also a Licensed Loan Originator in the State of Florida. In my experience with lenders that offer foreign national loan programs, there are some lenders that work better than others depending on the individual circumstances. It depends what kind of business they are looking for. For example, different foreign national loan programs have different minimum loan amounts, such as $75K or $150K, or $250K. Also, some lenders may not lend on certain property types such as condos. When calling the different lenders you are sure to make a list of questions and get the specifics on things such as minimum loan amount, down payment requirements, documentation requirements, and property types they will lend on. you will also want to know if they will they require reserves, and of much will they are going to charge you. The best way to compare is with a Good Faith Estimate. You may also want to consider asking for a Notice of Loan Pre-Approval. This is when you submit an application along with all supporting loan documentations that is required from you, and the lender gives you an approval letter only subject to the property qualifying (appraisal, and title) Best of Luck!!
1 vote Thank Flag Link Mon Aug 8, 2011
Hi Marcus,

Yes, but plan on being required to have a VISA and on putting down 30 to 40%. If you can not do those two things then check out finance in you home country.

Are you planning on traveling here or will this be a purchase off the internet? In theory, you need to open a bank account is the USA in person, but if you pick an international bank with operations in you country you can get around that. That will have an impact on who you try and get a mortgage from. Clearly you get more leverage with a bank if you already have a relationship with them.

You should choose the bank that will give you a mortgage. Try several of them. Do not bother with Bank of America. I'd give Wells Fargo a shot, they've done loans for my foreign clients. Let me know if you'd like the name of a loan officer there.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
1 vote Thank Flag Link Thu Apr 29, 2010
Mr. Edwards-

Yes, there are loans available for Foreign Nationals. Typically, you will need a Work Visa/right to work in US to qualify. Some times, exceptions can be made for travel Visas for certain Countries. BBVA Compass has a mortgage program for Foreign Nationals, with special benfeits for Foreign Nationals employed by US Corporations. Foreign income, assets, and credit are permissable. Hope this helps. Please feel free to contact me with more questions/details.

-Matt Brozek
BBVA Compass
0 votes Thank Flag Link Fri Nov 15, 2013
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
0 votes Thank Flag Link Mon Oct 14, 2013
Hi all ,
I would like to know as the same answer of Mr. marcus about how i can get a loan from an american bank . I wanna start up an ice cream parlour in Miami or better in california but i'm a rooker about laws and agreements with american banks to can do it.....I 've appreciate your site and it's stuffs , my best greetings !!!
0 votes Thank Flag Link Wed Oct 9, 2013
At lot has happened since this question was asked 15 months ago. Depending on your circumstances and country of origin, there is a lot more available to foreign nationals now. My clients haave success with RBC (which will become PNC next March).
0 votes Thank Flag Link Mon Aug 8, 2011

I have represented many Foreign National Clients throughout the years and in my experience, David Hager with BBVA Compass has done a wonderful job. He knows the product, returns my calls and makes the whole loan process easy. The loan program itself is very easy to understand;

25% down up to $1,000,000
38% debt to income ratio
No credit score required
Personal Balance Sheet and income statement
Job verification
30 day bank statements
2 credit references
minimum of 2 meaningful past or existing loans/lines

Give David a call 904-564-8657 or email
0 votes Thank Flag Link Mon Aug 8, 2011
Loans for Foreign nationals are still avail in certain circumstances. I would need to know a lot more about you and your requirement before helping you further with loan information.

If you could please e mail me with your phone number then I would be happy to call and discuss the way forward for you
0 votes Thank Flag Link Wed Apr 28, 2010

There are local lenders that will provide you with the services you require. Our recommendation to foreign buyers is to explore all possible options including investigating financing obtained through their own national lending institutions and transferring the money for the closing. In this manner it is treated as a cash transaction here in the US.

Many foreign buyers/borrowers are finding the process to be easier and the rates better when using their own country's resources.

Best wishes,

0 votes Thank Flag Link Wed Apr 28, 2010
Yes you can get a loan either with some of the big banks but need to check as they are in and out of the foreign loan market, and some smaller mortgage companies have private lenders they work with to get the funds.

My wife and I are currently working with Canadians, British and a family from Honduras with purchases in Lake Nona, Somerset Landing and Windermere.

If I can help click on my picture and email me through my profile located here on Trulia.

Hope this helps,

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Community and Family Values
Web Reference:
0 votes Thank Flag Link Wed Apr 28, 2010
Hi Marcus:

Sure, start with Citi Bank, Bank of America, JP Morgan, Wells Fargo a mortgage broker.

It depends also on how long you have been in the country, income, work history , credit.

You are on the right track.

Good luck.
Web Reference:
0 votes Thank Flag Link Wed Apr 28, 2010
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