Here is the foreign National guide,
Purchase must be a vacation home, not an investor,
Looks like Canada only,
Las Vegas is still a declining market is the reason there is no money available here,
Â· Foreign Nationals:
o ARMs not eligible.
o Borrower(s) must have a valid Social Security Number.
o Credit score is Mandatory. (Currently, Canada is the only country able to provide scores):
Â§ Minimum Credit Score 720
Â§ One (1) credit score for each individual borrower is required from the major credit repository in borrower's country of origination (in lieu of the major credit repositories in the U.S.)
Â§ Mortgage Branch/Region must represent and warrant that the credit score from the credit repository in borrower's country of origination is derived identically to and is substantially the same as credit scores obtained from the major credit repositories in the U.S.
Â§ Credit report must reflect four (4) tradelines or three (3) tradelines plus verification of mortgage with satisfactory payments
Â§ Credit history must cover 24 months
o Considered a Second Home transaction. Property must be located in an area where Second Homes are customary.
o 1 unit purchase money transaction
o Maximum 70% LTV/80% CLTV
o Minimum 6 months PITI reserves required
o A property with an appraisal stating the average real estate marketing period is in excess of six months and/or there is a declining market or an over supply of housing is not eligible for financing
o Temporary buydown not allowed
o Full/Alternate documentation is required
o Fixed rate (fully amortized) only