Foreign National Loan Program
The Foreign National Loan Program
Non-Resident and Non-U.S. Citizens borrowing in California.
This is suitable for example for Canadian Nationals who are purchasing investment property in the United States or may travel part of the year to warmer climates as a second home.
30-year fixed rate mortgage
30% down payment required from borrower’s own checking or savings account with and must have 6 months reserves, reserves are not secured they are just viewed. Bank statements for the past 60 days, all pages are required
24 months of credit history
Income on foreign federal tax returns for the past 24 months are averaged. Income totals are converted into US dollars. Borrower provides signed copies of taxes, paystubs, and verification from employer
Credit report must contain four (4) trade lines plus mortgage rating
International credit report required
Single family homes and condos allowed
Two forms of identification: passport, driver’s license etc
Borrowers with diplomatic immunity are ineligible
Borrowers may not have a Social Security number, they might only have a SIN number, or ID number
Property must be vested as real persons, for example: husband and wife as joint tenants or a single man or woman as sole and separate.
Mortgage borrowers sign and guarantee the promissory note.
Borrowers must qualify with income, investment properties not on tax returns are treated as debts without rental income.
Borrower will be notarized at a US Embassy, thumb printing is required
Other terms and conditions apply, call for information and quotes
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