Obtaining a loan for a Foreign National is not much different than doing a loan for a US Citizen.
We require credible documentation for 2 yrs. + YTD 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 seasoned in a U.S. bank account). Translation of documents may be necessary if the originals are not in English.
The borrower has no Green Card and no VISA.
No Credit requiredâ€¦four credit references required â€“ alternate credit from country of origin is okayâ€¦international credit reports are also acceptable. (Tip: Google the Country of Origin to determine if they have credit reports & tax filing)
Max 50% Loan-to-value; we underwrite as Second Home, or Investment Property.
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 the country of origin does not require the borrower to file the equivalent of tax returns, then we need an employment letter on company 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 the borrowerâ€™s credentials by translating the documentsâ€¦it must be on letterhead so that we can verify the company through 3rd party sources.
Must 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, I 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 the borrowerâ€™s financial position. (Tip: All U.S. Embassies provide translation services).
The Borrower must have a Social Security Number or a Tax Identification Number (TIN) 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€¦.
Passport and second form of ID required.
Power of Attorney (POA) is not allowed. The borrower, 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.
Pledged Assets is permitted; however, the assets must be in a U.S. bank account.
Asset Depletion is permitted; however, the assets must be in a U.S. bank account.
Reserves of 12-months full debt service required (including all payments, cars, etc.).
Feel free to contact me for more details.
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
NMLS 304353 - BRE 01380701