I have two different lenders for Foreign investor with two different programs.
The first lender offers second/vacation home loans with 70% financing and current market interest rates.
The second lender is for Foreign investors with 50% loan to value and current market interest rates.
Here are the guidelines for the INVESTORS LOANS:
- The foreign national loan is only offered as a portfolio ARM product, not a fixed rate. It would only be 5/1, 7/1, or 10/1. This would be good for investors that would like to pay it off within 10 years.
- The only points factored into the closing costs is the 1% lender fee.
- There is a limit to one loan per borrower, they can do a possible exception for 2 max.
- There are limits on the loan amount as well. The minimum is $300k and the max is $5mil.
- If you purchase a property for cash, there is no seasoning requirement if you wanted to cash-out Refinance, you can do it immediately.
- When figuring the loan-to-value, the purchase price or the appraisal will be considered, the lower of the 2.
Â· Portfolio Arm programs only â€“ not allowed on Meridian 30-year Fixed Jumbo program
Â· Borrower is not required to have a Green Card, SS# or VISA.
Â· Max 50% LTV; we underwrite as Second Homesâ€¦if an investment property, underwriters will consider on a case by case basis.
Â· Minimum loan amount of $300,000. If loan amt is under $417,000 there is an add of .50 to rate.
Â· Credit: No Fico requiredâ€¦four credit references required â€“ alternate credit from country of origin is okayâ€¦international credit reports are also acceptable.
o We require 2-years plus ytd income verification. It is not necessary to have U.S. tax returnsâ€¦tax documents from country of origin is okay. If the country of origin does not require the borrower to file the equivalent of tax returns, then we need paystubs, bank statements, an employment letter on company letter head explaining compensation, etc.
o 2 month banks statement to source and season assets Must be on deposit in a known verifiable financial institution. The assets do not need to be in the United States.
Â· Translator â€“ Tax Prepares or Equivalent â€“ Financial Analysis:
o If the income, credit and asset documentation is in a foreign language, you will need to have it translated by a certified translator.
o Include a business card or letterhead of the translator, tax preparer or CPA so the underwriter can contact if needed.
o All U.S. Embassies provide translation services.
Â· We do require an Individual Tax Identification Number (ITIN) which can be easily be acquired through an Accountant/CPA or visit the IRS website that explains what and how to get a TIN. As long as the borrower has applied for the TIN, we can proceedâ€¦. (Please note when submitting, most systems require a social security number in order to proceedâ€¦in this case, enter 999-99-9999 in order to get the system to move forward).
Â· Will need a copy of their valid Passport.
Â· Power of Attorney is not permitted.
Â· Interest Only is optional (.25 add to fee).
Â· Impounds are highly recommended.
Â· Reserves of 12-months full debt service (including all credit card payments, cars, etc.) are required.
Â· When pricing a Foreign National, there is a .50 add to rate however, you do not need to also adjust for no Fico or second homeâ€¦these adjustments are built-in to the Foreign National adjustment. All other rate sheet adjustments applyâ€¦.
Â· Please keep in mind there is a .25 rate improvement for purchases and .25 rate improvement for ltv 50% or less.
Please contact me for more information at firstname.lastname@example.org or call me at 702-612-7099.
I specialize with Foreign investors since 1995 and speak three languages.
You can also visit my website at http://www.cvegashomes.com for more information and properties for sale.
Realty Executives of Nevada