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 call/email me.
Senior Loan Consultant
All California Mortgage
P: (415) 464-8261
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
We do loans for non-resident aliens. We do need some type of ID, but a CA ID will work or a government ID or passport will also do.
It really depends on the lender and the client. I get many requests from undocumented workers who can not verify their income that want to buy a home, requiring some financing from a bank. I have not found a lender that can accommodate this scenario.
If the person can document their income (many cases foreign income is acceptable) then there are lenders that will finance.
Best of luck,
kindred Real Estate
Please contact one of Globenet Realty's professionals at 714.988.8399 or visit our website at http://www.globenetrealty.com.
I've been involved in transaction with Italians and Brasilians buying homes in the US. Yes, you may buy homes using a loan based on your income from a foreign Country. Any of the agents who have responded have a really great reputation. PLEASE MAKE SURE you get a lender specialized in such transaction. If you need a referral or need additional suggestion on how to proceed please email me privately:
Good luck on your search
California DRE License # 01917494
Yes, we have different loan programs for Foreigners. I have heard that in some cases only 10% is required by leveraging assets here in the United States. I am a REALTOR that used to be a lender and can help you find not only the best home, but also the best loan for you.
Hector R. Gastelum
Realty Executives Dillon
efax (619) 270-2516
Search homes for free at http://www.militaryhomesinsandiego.com
CA DRE# 01703306
I'm available to speak by phone if you'd like to share what you are looking to buy - Sarah